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为研究“走出去”浪潮中新晋对外投资企业的区位选择问题,文章构建了基于信息成本与集聚经济视角的新晋对外投资企业区位研究框架,认为对外投资的新晋者对东道国(地区)的不了解决定了信息成本因素在其投资区位决策中的重要位置。基于二值选择模型的实证研究结果也表明,信息成本因素对新晋对外投资企业的区位选择具有比集聚经济因素更为显著的决定作用;实证结果中部分集聚经济因素不显著的原因,既可能与过度集聚的不经济效应有关,也可能是因集聚经济因素作用与信息成本因素息息相关所致;交叉项显著为正的系数估计证明了集聚经济因素作用的条件性,显示在信息成本越低国家(地区),集聚经济因素的作用越大;在发达国家,集聚经济变量已成为新晋对外投资企业对其进行投资区位决定的考虑因素。
In order to study the location selection of emerging foreign investment enterprises in the wave of “going global”, the article constructs a new research framework for the location of foreign investment enterprises based on the information cost and agglomeration economy, and considers that the new foreign investors’ Region) determines the information cost factor in the decision-making of its investment location of an important position. The results of empirical research based on the binary selection model also show that the information cost factor has a more significant decisive role than the agglomeration economy factor in the location selection of emerging foreign investment enterprises. The reason why some agglomeration economic factors are insignificant in the empirical results is that both Which may be due to the effect of agglomeration economic factors and the information cost factors. The cross-term significant positive coefficient estimation proves the condition of the agglomeration economic factors. It shows that in the countries with lower information costs (Region), the greater the role of agglomeration economic factors; in developed countries, agglomeration economic variables have become emerging foreign investment enterprises to consider their investment location decision.