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近年来,中国企业对外直接投资快速增长,但用现有投资理论难以准确解释其背后的驱动力。文章尝试运用全球价值链理论分析对外直接投资发展的一般规律,提出了克服要素流动性约束、获得销售市场、购买战略性资产、最佳规模经济、发达国家的竞争倒逼和经济发展方式转变等是推动中国企业对外直接投资的真正动因。并得出启示:中国企业处于全球价值链的低端,其对外投资的外部因素是为了转变企业发展方式和打破价值链的低端锁定,以要素驱动、市场驱动、资源驱动和战略资产驱动为内部动机,拓展国际市场;而非获取高额的垄断利润和控制东道国资源,这与发达国家传统意义上的对外直接投资有着本质的区别。
In recent years, the outward FDI of Chinese enterprises has been rapidly increasing, but it is difficult to explain precisely the driving force behind the existing investment theories. The article attempts to use the global value chain theory to analyze the general law of the development of foreign direct investment, proposes to overcome the liquidity constraint of elements, to obtain the sales market, to purchase the strategic assets, the best economies of scale, the competitive competition in developed countries and the transformation of economic development mode Is to promote Chinese enterprises, the real cause of direct investment abroad. The conclusion is that the Chinese enterprises are at the low end of the global value chain. The external factors of their overseas investment are to change the mode of enterprise development and break down the low-end lock of the value chain. They are factor driven, market driven, resource driven and strategic asset driven Internal motivation to expand the international market; rather than to obtain high monopoly profits and control of host country resources, which is essentially different from the traditional direct foreign investment in developed countries.