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中国对外直接投资日趋活跃且区位多元,这意味着中国企业需要在更加宽广的范围内与不同制度禀赋的东道国打交道,政治制度在区位选择中的影响程度与影响机制值得进一步深入评估。作为政治制度的两个重要维度,政体类型和否决者同样会影响企业的区位选择决策,前者主要体现在投资准入阶段,后者则主要体现在投资实施阶段。作者在理论机制的基础上提出了相应假说,并根据2000年至2012年171家中国企业在196个可能的投资目的地所记录的670次投资事件整理而成的数据库,运用定量方法进行了经验检验,实证结果与理论假说基本相符。一方面,东道国的民主程度与中国赴该国投资的可能性呈显著的负相关关系,并且东道国为威权政体不会显著降低中国企业选择赴该国投资的概率;另一方面,东道国否决者数量的增加有助于吸引中国企业,拥有次国家的否决者也可以显著提高中国企业投资的概率。若政府中否决者发生更换,则其更换的比例越大,中国企业投资的可能性越小。
The increasingly active and diversified foreign direct investment in China means that Chinese enterprises need to deal with host countries with different institutional endowments in a broader scope and the degree and impact mechanism of political system in regional choice deserves further in-depth assessment. As the two important dimensions of the political system, the types of polity and the veto will also affect the location decision-making of enterprises. The former is mainly reflected in the stage of investment access while the latter is mainly reflected in the stage of investment implementation. Based on the theoretical mechanism, the author put forward the corresponding hypothesis, and based on the database of 670 investment events recorded by 171 Chinese enterprises from 196 possible investment destinations between 2000 and 2012, the author conducted a quantitative analysis Test, empirical results and theoretical hypotheses basically consistent. On the one hand, there is a significant negative correlation between the degree of democracy in the host country and the possibility of China’s investment in the country, and the fact that the host country is an authoritarian regime does not significantly reduce the probability of Chinese enterprises choosing to invest in the country. On the other hand, the number of host country vetoes The increase will help attract Chinese companies, with sub-national veto can also significantly increase the probability of Chinese enterprises to invest. If the vetoes are replaced by the government, the greater the proportion of replacement, the less likely the Chinese enterprises will invest.