政府对本地资本的境外投资活动会因政治或经济原因而有所倾向,本文旨在考察这种倾向性产生的效果,并分析导致这种政策效果的原因。本文比较分析了新加坡和中国台湾的案例,发现无论是新加坡政府的大力扶持还是台湾当局的极力阻挠,都无法从根本上决定两地投资者对中国大陆的投资行为。政策因素只能在一定程度上产生作用,从长期看效果并不显著。 The government’s overseas investment activities for local capital tend to be politically or economically motivated. This article aims to examine the effects of such tendencies and analyze the causes of the effects of such policies. This article analyzes the cases of Singapore and Taiwan in China and finds that both the strong support of the Singapore government or the obstruction of Taiwan authorities can not fundamentally determine the investment behavior of investors in both mainland China and Mainland China. Policy factors can only play a role to some extent, the effect is not significant in the long run.