论文部分内容阅读
文章基于2004~2012年间中国对外直接投资(OFDI)面板数据,按流向分类分析中国OFDI的动因及其他影响因素。对比发现中国顺向OFDI和逆向OFDI都具有显著的市场寻求和资源寻求动因;仅有顺向OFDI具有获取低劳动力成本的效率寻求动因;两类投资都不具有显著的创造性资产寻求动因。此外,两类OFDI都偏好文化接近、外资开放度高、双边贸易关系紧密、基础设施完善的东道国;而双边地理距离和东道国通货膨胀率与中国顺向OFDI负相关,但与逆向OFDI的关系则不确定。
Based on the OFDI panel data from 2004 to 2012, this paper analyzes the motivations and other influencing factors of OFDI in China according to the flow direction. The comparison shows that both OFDI and OFDI have significant market seeking and resource seeking motivation; only forward OFDI has the motivation to seek efficiency with low labor cost; both types of investment do not have significant motivation to seek creative assets. In addition, the two types of OFDI prefers to host countries with a high degree of cultural openness, high foreign investment, close bilateral trade relations, and well-developed infrastructure. However, the bilateral geographic distance and the inflation rate of the host country are negatively correlated with China’s forward OFDI. However, the relationship with OFDI uncertain.