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财贸经济  2014 

制度环境与中国对亚洲直接投资区位分布

, PP. 69-78

Keywords: 制度环境差距,对外直接投资,区位选择

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Abstract:

自2003年以来,中国对外直接投资(FDI)一直保持快速增长势头。其中,亚洲作为中国对外直接投资的聚集地,截至2011年末,该地区投资存量已占总量的七成以上,其境外企业覆盖也为各洲最高。区位选择是企业对外直接投资的重要战略决策,国内外近年来对中国对外直接投资区位选择问题已从最初的传统经济因素转向制度性因素。本文基于2003-2011中国对亚洲26个主要国家及地区的直接投资数据,通过制度环境因素与不同动机FDI的交互作用,发现:(1)两国制度环境差距较东道国制度环境的作用更加重要;(2)中国FDI总体偏向于与自身制度环境差距较大且制度环境较差的国家或地区,但与自身制度环境差距较小的国家更加吸引中国的市场规模和效率(主要是融资便利)寻求型FDI;(3)资源寻求型FDI并无明显制度环境的倾向。本文最后提出促进“南南”投资的相关建议。

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