东道国主权信用与中国对外直接投资——基于中国与全球ODI国别面板数据的实证比较
Host Country's Sovereign Credit and Chinese ODI——An Empirical Comparison Based on the Country-wise Panel Data of Chinese ODI and World ODI

基于2003-2012年中国与全球在42国对外直接投资ODI面板数据，分别研究发达与发展中东道国主权信用对中国ODI的影响，并与全球ODI所受影响相比较得出结论：因主权信用下降、遭遇全球ODI流出的发达国家反而越来越吸引中国ODI，对发达地区市场与战略资产的寻求驱动我国企业在此时增持资产；中国与全球ODI均规避主权信用下降的发展中国家, 我国企业也并不偏好主权信用下降的自然资源丰富国。
The effects of Sovereign Credit of developed-hosts and developing-hosts respectively on Chinese ODI are investigated through empirical comparison with Chinese ODI and World ODI panel data from the year 2003 to 2012 in 42 countries, and the results show: The downgrades of developed hosts' Sovereign Credit and consequent outflows of world ODI dramatically attract more and more Chinese ODI, as Chinese investors aiming at developed-market and strategic-asset try to expand holdings of assets in the highly indebted developed countries;Both Chinese ODI and World ODI avoid to invest in the developing hosts with downgraded credit, and Chinese investors show no interest in developing hosts with both downgraded credit and rich natural-resources either.