郑蕾
, 刘毅
Zheng Lei, Liu Yi
中图分类号: F129.9
文献标识码: A
文章编号: 1000-0690（2016）09-1329-09
收稿日期: 2016-04-26
修回日期: 2016-08-5
网络出版日期: 2016-09-20
版权声明: 2016 《地理科学》编辑部 本文是开放获取期刊文献，在以下情况下可以自由使用：学术研究、学术交流、科研教学等，但不允许用于商业目的.
基金资助:
作者简介:
作者简介：郑蕾(1988-),女,讲师,河南南阳人,主要从事经济地理与区域发展研究。E-mail:zhengl.11s@igsnrr.ac.cn
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摘要
对外直接投资不仅是东北三省建立全方位开放型经济体制的必经阶段,也是实现全面经济振兴的重要契机。在中国进入对外投资加速发展阶段的背景下,“一带一路”战略、东北亚经济圈建设等为东北三省对外直接投资发展提供了机遇。利用2003~2014年的省际对外直接投资规模、境外投资机构等数据,全面分析了东北三省对外直接投资的发展路径、空间特征及其在国内地位,并采用地理加权回归（GWR）模型深入地分析了东北三省对外直接投资的关键影响因素及其时空差异,最后提出相应的空间发展战略及政策建议。研究表明：① 东北三省对外直接投资主要集中在农、林、矿等资源型行业,具有显著的贸易服务、市场服务特征,并且对政府和国有经济的依赖较大;② 技术水平和金融环境对东北三省对外直接投资的推动力仍有较大的提升空间;③ 未来东北三省应推进企业联合投资和空间差异化投资战略,发挥国有企业的投资带动作用,加强对科技型企业和技术追寻型对外直接投资的鼓励和支持。
关键词：
Abstract
China has entered the era of rapid outward direct investment (ODI) expansion. Recently, “the Belt and Road” strategy and the Northeast Asia Economic Integration have provided boarder opportunities for outward direct investment of Northeast China. Promoting ODI is not only a necessary stage for Northeast China to build all-round opening up economy, but also a developing chance for revitalization of Northeast China. With the provincial ODI data by captical and insititutions from 2003 to 2014, this article firstly analyzes the spatio-temporal pattern of Northeast Chinese ODI. Then we used the geographically weighted regression model to detect the crucial factors that influence the development of Northeast Chinese ODI as well as its changing trend. Based on previous analysis, several suggestions were proposed to facilitate Northeast Chinese ODI. The results are as follows: 1) Northeast Chinese embraced a rapid growth after the financial crisis in 2008, but faced with downward pressure recently. The divergence of provincial ODI enlarged quickly, especially after 2008 when ODI of Liaoning province promptly surpassed ODI of Heilongjiang province. 2) Firms in Northeast China tend to invest directly near their home, thus the largest host country of Northeast Chinese ODI is Russia. Korea Peninsula and Japan are also on the list of the most attractive destinations the most attractive destinations of Northeast Chinese ODI. 3) Resource-seeking ODI is typical in Northeast China. More than 40% Northeast Chinese firms invested abroad in forestry, farming and mining industries. And most Northeast Chinese ODI aims at market and trade service. 4) GDP, export and the level of economy nationalization had positive influence with Northeast Chinese ODI from 2003 to 2013. GDP and export had relatively less impact on ODI in Northeast China than in other regions, while the level of economy nationalization played more and more important role in the expansion of Northeast Chinese ODI. In contrast, the impact of technology on ODI was not so significant in Northeast China. The gap of supply and demand of resource turned to be the most critical factor of the development of Northeast Chinese ODI from 2003 to 2013. Financial environment was supportive for firms in Northeast China to invest directly abroad in 2003, but became backward or even adverse in 2013. In the end, based on the results, we proposed that firms in Northeast provinces should enhance cooperation when investing abroad, and take a spatially differentiated investing strategy to avoid vicious competition. Heilongjiang province may aim at the market in Russia and Mongolia, while Jilin province may focus on investing in Korea and Japan. Liaoning province should strengthen ODI in North America and Europe, as well as critical coutries along the Maritime Silk Road such as Singapore, India and Indonesia. Northest China should exploit the advantages of SOEs to promote private ODI. Local governments of Northest China should further implement effective financial policies to encourage technology-seeking ODI and promote reverse technology spillover.
Keywords：
东北三省与俄罗斯、朝鲜半岛相邻,与日本隔海相望,兼顾海路开放双重优势,是中国面向东北亚开放的重要门户和核心区域,也是“一带一路”战略重要组成部分、中蒙俄经济走廊的战略支撑区,具有对外开放的地缘优势和区位优势。东北地区是中国重要的工业和农业基地,拥有一批战略性产业和有竞争力的企业,具备发展对外直接投资（Outward Direct Investment, ODI）的基础和潜力。在中国进入全面加速“走出去”阶段的背景下,东北三省积极促进ODI是大势所趋。
目前东北振兴在中国经济进入新常态的背景下进入第二个20 a,面临着打破恶性循环减轻经济下行压力、加快技术升级实现产业结构优化调整、化解体制沉疴转变治理模式等亟待解决的问题,ODI可以成为关键的突破口之一。发展ODI不仅是东北三省建立全方位开放型经济体制的必经阶段,也是实现全面经济振兴的重要契机。通过ODI不仅可以进一步扩大并深入国际市场,提升本国企业的技术水平、经营能力和盈利空间;更可以利用生产要素价格差异在全球配置资源进行生产,从而促进国内产业结构的优化和升级。中共中央国务院出台的《关于全面振兴东北地区等老工业基地的若干意见》也指出扩大开放是振兴东北老工业基地的治本之策,要积极支持有实力的企业、优势产业、骨干产品走出去,培育开放型经济新优势。
目前中国走出去已成为学术界关注的热点,但针对东北地区对外直接投资的研究不多[1,2]。现有对外直接投资的研究或从宏观角度讨论投资的空间格局及其动因[3,4]、与贸易的关系[5,6];或从微观角度讨论企业的投资动机[7,8]、区位选择[9~11]、影响因素[12~14]、投资风险[15,16]等。其中争议焦点包括中国对外直接投资是否具有特殊特征和特有模式[17~19]、是否对传统国际投资理论形成挑战[20~22]、中国所特有的政企关系是否为企业提供了对外直接投资的独特优势[23~25]。但这些研究多从经济学视角出发,对地区尺度的对外直接投资以及投资的地域差异关注不多,对东北地区对外直接投资总体结构和空间格局的分析则更少。
因此,本研究利用中国对外直接投资统计公报中的投资数据[26]和商务部网站公开的境外设立机构等相关资料( http://femhzs.mofcom.gov.cn/fecpmvc/pages/fem/fem_cert_stat_view_list.jsp),详细刻画东北三省对外直接投资的发展路径、国内地位以及投资目的地的空间分布,然后采用地理加权回归（GWR）在全国省际尺度上对比分析东北三省对外直接投资发展的关键因素,最后提出相应的空间发展战略及政策建议。
总体上看,东北三省ODI在金融危机之后步入快速发展阶段,但伴随着整体经济下行压力逐渐凸显,ODI也受到影响而明显下滑（图1）。从投资规模上看,2008年东北三省ODI出现明显转折,流量连续两年翻番、存量年增长65%以上,步入快速增长阶段。但近几年东北三省走出去步伐放缓,在全国的地位明显下降。2012年东北三省ODI流量超过35亿美元,但之后两年连续大幅下降,其中辽宁省2013年ODI流量跌落至2012年的一半以下,吉林省2014年ODI流量也较上年下降了一半以上。从存量上看,2010后东北三省开始落后于其他地区ODI的发展,在全国的存量比重由9.3%下降至6.7%（图1）。从投资主体上看,2004年前东北三省仅新设立了2个境外投资企业(机构),2005年受益于ODI政策放宽陡然新增了86个,发展速度处于全国前列。2005~2011年间境外投资企业数量的年均增速高达18.4%,仅2008年受金融危机影响有所下降,2009年后每年新增对外直接投资企业200多家。截至2014年,东北三省企业共设立了1 829个境外投资企业(机构),占全国总量的9.4%。
2.1.1 内部发展差异
东北三省之间ODI发展差异较大,且2008年后省际差距越加明显。2008年前黑龙江ODI规模最大,2005年和2006年成为仅次于广东和上海的全国第三大对外直接投资省份。但随着2004年辽宁省成为首批境外投资审批改革试点,辽宁省ODI流量呈现飞跃式发展,2009年就超过黑龙江省并成为全国第五大对外直接投资省份,2010年更是以19.4亿美元跃居全国第二。2008~2014年间辽宁省ODI流量年均增长速度高达55.2%,远远超过黑龙江省和吉林省,进一步拉大了ODI发展的省际差距。从存量上看,金融危机前,黑龙江省ODI存量排名位列全国前十,约为辽宁省ODI存量的1.6~4倍。2008年后辽宁省ODI存量稳居于全国第七,黑龙江省在全国排名降至15左右。而吉林省ODI发展相对滞后,为全国倒数十位的省份之一。
从境外投资企业数量上看,2005年东北各省仅有30个左右的境外投资企业。但辽宁省企业国际化步伐逐渐加快,2008年金融危机后一直保持年均100家以上境外投资企业（机构）的增长势头。相对地,黑龙江省新增ODI企业数有减少趋势,吉林省ODI企业发展最慢。截至2014年,辽宁省有近900家境外投资企业,黑龙江省600多家,吉林省仅300多家。
2.1.2 对外投资格局
采用省际境外投资企业（机构）数这一指标分析东北三省ODI境外格局的时空特征。从图2中可以看出东北三省ODI的空间特征有: ① 俄罗斯为东北第一大ODI目的地,对俄罗斯ODI占东北三省ODI的三分之一左右。其次为美国、日本,相应的比重分别为12.8%和6.4%。② 区位优势决定了东北三省以邻近国家和地区为主要直接投资目的地。黑龙江省主要的ODI目的地为俄罗斯,对俄罗斯的直接投资占黑龙江的75%以上;而黑龙江省也是中国对俄罗斯直接投资最多的省份,占中国对俄罗斯直接投资的41%以上。吉林省对俄罗斯和朝鲜直接投资最多,分别占吉林省ODI的24.5%和18.5%。而辽宁省虽然第一大投资目的地为美国,但对朝鲜、韩国和日本的直接投资也较多。③ 辽宁省海陆开放优势明显,ODI目的地分布广泛,远高于黑龙江省和吉林省。④ 金融危机之后,除了俄罗斯、美国、日本这些传统的投资目的地,东北三省对东南亚和欧洲地区的ODI明显增多。
图2 东北三省对外直接投资企业（机构）空间分布
Fig.2 Spatial distribution of ODI branches and institutions of Northeast China
从具体的投资企业业务内容上看,黑龙江省对外直接投资行业十分集中。境外投资企业以从事森林砍伐、木材加工等林业为主,其比重高达50%以上;其次集中在种植业、采矿业、房地产和建筑工程四大行业。吉林省从事销售、市场咨询等相关业务的境外投资企业占42%以上,从事贸易服务的约占34%以上,从事木材加工和矿产开发的各占10%左右。辽宁ODI企业也以市场型投资为主,从事销售、市场咨询等相关业务的占43%以上,境外业务包括贸易服务的企业占30%以上,从事建材、房地产、加工制造、采矿的也较多。
结合东北三省境外投资企业（机构）经营活动内容和走出去促进政策等资料,总结了东北三省ODI发展的三个特点：一是资源、原材料型ODI比重较大。东北三省境外投资企业有40%左右从事林业、种植业和采矿业。这与东北三省资源丰富、农业和重工业比重在全国范围内相对较高的产业结构有关,说明东北三省ODI发展是基于自身产业的上游延伸。从资产储备角度考虑,未来这类投资应更加注重质量,并进一步降低投资运营风险和成本。从产业结构调整的角度,未来应逐渐降低该类对外直接投资数量,减少同业恶性竞争,加强国内企业的联合投资,提升直接投资的成功率和收益率。
二是出口服务、扩大市场特征明显。东北三省有60%以上的境外投资企业在东道国的主要业务包含销售、贸易和市场服务。东北三省ODI还处于发展的初期阶段,对外投资企业在东道国还未建立完善的销售网络,境外直接投资区位选择以市场为导向、并受贸易影响明显。例如金融危机后俄罗斯减少了原木出口并提高了木材出口关税,引起东北三省对俄罗斯林业直接投资的大幅增长。
三是政府引导型ODI特征显著。近年来,东北三省政府不断为企业“走出去”搭建平台,推动建立了一系列的境外经济合作区和跨境经济合作区。例如在中央政府和黑龙江省政府的鼓励下,吉信工贸集团、东宁华信经济贸易有限责任公司等成功建设运营了2个国家级境外经贸合作区——俄罗斯乌苏里斯克经贸合作区和中俄现代农业产业合作区,带动了一波国内企业对俄罗斯直接投资。截至2013年底,黑龙江省政府已在俄罗斯境内推动投资建设了斯斯克尔科沃创新中心、新西伯利亚科技园、伊尔库茨克林木产业园等15个产业园区。
空间异质性使得对外直接投资发展的关键影响因素、影响因素的作用力大小可能因地而异。本文采用地理加权回归（Geographically Weighted Regression,GWR）对除香港、澳门、台湾和西藏之外的30个省区市进行定量分析,识别影响东北三省ODI发展的影响因素及其变化趋势。GWR模型通过引入数据的空间位置并在各空间位置上采用局部估计方法来实现对回归关系空间异质性的探索分析[27,28]。GWR模型的一般设定形式如下[27]：
其中,βip(ui,vi)为第i个采样点上的第p个自变量的回归参数,它是采样点空间位置的函数。在估计参数时引入权重wij进行局部拟合,距采样点i越近的观测值赋予越大的权重,越远的权重越小。本文采用固定高斯函数（Fixed Gaussian）为权重函数,Akaike信息准则法确定带宽,运用GWR4.0软件进行GWR参数的估计。
经典跨国投资理论和相关研究显示对外直接投资与母国的禀赋条件、发展水平等因素密切相关（表1）：① Dunning的投资发展周期理论指出一国对外直接投资与该国经济发展水平密切相关。GDP越高意味着该地区企业的盈利能力越强,对外直接投资的潜在资金池越大。Andreff等也验证了投资来源地的GDP水平对ODI发展具有促进作用[29,30]。② 在理论上蒙代尔、弗农等认为出口与ODI存在相互替代关系,小岛清、马库森等认为两者之间存在竞争替代关系[31]。中国发展对外直接投资的目的之一就是扩大出口,而东北三省ODI的出口服务特征较为明显。出口规模越大,经济外向程度越高,企业跨国投资的可能性也越大。③ 自然资源、技术等也是影响对外直接投资的关键因素[8~13]。本国自然资源供不应求,或出于资源安全的战略考虑,会推动对境外资源的直接投资。在实际应用时,采用电力消耗量和产量之比这一指标综合反映地方能源的供需矛盾,矛盾越大则对ODI发展的推动越大。④ 地方技术水平越高,意味着企业的所有权优势和内部化优势越明显,对外直接投资实力越强。本文采用技术市场成交额这一指标,不仅能反映地方自身创新水平,也反映了地方将技术转化为生产力的能力。⑤ 由于融资是投资的关键环节,金融业的发展水平会影响ODI发展。虽然金融体系发展滞后、融资渠道不够广泛等不利于企业进行大规模ODI,但可能引发趋向金融自由度较高地区的逃离型ODI。⑥ 此外,对外直接投资行为受母国的制度环境影响。学者认为中国政府在ODI发展中起到至关重要的作用,尤其是对国有企业ODI发展有明显的政策倾斜[32,33]。从规模上看,国有企业是中国最早也是最主要的对外投资主体,因而经济国有化程度越高,ODI发展得可能越快。
根据上述理论推断,选取相应的指标将各影响因素定量化以进行GWR分析。为了便于对比、简化数据处理、考虑投资决策的时滞效应,采用滞后一期的ODI存量作为因变量。作为自变量的影响因素对应的指标和数据来源详见下表。为了观察各影响因素作用的时期变化,分别作2003年和2013年2个时间截面的GWR进行对比分析。
GWR模型结果如表2所示,可以看出其拟合优度明显高于相应的普通最小二乘线性（OLS）回归的拟合优度。各省的局部回归模型均通过残差检验,96.7%以上的省际局部回归标准化残差位于[-2.58,2.58]范围内,5%的显著性水平下残差随机分布;空间自相关检验也显示残差在空间上随机分布,说明GWR模型整体效果很好。
表 1 影响ODI发展的指标
Table 1 The determinants of ODI
| 影响因素 | 指标选取 | 简写 | 数据来源 |
|---|---|---|---|
| 经济发展水平 | 国内生产总值GDP | Gdp | 国家统计局 |
| 经济外向度 | 出口占GDP比重 | Ex | 海关总署 |
| 能源供需矛盾 | 电力消耗量和产量之比 | Res | 中国能源统计年鉴 |
| 技术水平 | 技术市场成交额 | Tec | 国家统计局 |
| 金融服务水平 | 金融业增加值占GDP比重 | Fin | 国家统计局 |
| 经济国有化程度 | 国有企业工业产值占工业总产值比重 | Soe | 工业经济统计年鉴、工业经济普查和工业统计年鉴 |
表 2 GWR模型参数估计及检验结果
Table 2 Parameter estimation and test result of GWR model
| GWR调整R2 | OLS调整R2 | 标准化残差范围 | 残差Moran’s I | 残差Z-score | |
|---|---|---|---|---|---|
| 2003年 | 0.833 | 0.781 | [-2.51,3.47] | 0.013 | 0.655 |
| 2013年 | 0.798 | 0.705 | [-2.56,4.03] | 0.039 | 1.084 |
各影响因素回归参数的空间差异如图3所示,从全国层面上看：① 东北三省由2003年GDP对ODI拉动作用最大的地区转变为2013年GDP对ODI拉动作用最小的地区,显示出近年来东北三省经济下行压力对ODI的巨大冲击。② 出口对ODI的促进作用在东北三省与国内其他省份比相对较小,但出口对ODI的影响力在不断上升。③2003年东北三省能源供需矛盾对ODI的推动作用是全国范围内最不明显的,两者之间呈负相关关系。这主要是由于东北三省煤、铁、石油等资源位居全国前列,自给自足能力相对强。但随着国内能源消耗越来越大,国际能源价格又持续滑落,东北三省资源追寻型ODI也逐渐增多,到2013年能源供需矛盾开始促进东北三省ODI发展。④ 东北三省技术水平2003年与ODI呈负相关,反映当时技术水平不足以形成企业跨国投资的垄断优势,ODI带有资本换技术的特征。到2013年技术水平与ODI已变为正相关,说明随着东北地区技术水平的不断提高,企业竞争力增强,促进了ODI的发展。⑤ 金融业发达程度对东北三省ODI发展的影响2003年为正向促进作用,但到2013年变为负向阻碍。说明东北三省金融业发展的速度逐渐滞后于ODI的发展要求。特别地,随着近年来民营企业融资问题日益凸显,逼迫受制于国内金融体制的东北三省民营资本加快“走出去”步伐,在国际市场上寻求金融环境更加自由的投资目的地。这直接体现为金融危机后东北三省对英属维尔京群岛、新加坡等金融自由度较高的地区的ODI明显增多。⑥ 东北三省经济国有化程度与ODI呈正相关,说明国有企业对东北三省ODI发展起重要促进作用,东北三省ODI发展对国有经济依赖程度较大。
从东北三省内部看（表3）,2003年GDP对黑龙江ODI的影响最大,但2013年GDP对ODI的促进作用在辽宁省更加突出。出口对ODI的拉动作用不论2003年还是2013年都是辽宁省最大,黑龙江省最小。能源供需矛盾对ODI发展的拉动作用在资源相对丰富的黑龙江省最小。技术水平对ODI的影响在三省份之间的差别不大,且影响力都很小,未来应加快自主技术和自由品牌的研发和应用,并积极推进技术型企业走出去。金融业发达程度对辽宁省ODI的影响波动最大。2003年辽宁省金融业发展水平对其ODI促进作用相对另外2个省份较小,随着辽宁省成为东北三省ODI发展最快、投资规模最大的省份,2013年对其金融政策环境对ODI的阻碍作用也变得更加明显。作为东北地区ODI最多的省份,辽宁省未来促进ODI发展应加快完善相关金融支持政策,改善企业融资环境。东北三省之中,吉林省ODI发展对经济国有化程度的依赖程度相对较大,其ODI发展也相对最为落后,未来吉林省促进ODI发展应加快经济体制改革,提高经济活力,提升国有企业ODI的效率。
表 3 东北三省GWR模型局部参数估计结果
Table 3 Chinese Northeast local parameter estimation of GWR model
| 2003年 | 2013年 | ||||||
|---|---|---|---|---|---|---|---|
| 辽宁 | 吉林 | 黑龙江 | 辽宁 | 吉林 | 黑龙江 | ||
| Gdp | 0.952 | 0.970 | 0.984 | 2.984 | 2.978 | 2.975 | |
| Ex | 0.182 | 0.177 | 0.168 | 2.443 | 2.430 | 2.398 | |
| Res | -2.512 | -2.887 | -3.302 | 38.214 | 38.254 | 37.819 | |
| Tec | -0.012 | -0.012 | -0.011 | 0.034 | 0.034 | 0.034 | |
| Fin | 0.938 | 1.005 | 1.064 | -1.297 | -1.277 | -1.091 | |
| Soe | 0.164 | 0.165 | 0.164 | 1.006 | 1.009 | 0.994 | |
| Local R2 | 0.827 | 0.824 | 0.818 | 0.841 | 0.841 | 0.842 | |
图3 2003年和2013年东北三省ODI影响因素GWR回归结果与中国其他地区对比
Fig.3 The spatial difference between Northeast China's and other provinces' GWR of ODI on its determinants in 2003 and 2013
通过对近十几年东北三省对外直接投资空间格局和影响因素的深入分析发现：① 金融危机之后辽宁省充分利用其海陆区位优势,ODI发展明显快于另外两省,拉大了东北三省内部发展差异。
② 东北三省ODI具有明显的邻近空间指向特征,以俄罗斯为主要投资目的地,对日本、韩国和朝鲜的直接投资也较多。③ 东北三省ODI还处于发展的初期阶段,一方面能源原材料的直接投资比重较大,能源供需矛盾对东北三省ODI发展具有极大的影响。另一方面ODI的市场指向特征明显,出口服务型ODI较多。④ 东北三省的技术创新和金融环境对发展ODI的支撑不足,但对国有企业的依赖程度较大。未来东北三省发展对外直接投资不仅要积极鼓励企业自主技术和自由品牌的创新,也要加快金融体系和相关支持政策的完善,并发挥好国有企业在境外直接投资中的带动作用。
从投资的空间战略上看：① 黑龙江省在提升对俄罗斯直接投资的同时,应进一步加强对蒙古国的直接投资,充分对接“一带一路”战略,抓住建设中蒙俄经济走廊的机遇,加快与境外的互联互通建设、拉动工程建设类境外投资合作。在境外建立有效的资源保障基地,并促进能源装备制造的输出。同时应适当控制资源原材料类企业境外直接投资的恶性竞争,提倡这类企业实施联合投资、打造自有品牌产品,并进一步提高其在东道国的资源产品深加工程度,提升行业整体的国际竞争力。② 吉林省应重点发展对日本和韩国的直接投资,加快长吉图开发开放先导区建设,促进医药、交通运输装备等产业的对外直接投资。吉林省能源原材料类型的对外直接投资要加强与黑龙江省同行企业的合作投资与差异化投资,将投资重点放在蒙古、朝鲜、澳大利亚、加拿大等国家。③ 辽宁省进一步发挥海陆开放优势,重点提高对北美、欧洲等发达国家优质资产的直接投资。积极对接海上丝绸之路建设,加快对新加坡、印尼、印度、斯里兰卡等地区海上战略支点的直接投资。发挥省内冶金、化工行业的相对优势,联合国际国内企业加快对非洲地区该行业的直接投资。同时加快发展海外工程项目承包,促进船舶、铁路、机械装备等产品出口的同时拉动相关的直接投资。
此外,针对东北三省对外直接投资过程和经济发展过程中共同出现的技术升级、结构优化压力等问题,有3点建议。一是建议实施差别化的对外直接投资鼓励政策,加大对境外技术水平较高的优质资产收购的融资、税收等方面支持,并鼓励有实力的企业采取参股、收购等多种方式参与海外并购,大力推进以资本换技术的投资。同时,应加强培养相应的国际化人才,放松境内母公司和其境外投资机构之间技术人员的交流限制,以便更有效地促进ODI的逆向技术溢出效应。另外,虽然东北三省国有经济比重较高,民营企业对国有企业的体制依附明显,导致了整体经济活力不足。但从另一方面上看,如果发挥好国有企业的带头作用,可以有效地带动与国有企业业务联系密切的民营企业对外直接投资,并很好地发挥企业抱团“走出去”的优势。因而应重点提高国有企业ODI决策和管理效率,调整奖罚制度以激励企业更多关注自身技术水平、创新能力和盈利能力,同时注重国企和民企之间的合作,充分利用国企的资源网络和民企的灵活,实现境外直接投资和境内企业生产的相互促进。最后,在积极利用国家外经贸发展专项资金、国外矿产资源风险勘查专项资金、中国—欧亚经济合作基金、丝路基金等金融政策支持地方企业“走出去”的同时,地方政府应加强对当地企业ODI融资的服务体系建设,促进建立境外直接投资企业合作交流网络和联合风险防控预警机制。
The authors have declared that no competing interests exist.
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中国对外直接投资(OFDI)呈明显的洲际分布不均衡特征。首先运用2003—2010年中国对40个国家(地区)OFDI的面板数据,并且引入交叉项变量进行总体检验,结果表明:地理距离和文化距离均与OFDI呈负向关系,并通过双边贸易额等因素产生传导作用。然后依据地理距离均值对样本数据进行分组检验,发现当地理距离较小时,地理距离与OFDI负向关系不变,但是随着地理距离的增大,其对OFDI的影响转而呈现正向关系。同理,文化距离分组检验也验证了门槛效应的存在,即当文化距离增大时,文化距离对OFDI的影响愈不明显,但能通过贸易间接阻碍OFDI。基于此,中国OFDI在集中于地理距离与文化距离较小的周边国家和地区的同时,应通过各种正式与非正式的贸易与文化交流,削弱文化距离对中国OFDI的间接阻碍作用,完善中国OFDI的空间格局。
Location choice of Chinese OFDI: based on the threshold effect and test of culture distance.
中国对外直接投资(OFDI)呈明显的洲际分布不均衡特征。首先运用2003—2010年中国对40个国家(地区)OFDI的面板数据,并且引入交叉项变量进行总体检验,结果表明:地理距离和文化距离均与OFDI呈负向关系,并通过双边贸易额等因素产生传导作用。然后依据地理距离均值对样本数据进行分组检验,发现当地理距离较小时,地理距离与OFDI负向关系不变,但是随着地理距离的增大,其对OFDI的影响转而呈现正向关系。同理,文化距离分组检验也验证了门槛效应的存在,即当文化距离增大时,文化距离对OFDI的影响愈不明显,但能通过贸易间接阻碍OFDI。基于此,中国OFDI在集中于地理距离与文化距离较小的周边国家和地区的同时,应通过各种正式与非正式的贸易与文化交流,削弱文化距离对中国OFDI的间接阻碍作用,完善中国OFDI的空间格局。
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基于2007~2011年中国对非洲直接投资数据和非洲43国的经济、人口、能源等数据,分析了中国对非洲直接投资的地理空间分布。在此基础上,运用因子分析方法提取5项影响因素的主因子,并以中国对非洲各国的人均直接投资额为因变量,各主因子为自变量进行回归分析,揭示了影响中国对非洲直接投资国别选择和空间分布的主要因素。实证结果表明,中国对非洲直接投资的空间分布与东道国的硬环境、城镇化、市场化有直接关系,与能源、市场规模的关系并不显著,这有效抨击了海外对于中国对非洲投资旨在资源掠夺的观点。此外,空间效应分析结果显示,中国对非洲各国的直接投资存在空间弱相关性,对周边国的溢出效应不明显。在实证研究基础上,就进一步促进中国对非洲直接投资的发展提出了若干政策建议。
The spatial distribution and its determinants of Chinese outward direct investment to Africa. https://doi.org/10.7666/d.Y2498125 URL Magsci [本文引用: 1] 摘要
基于2007~2011年中国对非洲直接投资数据和非洲43国的经济、人口、能源等数据,分析了中国对非洲直接投资的地理空间分布。在此基础上,运用因子分析方法提取5项影响因素的主因子,并以中国对非洲各国的人均直接投资额为因变量,各主因子为自变量进行回归分析,揭示了影响中国对非洲直接投资国别选择和空间分布的主要因素。实证结果表明,中国对非洲直接投资的空间分布与东道国的硬环境、城镇化、市场化有直接关系,与能源、市场规模的关系并不显著,这有效抨击了海外对于中国对非洲投资旨在资源掠夺的观点。此外,空间效应分析结果显示,中国对非洲各国的直接投资存在空间弱相关性,对周边国的溢出效应不明显。在实证研究基础上,就进一步促进中国对非洲直接投资的发展提出了若干政策建议。
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The internationalization of Chinese enterprises is a subject that is receiving increasing attention in international business research. This paper analyzes the influence of political risk and cultural distance on the location patterns of large Chinese companies. Our results show some characteristics that differ from the conventional wisdom. A high political risk in the host country does not discourage Chinese multinationals. However, from a more conventional point of view, the presence of overseas Chinese in the host country is positively associated with Chinese outward foreign direct investment (FDI). In addition, firm size and the volume of Chinese exports to the host country have a positive influence. Copyright Springer Science+Business Media, LLC 2012
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文章运用2004~2008年我国1852家有对外直接投资的企业数据,实证检验了东道国制度、文化及其差异对我国企业对外直接投资风险的影响。经过检验主要有以下发现:东道国政治越稳定、腐败控制越好、政府效率越高以及法制质量越好,我国企业对外直接投资的风险越低;法制和腐败控制的差异越大,我国企业投资高收入国家的风险越低;政府效率差异越大,我国企业投资中低收入国家的风险越高;东道国的保守和阶层观念增加了我国企业对外投资的风险,而自我意识和平等意识降低了我国企业投资的风险;双边文化距离与我国企业对外投资风险呈现"U"型趋势。
Different institution, distance of culture and risk of investing abroad.
文章运用2004~2008年我国1852家有对外直接投资的企业数据,实证检验了东道国制度、文化及其差异对我国企业对外直接投资风险的影响。经过检验主要有以下发现:东道国政治越稳定、腐败控制越好、政府效率越高以及法制质量越好,我国企业对外直接投资的风险越低;法制和腐败控制的差异越大,我国企业投资高收入国家的风险越低;政府效率差异越大,我国企业投资中低收入国家的风险越高;东道国的保守和阶层观念增加了我国企业对外投资的风险,而自我意识和平等意识降低了我国企业投资的风险;双边文化距离与我国企业对外投资风险呈现"U"型趋势。
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This article is about China鈥檚 outward foreign direct investment, a relatively new but fast-growing feature of the global economy. It is causing concern and uncertainty in many recipient countries that, more generally, happily welcome foreign direct investment. The author explores some of the reasons why. The article examines, in particular, the state ownership and management of major Chinese corporations, state influence over their policy direction and the impact of funding through state-owned financial institutions. The author concludes that Chinese outward foreign direct investment is very different from the norm of a conventional, capitalist, market economy and inescapably carries political overtones.
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This paper focuses on a conventional debate regarding whether Chinese outward direct investors tend to invest in countries with high political risk. Using 2003–
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The internationalization of Chinese firms: a critical review and future research [J].https://doi.org/10.1111/j.1468-2370.2011.00323.x URL [本文引用: 1] 摘要
The important phenomenon that the internationalization of Chinese firms (ICF) represents has attracted increasing interest from scholars from multiple fields over the past 20 years (1991鈥2010). Although this proliferation of research has the potential to significantly improve understanding of Chinese multinational enterprises (MNEs), the necessary step of consolidating and integrating extant knowledge is absent. This paper reviews the scholarship on the ICF and offers insights into the specific areas in critical need of further development. By focusing on articles published in major scholarly journals during the period 1991鈥2010, the authors develop a coherent framework to organize and review conceptual and empirical findings from disciplines as far ranging as management, international business, cross-culture and area studies. Within the reviewed literature, three primary streams of enquiry are identified which focus on the antecedents, processes and outcomes of the ICF. Achievements within each of the three research streams are carefully reviewed using content analysis, whereby a number of important issues are identified which have remained consistently untouched, and recommendations are provided for future research, aimed at developing a more integrated research agenda on the ICF for management and international business scholars.
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国外对中国对外直接投资的研究主要集中在探讨中国对外直接投资的重要性、动机和对传统对外直接投资理论的影响;国内学术界从中国对外直接投资动机、竞争优势、区位选择、投资模式、与贸易关系等方面对中国对外直接投资的活动进行了系统研究,同时在中国对外直接投资理论方面的研究也取得了可喜的进展。
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Chinese MNCs as China’s new long march: a review and critique of the Western literature [J].https://doi.org/10.1007/s11366-010-9131-1 URL Magsci [本文引用: 1] 摘要
Chinese outward foreign direct investment (COFDI) has captured the imagination of international business academics, journalists, and analysts of Chinese foreign economic policy. While these students of COFDI have added greatly to our knowledge, they have not adequately considered the politico-economy of COFDI. Specifically, they have not sufficiently evaluated the degree to which COFDI is driven by political versus economic considerations, the extent to which political considerations influence the overseas operations of Chinese multinational corporations (MNCs), or the political ramifications of COFDI for host countries, international institutions, or China's interactions with third parties. Reviewing the Western literature, this article provides useful background information about COFDI, distills two general schools of thought about the politico-economy of COFDI-i.e., the 'Beijing as Puppeteer' camp and the 'Business of Business is Business' camp, and highlights a number of shortcomings with each. As well, it suggests a number of ways in which the extant literature can move forward and makes clear the importance of tracking the development of Chinese MNCs.
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| [21] |
Extending Dunning's Investment Development Path: the role of home country institutional determinants in explaining outward foreign direct investment [J].https://doi.org/10.1016/j.ibusrev.2012.09.003 URL Magsci 摘要
Recent years have seen an increase in outward foreign direct investment (OFDI) from emerging markets and post-communist economies alike. Given the specific institutional fabric of these countries, the question is whether mainstream theory can explain the drivers of foreign direct investment outflows or whether new theories are needed to explain this phenomenon. This paper aims to investigate the home country determinants of OFDI from post-communist economies. We augment the Investment Development Path (IDP) with explanations derived from institutional theory and explain the effects of home country institutional factors on the level of OFDI. We test our hypotheses using random effects estimations on a comprehensive panel dataset comprising of OFDI from 20 Central- and Eastern European countries. Our results support the IDP's main propositions but also highlight the importance of accounting for home country institutional factors when investigating the determinants of OFDI. In particular, we find that the inclusion of institutional variables increases the explanatory power of our models and that competition policy and overall institutional reforms play a crucial role in explaining OFDI from CEE countries with important implications for FDI theory.
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| [2] |
Literature review of Chinese outward direct investment. https://doi.org/10.3969/j.issn.1003-3580.2011.03.016 URL [本文引用: 1] 摘要
国外对中国对外直接投资的研究主要集中在探讨中国对外直接投资的重要性、动机和对传统对外直接投资理论的影响;国内学术界从中国对外直接投资动机、竞争优势、区位选择、投资模式、与贸易关系等方面对中国对外直接投资的活动进行了系统研究,同时在中国对外直接投资理论方面的研究也取得了可喜的进展。
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| [3] |
31(06):910-914+939. 31(6):910-914+939. |
| [4] |
中国对“一带一路”沿线直接投资空间格局 [J].https://doi.org/10.11820/dlkxjz.2015.05.004 URL [本文引用: 1] 摘要
2015年3月28日,中国政府正式发布了《推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动》。如何通过对"一带一路"国家和地区直接投资,提升主要产业的国际竞争力,促进中国产业转型升级,实现与沿线国家共同繁荣,已成为当前迫切需要解决的重大课题。现有对外投资理论多基于发达国家的经验,不完全适用于中国;目前的研究侧重从自然资源、市场要素等方面分析中国企业的海外投资动因及影响机制,缺少面向国家战略需求的宏观投资格局研究。本文通过集成统计数据、实地调研和高层访谈等,在回顾国内外对外直接投资研究基础上,提出中国对"一带一路"沿线直接投资空间战略的分析框架,进一步分析中国对沿线国家和地区直接投资的空间分布和产业选择;尔后,剖析投资面临的困境和挑战,并提出中国对沿线地区的空间差异化投资引导战略。
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| [22] |
Foreign direct investment with Chinese characteristics: a middle path between Ownership-Location-Internalization model and Linkage-Leverage-Learning model [J].https://doi.org/10.1007/s11769-013-0603-z URL Magsci [本文引用: 1] 摘要
The majority of multinational enterprises (MNEs) traditionally originate from developed countries. In the last ten years, however, there has been dramatic growth in foreign direct investment (FDI) from China. It is a comparatively new phenomenon that challenges the classic FDI theories. In this paper, we review the pros and cons of two important theories, known as the Ownership-Location-Internalization (OLI) model and Linkage-Leverage-Learning (LLL) model, and use the statistical data and company case studies from China to test the plausibility of these two models. We believe that neither of them suits totally: the OLI model is quite useful for understanding FDI from China to developing economies, while the LLL model is more powerful for explaining the FDI to developed economies. We argue that the companies from China attain a very advantageous position as intermediates in the global economy. They may catch up with the first movers if they integrate OLI-led and LLL-led FDI within one firm. This combination can bring together the most advanced knowledge acquired in developed economies with the knowledge about adaptation needs and the needs for cost reduction in production as expressed in developing economies. It may also accelerate the knowledge transfer globally. We thus fill a gap in research into the geographical pattern of Chinese FDI and offer a deeper understanding of the internationalization of Chinese MNEs and revolving knowledge transfer.
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| [23] |
Globalizing China: The rise of mainland firms in the global economy [J].https://doi.org/10.2747/1539-7216.49.1.57 URL [本文引用: 1] 摘要
Two economic geographers survey the changing trends of China's outward foreign direct investment. Based on materials derived from original field work as well as published studies, they shed light on the major mechanisms through which mainland China's leading firms have successfully ventured abroad, as evidenced by proposed or realized acquisitions of significant corporate entities in the United States, Africa, Europe, and elsewhere in Asia. The authors argue for a political-economy approach to understanding "globalizing China," a complex phenomenon whereby the Chinese state is strategically and intricately enmeshed with the corporate interests of its leading business firms.
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| [24] |
The role of the state in explaining the internationalization of emerging market enterprises [J].https://doi.org/10.1111/1467-8551.12059 URL Magsci 摘要
Infection control for hospital pathogens such as methicillin-resistant Staphylococcus aureus (MRSA) often takes the form of a package of interventions, including the use of patient isolation and decolonization treatment. Such interventions, though widely used, have generated controversy because of their significant resource implications and the lack of robust evidence with regard to their effectiveness at reducing transmission. The aim of this study was to estimate the effectiveness of isolation and decolonization measures in reducing MRSA transmission in hospital general wards. Prospectively collected MRSA surveillance data from 10 general wards at Guy's and St. Thomas' hospitals, London, United Kingdom, in 2006-2007 were used, comprising 14,035 patient episodes. Data were analyzed with a Markov chain Monte Carlo algorithm to model transmission dynamics. The combined effect of isolation and decolonization was estimated to reduce transmission by 64% (95% confidence interval: 37, 79). Undetected MRSA-positive patients were estimated to be the source of 75% (95% confidence interval: 67, 86) of total transmission events. Isolation measures combined with decolonization treatment were strongly associated with a reduction in MRSA transmission in hospital general wards. These findings provide support for active methods of MRSA control, but further research is needed to determine the relative importance of isolation and decolonization in preventing transmission.
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| [25] |
Exporting national champions: China's outward foreign direct investment finance in comparative perspective [J].https://doi.org/10.1111/cwe.12089 URL [本文引用: 1] 摘要
We examine the extent to which Chinese development banks have financed the globalization of China's "national champion"firms:specifically,through outward foreign direct investment(OFDI).We create a database of Chinese finance for OFDI and compare our results to the existing literature and available data on Japan,Korea and other Asian nations.We estimate the total value of China 's OFDI finance from 2002 to 2012 at US$140bn.As a percentage of total OFDI,China's lending is roughly three times higher than Japan 's,the previous global leader in OFDI finance.We identify two major reasons for China 's high(31 percent)ratio of OFDI lending to total OFDI.First,China has a greater incentive to give OFDI loans than Japan or Korea ever did because its borrowers are state-owned so it can more easily channel funds to targeted areas.Second,China has a greater capacity to give OFDI loans because it has significantly higher savings and foreign exchange reserves than Japan and Korea.
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| [4] |
Spatial pattern of Chinese outward direct investment in the Belt and Road Initiative area. https://doi.org/10.11820/dlkxjz.2015.05.004 URL [本文引用: 1] 摘要
2015年3月28日,中国政府正式发布了《推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动》。如何通过对"一带一路"国家和地区直接投资,提升主要产业的国际竞争力,促进中国产业转型升级,实现与沿线国家共同繁荣,已成为当前迫切需要解决的重大课题。现有对外投资理论多基于发达国家的经验,不完全适用于中国;目前的研究侧重从自然资源、市场要素等方面分析中国企业的海外投资动因及影响机制,缺少面向国家战略需求的宏观投资格局研究。本文通过集成统计数据、实地调研和高层访谈等,在回顾国内外对外直接投资研究基础上,提出中国对"一带一路"沿线直接投资空间战略的分析框架,进一步分析中国对沿线国家和地区直接投资的空间分布和产业选择;尔后,剖析投资面临的困境和挑战,并提出中国对沿线地区的空间差异化投资引导战略。
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| [5] |
中国对外直接投资的贸易效应研究——基于对东盟和欧盟投资的差异性的考察 [J].
我国进出口贸易规模大、国际地位显著,我国对外直接投资规模小、国际地位偏低。同时,贸易的边际效益呈下降趋势,而对外直接投资则增长迅速、潜力巨大。发展对外直接投资将对进出口贸易产生促进作用,但目前促进作用尚不显著,原因在于对外直接投资规模过小,随着对外投资规模的扩大,投资的贸易效应将会提高。我国对外直接投资的贸易效应存在区域差异,对发展中地区的投资产生较大的贸易促进作用,原因在于我国对发展中地区的投资动机是获取资源和拓展市场,而对发达地区的投资目的是绕开贸易壁垒。因此,应该制定有差别的对外投资政策,针对发达国家的投资应该注重开拓市场和规避贸易壁垒,对发展中国家的投资应该注重开拓市场和产业转移,促进多元化的、多格局的对外直接投资体系的建设。
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| [26] |
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| [5] |
6):64-69+89.
我国进出口贸易规模大、国际地位显著,我国对外直接投资规模小、国际地位偏低。同时,贸易的边际效益呈下降趋势,而对外直接投资则增长迅速、潜力巨大。发展对外直接投资将对进出口贸易产生促进作用,但目前促进作用尚不显著,原因在于对外直接投资规模过小,随着对外投资规模的扩大,投资的贸易效应将会提高。我国对外直接投资的贸易效应存在区域差异,对发展中地区的投资产生较大的贸易促进作用,原因在于我国对发展中地区的投资动机是获取资源和拓展市场,而对发达地区的投资目的是绕开贸易壁垒。因此,应该制定有差别的对外投资政策,针对发达国家的投资应该注重开拓市场和规避贸易壁垒,对发展中国家的投资应该注重开拓市场和产业转移,促进多元化的、多格局的对外直接投资体系的建设。
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| [6] |
Expanding to outward foreign direct investment or not? a multi-dimensional analysis of entry mode transformation of Chinese private exporting firms [J].https://doi.org/10.1016/j.ibusrev.2013.06.001 URL Magsci [本文引用: 1] 摘要
This research examines the factors determining whether or not exporting firms expand to outward foreign direct investment (OFDI) as part of their internationalisation strategy, using a recent survey of Chinese private-owned enterprises. We carry out a multi-dimensional analysis to investigate the impact of firm productivity, internal resources and the external environment on OFDI decisions, including both the decision to undertake OFDI and the volume of OFDI flows. It is found that productivity, technology-based capability, export experience, industry entry barriers, subnational institutions and intermediary institutional support affect firms鈥 OFDI decisions. The findings have important policy and managerial implications.
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| [27] |
地理加权回归基本理论与应用研究[D] .The basic theoretics and application research on geographically weighted regression. |
| [7] |
Outward investment by Chinese MNCs: motivations and implications [J].https://doi.org/10.1016/S0007-6813(04)00023-0 URL Magsci [本文引用: 1] 摘要
Since 1978, when it opened its doors to the world, China has achieved spectacular success in attracting foreign direct investment (FDI). In 2002, it surpassed the U.S. as the largest recipient of FDI in the world. However, investment has not been flowing in just one direction. According to the World Bank, in the mid-1990s China was the largest outward investor among developing countries and the eighth largest supplier of outward investment among all countries. Multinational companies (MNC) from China cumulatively invested more than $36 billion worldwide between 1982 and 2001. Despite the growing importance of FDI outflows from Chinese MNCs, little or no research has been done on this significant issue from a business perspective. Most researchers are interested primarily in public policy issues. This article attempts to fill this gap by focusing on a critical business issue 09” factors that motivate Chinese MNCs to engage in so much FDI. This article presents a study of aggregate data, both macro and micro, from the FDI/TNC database of the United Nations Conference on Trade and Development that describe the overall patterns and destinations of China's outward FDI.
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| [8] |
Going global: understanding China’s outward foreign direct investment from motivational and institutional perspectives [J].https://doi.org/10.1080/14631377.2015.1084716 URL [本文引用: 2] 摘要
Using recent Chinese data on outward foreign direct investment (OFDI) (2003鈥11), this study shows that Chinese OFDI has expanded in both distant developing and developed countries. Statistical analysis suggests that Chinese investors are attracted to countries with large market size, rich resources and strategic assets, and demand a sound legal system but avoid countries with the best rule of law. Chinese investors do not directly respond to political risk and corruption. However, they favour politically stable locations when seeking markets and care about political stability and corruption control when seeking resources. Institutional factors play a more significant role in the investment decision making prior to the actual investments, but the moderating role of institutions is influential for the actual investments. Chinese investors are more likely to seek markets and resources in developing countries, with careful evaluation of institutional quality.
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| [28] |
基于地理加权回归的吉林省人口城镇化动力机制分析 [J].
以吉林省各县域(市辖区)为基本单元,借助第六次人口普查和统计年鉴的相关数据,结合地理加权回归模型和空间自相关分析方法,讨论人口城镇化水平和国有动力、非国有动力、农业动力及外向动力等因素的空间相关关系,并以此解释人口城镇化分县域(市辖区)差异的影响因素。结果表明:国有动力对吉林省人口城镇化的影响作用最大,影响强度由中北部向西南、东南两个方向递减;农业动力和非国有动力分居二、三位,但差别不明显。其中农业动力的影响强度由西北向东南方向递减,非国有动力的影响强度由东南向西北递减;外向动力对人口城镇化的影响力较弱,影响强度各地区差别较大。吉林省人口城镇化未来发展应重视非国有动力的影响和农村现代化的作用;关注人口城镇化动力多元化,考虑实现错位发展和个性化发展。
TengFei, Wei Ye. A GWR-based study on dynamic mechanism of population urbanization in Jilin Province.
以吉林省各县域(市辖区)为基本单元,借助第六次人口普查和统计年鉴的相关数据,结合地理加权回归模型和空间自相关分析方法,讨论人口城镇化水平和国有动力、非国有动力、农业动力及外向动力等因素的空间相关关系,并以此解释人口城镇化分县域(市辖区)差异的影响因素。结果表明:国有动力对吉林省人口城镇化的影响作用最大,影响强度由中北部向西南、东南两个方向递减;农业动力和非国有动力分居二、三位,但差别不明显。其中农业动力的影响强度由西北向东南方向递减,非国有动力的影响强度由东南向西北递减;外向动力对人口城镇化的影响力较弱,影响强度各地区差别较大。吉林省人口城镇化未来发展应重视非国有动力的影响和农村现代化的作用;关注人口城镇化动力多元化,考虑实现错位发展和个性化发展。
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| [9] |
中国民营企业对外直接投资区位选择研究——以温州民营企业为例 [J].https://doi.org/10.3969/j.issn.1004-9479.2013.02.012 URL [本文引用: 1] 摘要
自上世纪90年代后半期开始,世界经济呈现一体化整合的态势,全球和中国对外直接投资的规模不断扩大,温州民营企业对外直接投资也快速发展,被商务部称为"走出去"的"温州模式"。本文基于全球生产网络理论,建立了民营企业对外直接投资区位选择的优势拓展因素、制度利用因素和优势寻求因素的分析框架。通过温州民营企业对外直接投资区位选择的实证分析结果来看,优势拓展因素仍起到重要作用,优势寻求型的技术创新资源、市场营销渠道、市场信息资源是区位选择新的重要因素,但制度因素的作用也不可忽视。
Research on the location of FDI of Chinese privateenterprises. https://doi.org/10.3969/j.issn.1004-9479.2013.02.012 URL [本文引用: 1] 摘要
自上世纪90年代后半期开始,世界经济呈现一体化整合的态势,全球和中国对外直接投资的规模不断扩大,温州民营企业对外直接投资也快速发展,被商务部称为"走出去"的"温州模式"。本文基于全球生产网络理论,建立了民营企业对外直接投资区位选择的优势拓展因素、制度利用因素和优势寻求因素的分析框架。通过温州民营企业对外直接投资区位选择的实证分析结果来看,优势拓展因素仍起到重要作用,优势寻求型的技术创新资源、市场营销渠道、市场信息资源是区位选择新的重要因素,但制度因素的作用也不可忽视。
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| [29] |
The new multinational corporations from transition countries [J].https://doi.org/10.1016/S0939-3625(02)00065-1 URL [本文引用: 1] 摘要
No abstract is available for this item.
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| [30] |
经济发展、制度特征与对外直接投资的决定因素——基于“金砖四国”面板数据的实证研究 [J].
基于“金砖四国”1995—2011年对外直接投资的数据，以邓宁（Dun—ning）的IDP理论为基础，将制度因素纳入其分析框架，从投资母国的视角，研究了影响新兴市场国家对外直接投资的决定因素。研究结果表明，经济发展水平、外资流入量和政府政策的支持和鼓励对新兴市场国家的对外直接投资有显著影响；技术发展水平和市场经济制度建设则与对外直接投资水平呈负相关性；政府治理水平与对外直接投资呈正相关性但效果不显著。最后，对新兴市场国家对外直接投资的发展提出了政策建议。
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| [10] |
基于关系视角的中国对外直接投资区位 [J].https://doi.org/10.3969/j.issn.1004-9479.2013.04.001 URL 摘要
作为发展中国家和转型期经济体，中国在对外直接投资发展中具有很强的特殊性，较多的受到国家政策及其经济增长方式的影响，具有明显的政策导向、资源导向和国有经济为主体的特征。在此背景之下，本文基于2002-2012年的中国企业对外直接投资数据和2003-2011年的中国对外直接投资流量、存量金额数据，在经典国际直接投资理论的基础上，从“关系”的视角出发，结合中国对外直接投资发展历程，系统、详细地分析了中国对外直接投资的发展模式和区位分布特征。研究发现：中国的对外直接投资在区位分布、产业分布、投资模式和企业所有制方面都相对集中，但都呈现出向多元化发展的趋势；与东道国之间存在密切的政治关系、社会关系和经济关系是中国对外直接投资的区位选择的重要影响因素。
Spatialdistribution of China’s foreign direct investment: aperspective of relationship (Guanxi) between China and its host countries. https://doi.org/10.3969/j.issn.1004-9479.2013.04.001 URL 摘要
作为发展中国家和转型期经济体，中国在对外直接投资发展中具有很强的特殊性，较多的受到国家政策及其经济增长方式的影响，具有明显的政策导向、资源导向和国有经济为主体的特征。在此背景之下，本文基于2002-2012年的中国企业对外直接投资数据和2003-2011年的中国对外直接投资流量、存量金额数据，在经典国际直接投资理论的基础上，从“关系”的视角出发，结合中国对外直接投资发展历程，系统、详细地分析了中国对外直接投资的发展模式和区位分布特征。研究发现：中国的对外直接投资在区位分布、产业分布、投资模式和企业所有制方面都相对集中，但都呈现出向多元化发展的趋势；与东道国之间存在密切的政治关系、社会关系和经济关系是中国对外直接投资的区位选择的重要影响因素。
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| [30] |
Economicdevelopment, institutional characteristics and determinants of ODI: an empirical study based on panel data of BRICs.
基于“金砖四国”1995—2011年对外直接投资的数据，以邓宁（Dun—ning）的IDP理论为基础，将制度因素纳入其分析框架，从投资母国的视角，研究了影响新兴市场国家对外直接投资的决定因素。研究结果表明，经济发展水平、外资流入量和政府政策的支持和鼓励对新兴市场国家的对外直接投资有显著影响；技术发展水平和市场经济制度建设则与对外直接投资水平呈负相关性；政府治理水平与对外直接投资呈正相关性但效果不显著。最后，对新兴市场国家对外直接投资的发展提出了政策建议。
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| [31] |
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| [11] |
企业海外集群与新晋企业对外直接投资区位选择——基于浙江省微观企业数据 [J].https://doi.org/10.11821/dlyj201502015 URL Magsci [本文引用: 1] 摘要
<p>企业对外直接投资海外集群和区位选择均是当前理论和政策的热门话题,着眼于研究两者之间的关系。由于东道国国别经济存在较大的差异,因此中国企业在对外直接投资区位选择过程中较为注重特定的国别状况,东道国经济规模、人均收入、贸易开放、资源条件等因素均构成了企业对外直接投资区位选择的影响因素,此外本国企业在东道国的海外集群也是企业对外直接投资区位选择决策的不可忽视因素。利用浙江省微观企业数据构造二值选择模型,并使用浙江省在某东道国的对外直接投资项目数度量在该国的海外集群状况,研究发现：企业海外集群是东道国吸引新晋企业对外直接投资的重要区位优势,并且这种区位优势在资源越丰富和市场规模越大的国家发挥的作用也越大。为了消除回归的内生性问题,使用地理距离作为企业海外集群的工具变量,通过二阶段二值选择模型得出了类似的结论;并且通过分样本实证研究发现无论在发达国家还是发展中国家东道国,企业海外集群吸引新晋企业对外直接投资的正向影响均保持不变。结果说明了企业对外直接投资海外集群具有自我延续性,也反映了信息在企业对外直接投资区位选择中的重要性。</p>
Enterprises overseas cluster and foreign direct investment locationchoice of new entrants:an empirical research based on microenterprises data in Zhejiang province. https://doi.org/10.11821/dlyj201502015 URL Magsci [本文引用: 1] 摘要
<p>企业对外直接投资海外集群和区位选择均是当前理论和政策的热门话题,着眼于研究两者之间的关系。由于东道国国别经济存在较大的差异,因此中国企业在对外直接投资区位选择过程中较为注重特定的国别状况,东道国经济规模、人均收入、贸易开放、资源条件等因素均构成了企业对外直接投资区位选择的影响因素,此外本国企业在东道国的海外集群也是企业对外直接投资区位选择决策的不可忽视因素。利用浙江省微观企业数据构造二值选择模型,并使用浙江省在某东道国的对外直接投资项目数度量在该国的海外集群状况,研究发现：企业海外集群是东道国吸引新晋企业对外直接投资的重要区位优势,并且这种区位优势在资源越丰富和市场规模越大的国家发挥的作用也越大。为了消除回归的内生性问题,使用地理距离作为企业海外集群的工具变量,通过二阶段二值选择模型得出了类似的结论;并且通过分样本实证研究发现无论在发达国家还是发展中国家东道国,企业海外集群吸引新晋企业对外直接投资的正向影响均保持不变。结果说明了企业对外直接投资海外集群具有自我延续性,也反映了信息在企业对外直接投资区位选择中的重要性。</p>
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| [32] |
Exploring the role of government involvement in outward FDI from emerging Economies [J].https://doi.org/10.1057/jibs.2012.18 URL Magsci [本文引用: 1] 摘要
We explain the mechanisms through which government impacts the internationalization of emerging-market enterprises (EMEs). Rather than merely viewing internationalization as the result of differences in resource positions, we demonstrate that an important source of variation is the idiosyncratic manner in which EMEs are affiliated with government agencies. Although government involvement has a strong effect on international expansion, this effect is contingent upon the level at which the firm is affiliated with government and the degree of state ownership. Different types and levels of governments have different objectives, exert different institutional pressures on EMEs, and impact their willingness and ability to internationalize differently. Government involvement influences the level of overseas investment, its location (developed vs developing countries) and its type (resource- vs market-seeking). These effects depend on firms鈥 own resources and capabilities, suggesting that not all firms possess equal ability to internalize government-related advantages and respond to institutional pressures. By demonstrating that resource-based and institutional constructs are highly dependent on one another, we enhance understanding of how EMEs succeed in expanding overseas, and why governments matter.
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| [12] |
Cross A et al. The determinants of Chinese outward foreign direct investment [J].https://doi.org/10.1057/9780230248328_6 URL [本文引用: 1] 摘要
This paper investigates the determinants of foreign direct investment (FDI) by Chinese multinational enterprises (MNEs) over the period 1984 to 2001. 1 The process of China’s deepening re-integration with the global economy began, in the modern era, with the ‘Open Door’ policies of the late 1970s, and accelerated with accession to the World Trade Organisation (WTO) in 2001. Studies of this process generally examine China in terms of its position in global trade flows (e.g., Lall and Albaladejo, 2004); its comparative advantage as a manufacturing location (e.g., Chen et ah , 2002; Rowen, 2003); and in the volume, distribution and impacts of inbound FDI (e.g., Buckley et ah , 2002; Buckley, 2004b). 2 In contrast, understanding of a further dimension to this process — namely, the rise in Chinese outward direct investment (ODI) — remains very incomplete. One reason is the paucity of sufficiently disaggregated data to permit formal analysis of the forces shaping Chinese ODI. The result has been a preponderance of descriptive research on FDI trends (e.g., Taylor, 2002; Deng, 2003, 2004; Wong and Chan, 2003; Buckley et ah , 2006) coupled with in-depth case studies on a small number of high-profile Chinese MNEs (e.g., Liu and Li, 2002; Warner et ah , 2004).
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| [33] |
State ownership effect on firms' FDI ownership decisions under institutional pressure: a study of Chinese outward investing firms [J].https://doi.org/10.1057/jibs.2012.1 URL Magsci [本文引用: 1] 摘要
This study investigates the effect of state ownership on Chinese firms’ foreign direct investment (FDI) ownership decisions. It adopts a political perspective to extend the application of institutional theory in international business research. Specifically, it examines firms’ heterogeneous responses to external institutional processes during foreign market entry, while taking into consideration the political affiliation of firms with the external institutions. We argue that state ownership creates the political affiliation of a firm with its home-country government, which increases the firm's resource dependence on home-country institutions, while at the same time influencing its image as perceived by host-country institutional constituents. Such resource dependence and political perception increase firms’ tendency to conform to, rather than resist, isomorphic institutional pressures. We tested our hypotheses using primary data for 132 FDI entries made by Chinese firms during 2000–2006, and we found that the effects of home regulatory, host regulatory and host normative pressures on a firm to choose a joint ownership structure were stronger when the share of equity held by state entities in the firm was high.
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