制度视角下的中国对外直接投资促进机制研究

发布时间：2018-05-18 13:41

本文选题：制度 + 对外直接投资　；参考：《首都经济贸易大学》2013年博士论文

【摘要】：加入WTO之后，随着国家经济实力的增强和企业的发展壮大，中国的对外直接投资进入到了稳定、高速增长的阶段。在2008年全球金融危机之后，源于去危机中的国家“抄底”、收购物美价廉资产的冲动，中国资本掀起了海外并购的热潮，最近几年的对外直接投资流量更是有了爆发式的增长。对外直接投资是我国经济发展和改革开放到了一定水平后必然出现的趋势，但是中国的对外直接投资起步较晚，发展的时间并不长。作为发展中国家、新兴经济体、转型经济体，和成熟市场经济的发达国家相比，有着明显的差距和存在很多的问题。中国的对外直接投资在投资主体、投资区位、产业选择上有很多结构失衡，对外直接投资的管理和促进也存在大量缺失之处，中国企业跨国经营的国际竞争力还比较弱，对外直接投资屡屡出现失败案例。除却企业自身所有权优势以及东道国市场环境的原因，我们分析历年对外直接投资的相关数据、梳理该领域的制度与政策发现，当前我国对外直接投资呈现的诸多问题在深层次上是经济转型期中国特有的制度供给缺位、错位造成的。虽然中国政府已在政策层面积极创造有利条件促使本土企业“走出去”，但扫除对外直接投资的制度性障碍，对发展初期的中国对外直接投资进行必要的顶层设计，以及构建对外直接投资的促进体系是当务之急。全文共分引言、文献与理论研究、国外经验分析、现状与问题分析、路径选择、促进体系、结论与展望七章内容，采用了规范分析和实证分析相结合、归纳总结和演绎推理相结合以及比较分析的方法进行了研究。本文在引言部分介绍了要研究的问题，然后开始对该命题的相关文献和理论进行梳理。从制度是影响发展中国家、转型经济体对外直接投资的关键因素这一断定入手，分析制度不能仅仅作为企业开展跨国经营的背景存在。研究发现，制度是影响发展中国家经济增长、对外直接投资的内生变量，，东道国制度环境的质量影响着企业的进入、经营甚至退出，母国制度和政策因素、母国和东道国的制度距离影响着本国企业的投资经营，企业制度直接影响自身的所有权优势和竞争力，降低企业开展国际直接投资的制度成本、改良制度供给并推进制度变迁可以促进对外直接投资的顺利开展。其次，本文分析了国外发达国家和地区开展对外直接投资的制度经验，来说明改进制度供给和健全政策法规对于一国对外直接投资发展的重要性。无论是老牌的资本输出国英国，还是最具代表性的发达经济体美国，都在本国开展对外直接投资的历史进程中不断消除阻碍企业开展跨国投资的制度障碍，弥补制度缺失，加强政策促进。而与中国地理、文化距离接近的后起之秀日本和韩国的做法就更具有借鉴意义了，两国在政府推进型的对外直接投资进程中通过国家扶持、制度配套和政策促进，为本国企业在弱势的国际经济环境中成功开展跨国投资立下了汗马功劳，这种在弱势的竞争环境中拓展本国企业对外直接投资空间的政府推进模式值得中国研究和借鉴。然后本文开始通过相关数据分析我国当前对外直接投资发展中呈现的特征、存在的问题，并认为这些现象在深层次上是由经济转型期中国的特有体制、政策因素造成的。当前开展对外直接投资的国有企业、中央企业占比过重，过度追求资源和能源获取，大量的对外投资流量和存量集中在避税地，出现了主体结构、产业选择、区位分布同时失衡的局面。我国当前对外直接投资的整体水平还比较低，多数企业在市场进入和后续经营上绩效不佳。这些问题反映了国有经济的强势主导地位、国家意志对企业开展对外直接投资的干预，揭示了我国外资超国民待遇和资本市场制度的不完善，同时也反映了政府管理体制的低效率和投资促进政策的缺失。最后本文开始思考处于发展初期的中国对外直接投资在主体、产业、区位和管理上的路径选择。我国对外直接投资刚刚起步，有必要综合经济发展的全局进行顶层设计。这需要继续对国有企业进行现代企业制度改革以提升经营绩效，要对开展海外投资的国有企业进行股份制改造以冲淡其政府色彩，要重点扶持民营经济和中小企业开展对外直接投资以实现投资主体结构的均衡化。要出台相关政策优先扶持技术获取型的对外直接投资，更大程度地实现对外直接投资的逆向技术溢出，并协调规划资源、能源的海外供给和国内产业结构升级的关系。要推进外资优惠制度的改良以减少对避税港虚假的“迂回”投资，加强对技术先进国家和地区的学习型投资，还要基于经济发展阶段的现状保持对资源富裕国家和地区的投资。要重点推进对外直接投资管理制度的便利化改革，更多地放松政府管制，同时加强投资管理与贸易、外交的协调。在具体层面，要构建一套支撑顶层设计、实现对外直接投资健康发展的促进体系。这一促进体系包括机构组织促进体系、政策法规促进体系和境外经营跟踪体系。构建机构组织体系首先要定位各级官方的投资促进机构及职能，其次要培育各类民间的机构和中介服务组织。构建政策法规体系涉及对外直接投资领域国内法律法规体系的完善和国际投资保护协议的谈判与签订。境外经营跟踪体系包含对企业境外经营的服务和协调，以及对国有资产境外投资的考核和监管。
[Abstract]:After the accession to WTO, with the strengthening of the national economic strength and the development of enterprises, China's foreign direct investment has entered a stable and rapid growth stage. After the global financial crisis in 2008, it originated from the national "bottom line" in the crisis, the impulse to collect the low price and low price of shopping, and the Chinese capital set off the upsurge of overseas merger and acquisition. In recent years, the foreign direct investment flow has been more explosive growth. Foreign direct investment is the inevitable trend after China's economic development and reform and opening to a certain level. But China's foreign direct investment is late and the development time is not long. As a developing country, an emerging economy, a transitional economy, and mature. Compared with the developed countries of the market economy, there are obvious gaps and many problems. China's foreign direct investment has a lot of structural imbalances in the investment subject, the investment location, and the industry choice, and the management and promotion of the foreign direct investment also has a large number of deficiencies, and the international competitiveness of the Chinese enterprises is still relatively weak. Direct investment is a failure case repeatedly. In addition to the ownership advantage of the enterprise and the cause of the host country's market environment, we analyze the relevant data of the direct investment in the past years, comb the system and policy of this field, and find that many questions present in China's foreign direct investment are unique in the period of economic transformation. There is a lack of institutional supply and dislocation. Although the Chinese government has created favorable conditions in the policy level to encourage local enterprises to "go out", the institutional barriers to direct foreign direct investment are removed, the necessary top-level design for China's foreign direct investment in the early stages of development and the promotion system for the construction of foreign direct investment are the duty of the government. It's urgent.
The full text is divided into introduction, literature and theory research, foreign experience analysis, current situation and problem analysis, path selection, promotion system, conclusion and prospect seven chapters, using the combination of normative analysis and empirical analysis, combination of inductive and deductive reasoning and comparative analysis method.
In the introduction, the paper introduces the problems to be studied, and then begins to sort out the relevant literature and theory of the proposition. From the system is the key factor affecting the developing countries and the foreign direct investment in the transition economies, the analysis system can not only be the background of the transnational operation of the enterprises. Degree is an endogenous variable affecting the economic growth of developing countries and foreign direct investment. The quality of the host country's institutional environment affects the entry, operation and even exit of the enterprises, the institutional and policy factors of the home country, the institutional distance between the home country and the host country affecting the investment and operation of the domestic enterprises, and the enterprise system directly affects its own ownership advantage and its own advantages. Competitiveness, reducing the institutional cost of developing international direct investment, improving institutional supply and promoting institutional change can promote the smooth development of foreign direct investment.
Secondly, this paper analyzes the institutional experience of foreign direct investment in developed countries and regions to illustrate the importance of improving the system supply and improving the policy and regulation for the development of a country's foreign direct investment. In the historical process of investment, the institutional obstacle that hinders the enterprise to carry out transnational investment is constantly eliminated, the system is reparated and the policy is strengthened. The practice of Japan and South Korea, which is close to the geographical and cultural distance of China, is more useful for reference. The two countries are supported by the state in the process of government pushing forward foreign direct investment. The system supporting and policy promotion have made the successful development of transnational investment in the disadvantaged international economic environment. The government promotion mode of expanding the foreign direct investment space of domestic enterprises in the weak competitive environment is worth studying and drawing on in China.
Then this paper analyzes the characteristics and problems in the development of China's current FDI through relevant data, and thinks that these phenomena are caused by the special system and policy factors in the period of economic transformation. With the acquisition of resources and energy, a large number of foreign investment flows and stocks are concentrated in the tax havens, the main structure, industrial selection, and regional distribution are unbalance. The overall level of current FDI in China is still relatively low, and most of the enterprises have poor performance in market entry and follow up. These problems reflect the state economy. A strong dominant position, the intervention of state will to enterprises to carry out foreign direct investment reveals the imperfect foreign capital and capital market system in our country, and also reflects the low efficiency of the government management system and the lack of investment promotion policy.
At the end of this paper, we begin to think about the path choice of China's foreign direct investment in the early stage of development in the main body, industry, location and management. China's foreign direct investment has just started. It is necessary to carry on the top level design of the overall economic development. This needs to continue to reform the modern enterprise system to improve the performance of the state-owned enterprises. In order to dilute the government color of the state-owned enterprises carrying out overseas investment, we should focus on supporting the private economy and the small and medium enterprises to carry out direct investment in order to achieve the balance of the structure of the investment subject. The reverse technology spillover, and the coordination of planning resources, the overseas supply of energy and the upgrading of domestic industrial structure. We should promote the improvement of the preferential system of foreign capital to reduce the "circuitous" investment to the tax havens, strengthen the learning investment for advanced countries and regions, and keep the resources rich on the basis of the status of the economic development stage. The investment of the countries and regions should be focused on promoting the facilitation reform of the management system of foreign direct investment, more relaxed government regulation, and the coordination of investment management and trade and diplomacy.
At the specific level, we should build a set of supporting top level design to promote the healthy development of foreign direct investment. This promotion system includes institutional organization promotion system, policy and regulation promotion system and overseas management tracking system. The establishment of policy and regulation system involves the improvement of the domestic law and regulation system in the field of foreign direct investment and the negotiation and signing of the international investment protection agreement. The tracking system of overseas operation includes the service and coordination of the overseas operation of the enterprise, and the assessment and supervision of the overseas investment of the state assets. Tube.
【学位授予单位】：首都经济贸易大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.6

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