转型期中国对外直接投资地域分布特征解析:基于制度的视角

发布时间：2018-11-02 10:48

【摘要】：转型期中国对外直接投资(Outward Foreign Direct Investment,OFDI)地域分布特征不能被传统OFDI理论所解释。中国OFDI存量高度集中于避税地,地域分布格局偏离发展中国家常规,主要投资地中政治风险较高国家偏多。引入制度理论对中国OFDI地域分布特征进行解释。转型期制度约束与制度缺失是中国OFDI高度集中于避税地的重要原因,企业通过投资避税地来规避制度约束或进行制度套利;国有企业OFDI动机的双重性以及政府的政策倾斜弱化了地理距离、文化距离、经济距离及政治风险等常规因素对国有企业OFDI区位选择以及中国OFDI地域分布的影响;中国企业的非市场能力支持了它们对政治风险较高国家的投资。
[Abstract]:The regional distribution of China's (Outward Foreign Direct Investment,OFDI during the transition period can not be explained by the traditional OFDI theory. The stock of OFDI in China is highly concentrated in tax havens, the pattern of regional distribution deviates from the convention of developing countries, and there are more countries with higher political risk in the main investment places. System theory is introduced to explain the regional distribution of OFDI in China. Institutional constraints and institutional deficiencies in the transitional period are the important reasons why China's OFDI is highly concentrated in tax havens. Enterprises evade institutional constraints or carry out institutional arbitrage through investment tax havens. The duality of OFDI motivation of state-owned enterprises and the government's policy inclination weaken the influence of conventional factors, such as geographical distance, cultural distance, economic distance and political risk, on the location choice of OFDI in state-owned enterprises and the regional distribution of OFDI in China. The non-market ability of Chinese companies supports their investments in politically risky countries.
【作者单位】：华侨大学经济与金融学院;华侨大学工商管理学院;
【基金】：国务院侨务办公室社会科学项目(编号:09QSK03)资助
【分类号】：F832.6

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