制度和产业基础对企业对外直接投资的影响:基于母国和东道国视角

发布时间：2018-11-15 23:21

【摘要】：采用346家中国太阳能光伏企业在全球的463笔投资数据,分析了该产业的海外投资布局特征,并从国家(区域)、产业和企业3个层面研究母国区域和东道国,以及企业特征和东道国之间的投资匹配关系。江苏、浙江等制度环境优越的省份是太阳能光伏企业走出去的主要来源区域,德国、美国等制度环境完善的国家则是重要的投资目的地国;进行海外投资的太阳能光伏企业大多是未上市的非国有企业,投资动机以市场寻求型为主。在国家(区域)和产业层面,基于制度环境和产业基础2个维度,"母国—东道国"的投资配对呈现出对偶性,即来自制度和产业基础良好省份的企业倾向于投资制度和产业基础良好的国家;制度和产业基础不完善的东道国会吸引来自制度和产业基础不完善区域的企业的投资。在企业层面,不同所有制、上市与否以及具有不同投资动机的企业对东道国的选择偏好存在差异,呈现"非国有企业—制度、产业双领先国家"、"市场寻求型投资—制度、产业双领先国家"和"研发寻求型投资—制度领先国家"的投资配对。
[Abstract]:Based on 463 investment data of 346 Chinese solar photovoltaic enterprises in the world, the characteristics of overseas investment layout of the industry are analyzed, and the home country region and host country are studied from three aspects: country (region), industry and enterprise. And the investment matching relationship between the enterprise characteristics and the host country. Provinces with superior institutional environment such as Jiangsu and Zhejiang are the main source areas for solar photovoltaic enterprises to go out, while countries with perfect institutional environment such as Germany and the United States are important investment destination countries. The majority of solar photovoltaic enterprises investing overseas are non-state-owned enterprises which are not listed, and their investment motivation is mainly market seeking. At the level of country (region) and industry, based on the two dimensions of institutional environment and industrial foundation, the investment pairing of "home country and host country" presents duality. That is, enterprises from provinces with good institutional and industrial basis tend to invest in countries with good investment system and industrial basis; The host country with imperfect system and industrial foundation will attract the investment from the region with imperfect system and industrial foundation. At the enterprise level, different ownership, listing or not, as well as different investment motives of the choice of the host country, there are differences in the preferences of "non-state-owned enterprise-system, industry two leading countries", "market-seeking investment-system," Industry-leading countries "and" R & D seeking investment-system leading countries "investment matching.
【作者单位】：中国科学院大学经济与管理学院;
【基金】：国家自然科学基金项目(71472173,71002082)
【分类号】：F832.6

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