所有制改革与OFDI:中国的证据

发布时间：2018-01-03 16:28

本文关键词：所有制改革与OFDI:中国的证据　出处：《世界经济研究》2017年02期 　论文类型：期刊论文

【摘要】：所有制改革为中国对外直接投资(OFDI)提供了制度保证,是经济转型过程中促进中国OFDI扩张的一种机制。文章采用2003~2014年187个中国对外直接投资国(地区)的跨国数据,实证研究了所有制改革及其引起的对外直接投资主体多元化对中国OFDI的影响效应。在控制了市场寻求、资源寻求与技术寻求动机以及东道国市场风险和人民币汇率等影响因素后,实证结果表明:所有制改革对OFDI具有显著的正向影响;在对外直接投资主体多元化方面,有限责任公司投资主体占比的增加对OFDI具有显著的正向影响,国有企业与集体企业投资主体占比的增加对OFDI具有显著的负向影响,股份有限公司、股份合作企业、外商投资企业和私营企业投资主体占比的增加对OFDI的影响效应不显著或具有负向影响;进一步考虑东道国异质性的研究发现,金融危机前所有制改革与对外直接投资主体多元化对中国OFDI的影响在发达国家和发展中国家或欠发达国家之间是有差异的,而金融危机后对中国OFDI的影响差异不明显。
[Abstract]:The ownership reform Chinese foreign direct investment (OFDI) provides the system guarantee, is to promote a mechanism Chinese OFDI expansion in the process of economic transformation. This paper employs 2003~2014 187 China foreign direct investment in the country (region) of the international data, empirical research on the effect of diversified ownership reform and the main effect of foreign direct investment on the Chinese OFDI. In the control of the market for resources, seek motivation and the host country market risk and the RMB exchange rate effect and technology, the empirical results show that: the ownership reform has significant positive effect on OFDI; in the diversification of foreign direct investment subject, investment limited liability company to increase the proportion of positive a significant effect on OFDI, the state-owned enterprises and collective enterprises to increase the proportion of investment has a negative impact on the OFDI shares of Limited by Share Ltd. Cooperative enterprises, foreign-funded enterprises and private enterprises to increase the proportion of investment effect had no significant effect on OFDI or has a negative effect on the host country; to further consider the heterogeneity found that before the financial crisis of ownership reform and foreign direct investment diversification impact on the Chinese OFDI there is a difference between developed and developing countries or less developed countries, and after the financial crisis impact on China OFDI was not significantly different.

【作者单位】：宁波大学商学院;上海财经大学经济学院;
【基金】：浙江省哲学社会科学规划课题(项目编号:17NDJC109YB) 全国统计科学研究项目(项目编号:2015LY39) 浙江省教育厅科研项目(项目编号:Y201533573) 宁波大学人文社会科学培育项目(项目编号:XPYB16006)的资助
【分类号】：F832.6
【正文快照】： 一、引言改革开放三十多年来,随着市场的开放以及更为宽松更具活力的政策的激励,中国企业逐渐具备了“走出去”的实力,众多企业纷纷实施对外直接投资(OFDI)。如图1所示,改革开放以来,中国OFDI从无到有逐步发展起来,尤其是进入21世纪以后,中国的OFDI开始呈现出迅速扩张的态势,

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