基于制度距离视角的中国对外直接投资区位选择研究

发布时间：2018-04-29 11:52

本文选题：OFDI + 区位选择　；参考：《中南财经政法大学》2017年硕士论文

【摘要】：截止2015年,统计数据表明中国对外直接投资(OFDI)流量创历史新高(1456.7亿美元),居世界第二位,初次实现了资本净输出,我国渐渐由资本引进大国向资本输出国转型。但对我国对外投资情况的统计数据却表明我国对外投资效率并不高,究其原因之一就是区位选择决策有误,我国对外投资区位选择存在盲目扎推的情况。当前学术界从投资动机角度或是单边制度因素角度对影响我国企业OFDI区位选择的因素进行了较为丰富的研究,但是区位选择的影响因素是多方面的,仅从投资动机、或是仅从母国或东道国制度进行分析得到的结果是有偏的。并且现有文献主要是从宏观视角探讨我国企业OFDI区位选择的影响因素。但是个体微观企业与国家宏观层面的目标并不完全一致,个体微观企业的信息特征很容易被宏观数据所覆盖而得不到反映,因此本文以2003-2014年我国企业对外直接投资数据,从制度距离的视角对区位选择进行综合分析,制度距离既可以为跨国公司带来制度优势,也可能产生劣势,从而促进或者抑制我国企业对相关国家进行投资。同时还探究了制度距离的方向是否会对区位选择有不同影响。通过构建logit模型,本文得到了以下结论:(1)对全样本来说,不管是正式制度距离还是各维度正式制度距离(政治制度距离、经济制度距离和法律制度距离)都促进我国企业OFDI。(2)正式制度距离对我国企业OFDI区位选择的影响存在非对称效应,即当东道国为发达国家(地区)时,我国企业更倾向于投资正式制度距离大的国家(地区),而当东道国为非发达国家(地区)时,我国企业更倾向于向投资正式制度距离小的国家(地区)。(3)非正式距离(文化距离)与区位选择呈负相关关系。
[Abstract]:As of 2015, statistics show that China's outward direct investment (OFDI) flow has reached a record high ($145.67 billion, ranking the second in the world), and it has achieved net capital export for the first time. China is gradually transforming from a large capital importing country to a capital exporting country. However, the statistical data of China's foreign investment show that the efficiency of China's foreign investment is not high. One of the reasons is that the decision of location choice is wrong, and the situation of blindly pushing foreign investment location choice exists in our country. The current academic circles have carried on the rich research from the investment motive angle or the unilateral system factor angle to influence our country enterprise OFDI location choice factor, but the location choice influence factor is many, only from the investment motive. Or only from the home country or host country system analysis results are biased. And the existing literature is mainly from the macro perspective to explore the impact factors of OFDI location choice. However, the objectives of individual micro enterprises and national macro level are not exactly the same. The information characteristics of individual micro enterprises are easily covered by macro data and can not be reflected. Therefore, in this paper, we use the data of Chinese enterprises' foreign direct investment (FDI) from 2003 to 2014. From the perspective of institutional distance, this paper makes a comprehensive analysis of location choice. Institutional distance can bring both institutional advantages and disadvantages to multinational companies, thus promoting or inhibiting Chinese enterprises to invest in relevant countries. At the same time, it explores whether the direction of institutional distance will have different influence on location choice. By constructing the logit model, the following conclusions are obtained: 1) for the whole sample, whether it is the formal institutional distance or the formal institutional distance (political institutional distance), Economic system distance and legal system distance) both promote the influence of formal institutional distance on OFDI location choice of Chinese enterprises, that is, when the host country is a developed country (region), there is an asymmetric effect on the influence of the formal institutional distance on the location choice of Chinese enterprises, i.e., when the host country is a developed country (region), Chinese enterprises are more inclined to invest in countries (regions) with a long distance from the formal system, and when the host country is a non-developed country (region), Chinese enterprises tend to have a negative correlation between the informal distance (cultural distance) and location choice in countries with small distance from formal investment system.
【学位授予单位】：中南财经政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.6

【参考文献】