东道国经济风险与我国企业对外直接投资二元增长区位选择——基于面板数据门槛效应模型的研究

发布时间：2018-06-21 01:34

本文选题：企业对外直接投资 + 东道国经济风险　；参考：《中央财经大学学报》2017年06期

【摘要】：东道国风险是我国企业对外直接投资面临的主要不稳定因素之一,因而也是区位选择时的重要考虑因素,基于此,本文研究东道国经济风险如何影响我国企业对外直接投资集约和扩张二元增长的区位选择。在比较主要东道国经济风险的基础上,本文利用面板数据门槛效应模型界定我国企业对外直接投资的市场开拓横向动机和生产转移纵向动机,通过实证研究发现,在规模扩大的集约增长维度,我国横向动机企业对外直接投资倾向于选择宏观稳定风险较低的东道国,纵向动机企业对外直接投资倾向于选择经济增长风险较低的东道国;在新设项目的扩张增长维度,我国横向动机企业对外直接投资倾向于选择经济增长风险和宏观稳定风险均较高的东道国,而纵向动机企业对外直接投资不受东道国经济风险的影响。本文的实证研究说明我国企业对外直接投资在集约增长维度属于风险规避类型,但在扩张增长维度属于风险偏好类型。
[Abstract]:The risk of the host country is one of the main unstable factors facing the foreign direct investment (FDI) of Chinese enterprises, therefore, it is also an important consideration factor in the choice of location. This paper studies how the economic risk of the host country affects the location choice of the intensive and expanding dual growth of foreign direct investment (OFDI) of Chinese enterprises. On the basis of comparing the economic risks of the main host countries, this paper uses the panel data threshold effect model to define the horizontal motivation of market development and the vertical motivation of production transfer of Chinese enterprises' OFDI, and finds out through empirical research. In the dimension of intensive growth, the horizontal motivation enterprises tend to choose the host country with lower macro stability risk, and the longitudinal motivation enterprises tend to choose the host country with lower risk of economic growth. In the dimension of expansion and growth of newly established projects, China's lateral motivated enterprises tend to choose host countries with higher risk of economic growth and macro stability. And the vertical motivation enterprise outward direct investment is not affected by the host country economic risk. The empirical study shows that OFDI belongs to risk aversion in intensive growth dimension, but risk preference in expansion growth dimension.
【作者单位】：温州大学商学院;
【基金】：浙江省社科规划之江青年课题“浙江省企业对外直接投资融资约束问题研究”(项目编号:16ZJQN051YB) 温州市社科联社会科学规划课题“东道国经济风险与民营企业对外直接投资区位选择——基于温州的实证研究”(项目编号:16wsk066)
【分类号】：F125;F279.2

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