东道国政府清廉度对中国对外直接投资的影响研究

发布时间：2018-09-05 13:42

【摘要】：东道国政府清廉度对中国对外直接投资有着重要的影响，而目前学者的研究主要集中于东道国的市场规模、要素禀赋对中国跨国投资区位选择的影响，对东道国政治因素的考察多为投资政策、政治稳定程度等。对于东道国政府清廉度的分析较少。在理论上，东道国政治清廉度与对外直接投资正相关，而现实中，近年来中国非金融类对外直接投资在一些高政治风险国家的迅速增长。基于这样的研究背景，本文首先回顾了东道国政府清廉度与对外直接投资有关的理论和文献，并介绍和分析了我国对外直接投资的发展历程、类型、分布及各东道国的政府清廉情况。随后，理论分析东道国政府清廉度影响中国对外直接投资影响的正面效应与负面效应。一方面，东道国政府清廉会减少跨国企业的额外成本，降低不确定性，，从而吸引对外直接投资；另一方面，由于政府不清廉可能会加快审批程序，带来额外收益，政府清廉度也可能与对外直接投资负相关。进一步地，本文探讨了东道国政府清廉度对中国境外直接投资的三种主要类型——中国资源寻求型、市场寻求型、技术寻求型对外直接投资决策的影响。由于企业境外直接投资的类型和目的的不同，政府清廉度对其的正面效应及负面效应的影响程度也将有所差异，从而表现出不同的结果。实证结果与理论分析一致。采用中国对其他72个国家1995-2010年的面板数据，本文基于OLS、FGLS方法实证分析东道国政府清廉度在我国对外直接投资总量中的作用。与绝大多数就发达国家情况研究的实证结果不同，总体而言对于中国境外直接投资，政府清廉度的负面效应占据上风，我国对外直接投资与东道国政府清廉度显著负相关。进一步地，在对样本国进行聚类分析后，考察了中国不同类型的对外直接投资对东道国政府清廉度的敏感度，回归结果显示对于不同动机的对外直接投资东道国政府清廉度的影响各不相同，市场寻求型对外直接投资与东道国政府清廉度负相关但并不显著，资源寻求型对外直接投资倾向于投资于东道国政府清廉度低的国家，而技术寻求型对外直接投资与东道国政府清廉度的敏感度为正。这也证实了理论分析指出的由于中国对外直接投资的动机和特性的不同，导致政府清廉度对不同类型对外直接投资影响的差异。最后，在上文理论与实证分析的基础上，提出针对性的政策建议。
[Abstract]:The degree of incorruptibility of the host government has an important influence on China's foreign direct investment (FDI). At present, scholars mainly focus on the market size of the host country and the influence of factor endowments on the location choice of China's transnational investment. The political factors of host country are mostly investment policy, political stability and so on. There is little analysis of the clean government of the host country. Theoretically, the degree of political incorruptibility in host country is positively related to foreign direct investment (FDI). In reality, in recent years, China's non-financial FDI has grown rapidly in some countries with high political risk. Based on this research background, this paper first reviews the theory and literature on the degree of incorruptibility of the host government and foreign direct investment, and introduces and analyzes the development course and types of China's foreign direct investment. Distribution and integrity of governments in each host country. Then, the positive and negative effects of the incorruptibility of the host government on China's foreign direct investment (FDI) are analyzed theoretically. On the one hand, the clean government of the host country will reduce the additional costs and uncertainty of multinational enterprises, thereby attracting foreign direct investment; on the other hand, because the government is not clean, it may speed up the approval process and bring additional benefits. The degree of government incorruptibility may also be negatively correlated with foreign direct investment (OFDI). Furthermore, this paper discusses the influence of the degree of incorruptibility of the host government on China's foreign direct investment (FDI), namely, the resource seeking type, the market seeking type, and the technology seeking type. Due to the different types and purposes of enterprises' foreign direct investment, the degree of influence of the degree of government incorruptibility on its positive and negative effects will also be different, thus showing different results. The empirical results are consistent with the theoretical analysis. Based on the panel data from China to 72 other countries from 1995 to 2010, this paper empirically analyzes the role of the clean government of the host government in China's total foreign direct investment (FDI) based on the OLS,FGLS method. Different from the empirical results of most of the developed countries, the negative effect of government incorruptibility on China's foreign direct investment (FDI) is dominant, and there is a significant negative correlation between China's FDI and the host government's incorruptibility. Further, after cluster analysis of sample countries, the sensitivity of China's different types of FDI to the integrity of host governments was investigated. The regression results show that there are different influences on the degree of incorruptibility of the host government of FDI with different motivations, but the market seeking FDI is negatively correlated with the degree of government incorruptibility, but it is not significant. Resource-seeking FDI tends to invest in countries with low degree of integrity of the host government, while the sensitivity of technology-seeking FDI to the government of the host country is positive. It also proves that the influence of government incorruptibility on different types of FDI is different due to the different motives and characteristics of China's FDI. Finally, on the basis of theoretical and empirical analysis above, the paper puts forward targeted policy recommendations.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D822.3;F832.6

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