摘要
文章基于2004-2012年中国对外投资的跨国面板数据,考察影响中国OFDI区位选择的制度、文化与利益驱动因素,研究显示:东道国优良的制度水平会吸引中国OFDI进入,而以基因距离所刻画的文化异质性则是中国OFDI区位选择中的阻碍因素;争夺市场、获取资源和避税是中国OFDI的三大利益驱动。进一步研究利益驱动因素的时空变化,我们发现:(1)从时间演变看,中国OFDI的避税动机显著减弱,而争夺市场与资源的动机微弱加强;(2)从空间分布看,为了获取市场和资源,中国OFDI在地理距离上表现出"舍近求远"的空间替换时间策略;(3)从制度与文化因素看,争夺市场和避税两大动因倾向于选择制度水平高、与中国文化接近的国家,而获取资源的强烈动机则突破了制度缺陷和文化差异的限制。
This paper investigates the influence of institutional,cultural and interests- driven factors on the location choice of China＇s outward direct investment（ OFDI）. Based on panel data over the period 2004- 2012,we find that the high- quality institution of host country is an attraction to China＇s OFDI and cultural heterogeneity,measured by genetic distance,is a main obstacle. We take explicit account of the interests- driven factors. This allows us to find that tax- avoidance motive is gradually diminishing as time advancing. On spatial distribution,China＇s OFDI would choose distant countries in order to secure resources and markets,which could be seemed as a strategy of＂exchange time with space＂. Moreover,we document a consistent pattern that the market and the tax- avoidance motives make China＇s OFDI choose countries with high institution level and related culture,while the resource- seeking motive ignores the limitation of institution and cultural differences. To some extent,the three interests- driven factors break through the constraints of distance,institution quality and cultural differences,which might bring potential risks to China＇s OFDI such as navigation security,rights protection and cultural conflicts.
出处
《南方经济》
CSSCI
北大核心
2016年第6期1-17,共17页
South China Journal of Economics
关键词
OFDI制度质量
文化异质性
利益驱动
潜在风险
Outward foreign direct investment
Institution quality
Cultural heterogeneity
Motivation
Potential risk
