本文以2004-2014年中国企业有海外研发投资项目的79个国家为样本，采用负二项回归模型实证分析了中国企业海外研发投资区位选择的影响因素。通过实证检验发现东道国的市场需求和技术水平对中国企业海外研发投资区位选择存在显著的积极影响，而研发人员成本有着显著的消极影响。而东道国的制度质量在其中起着显著的正向调节作用，随着东道国制度质量的上升，市场需求、技术水平与区位选择之间的正向关系在加强，研发人员成本与区位选择之间负向关系在减弱。最后对中国企业在海外研发投资进行区位选择时提出建议。

Using the 2004-2014 year’ panel data of China’s enterprises overseas R&D investments in 79 countries, an empirical analysis of the negative binomial regression model is adopted to analyze the determinants of Chinese enterprises overseas R&D investments location choice. Through the empirical examination,we found that the host country’s market demand and technology levelhave a significant positive influence on the location choice,the R&D human costshave a significant negativeinfluence on the location choice. However, the institution quality of the host country plays a significant positive mediating role, but with improvement of the host country’s institution quality, the positive mediating role of market demands, technical level and location choice is increasing positively, while the negative mediating role between theR&D human costsand location choice is decreasing. Finally, some policy recommendations are given to the location choice of Chineseenterprises overseas R&D investments.