基于区位拉动因素的中国企业OFDI动机的实证研究

科研管理 ›› 2014, Vol. 35 ›› Issue (1): 138-148.

基于区位拉动因素的中国企业OFDI动机的实证研究

朱华

东北财经大学萨里国际学院, 辽宁大连 116025

收稿日期:2012-06-11 修回日期:2012-11-19 出版日期:2014-01-25 发布日期:2014-01-25
基金资助:
教育部人文社科一般项目："中国企业对外直接投资的发展路径及其决定因素研究：基于东道国与母国双力视角"(12YJC790295)、国家自然基金项目："进入壁垒与投资风险的识别及对逆向投资的影响机理：基于中国样本的实证检验与案例分析"(71373037)、教育部人文社科一般项目："东道国区位优势与FDI流入关系研究"(11YJAGJW010)、教育部人文社科一般项目："FDI技术水平与东北地区贸易结构关系研究"(10YJC790412)以及辽宁省社科规划基金项目："东北地区FDI质量与贸易结构研究"(L10DJL048)的阶段性成果。

Empirical study on Chinese firms' OFDI motives based on location pull factors

Zhu Hua

Surrey International Institute, Dongbei University of Finance and Economics, Dalian 116025, Liaoning, China

Received:2012-06-11 Revised:2012-11-19 Online:2014-01-25 Published:2014-01-25

摘要/Abstract

摘要： 近年来，以中国为代表的新兴国家成为推动发展中国家对外直接投资(Outward FDI， OFDI)浪潮的主要来源国。本文首先在资源基础观的基础上构建适合新兴国家跨国公司对外直接投资战略动机的理论框架，将对外直接投资的动机划分为资源强化型、资源补充型和资源开发型三类;接着从东道国区位拉动因素着手构建假设，通过逆向推理的方法探索中国企业OFDI的战略动机。运用面板数据模型，对1998-2008年间中国在53个经济体的OFDI活动进行实证研究。结果表明：中国企业对外直接投资的战略动机主要是资源强化型和资源补充型投资。投资动机随时间和国内政策的影响而发生变化，呈现出依次多元化的特点，并因东道国区位优势的不同而异。本研究不但有利于研究中国企业OFDI的成因，而且为新兴国家对外直接投资战略的一般规律性研究提供参考。

关键词: 对外直接投资, 资源基础观, 拉动因素, 动机

Abstract: China's Outward Foreign Direct Investment (OFDI) has experienced dramatic soaring in recent years, becoming the main FDI sourcing country which contributes to the flourishing of developing countries' OFDI. First, the paper attempts to modify the motives or strategies framework suitable to emerging countries based on Resource-based View (RBV), and classifies the motives into three types, namely resource-intensifying, resource-complementing and resource-developing. Then based on the hypotheses from pull factors of host countries, the paper explores the strategic motives of China's OFDI by reverse deduction. Using the panel data from 53 Chinese OFDI destinations during 1998-2008, it is found out thatChina's OFDI is mostly resource-intensifying and complementing type of motives, which have taken on the characteristics of sequentially diversified progress and varied with different host countries. The results from China can not only help explain the reasons forChinese OFDI, but also provide reference for the general motive studies on emerging countries' OFDI.

Key words: outward foreign direct investment, resource-based view (RBV), pull factors, motives

中图分类号:

F832.48

朱华. 基于区位拉动因素的中国企业OFDI动机的实证研究[J]. 科研管理, 2014, 35(1): 138-148.

Zhu Hua. Empirical study on Chinese firms' OFDI motives based on location pull factors[J]. Science Research Management, 2014, 35(1): 138-148.

参考文献

[1] Dunning J.H. Explaining the International Direct Investment Position of countries: towards a dynamic or developmental approach[J].WeltwirtschaftlichesArchiv, 1981 (119): 30-64.
[2] Enright, M. J. Geographic Concentration and Industrial Organization. Ph.D. dissertation, Harvard, Cambridge, Mass, 1991.
[3] Malmberg, A., Solvell, O., & Zander, I. Spatial Clustering, Local accumulation of Knowledge and Firm Competitiveness [J]. Geographical Annals B, 1996(78):85-97.
[4] Antonelli, C. Localized technological change and the evolution of standards as economic institutions. In A. D. Chandler Jr., P. Hagstrom, & O. Solvell, The Dynamic Firm [M]. Oxford: Oxford University Press, 1998.
[5] Dunning, J. H. Reappraising the eclectic paradigm in the age of alliance capitalism [J]. Journal of International Business Studies, 1995(26): 461-491.
[6] 鲁明泓, 潘镇. 中国各地区投资环境评估与比较:1990-2000[J].管理世界.2002(11):42-49.
[7] 程惠芳, 阮翔. 用引力模型分析中国对外直接投资的区位选择[J].世界经济.2004(11): 23-30.
[8] Y.W. Cheung and X.W. Qian. The Empirics of China's Outward Direct Investment, CESifo GmbH, Munich, 2008.
[9] Poncet,S. Inwardand and Outward FDI in China.Working paper at the Panthéon- Sorbonne- Economie, Université Paris I CNRS and CEPII, published at the homepage of the university, 2007.
[10] 毛新雅, 王桂新. FDI区位决策中的产业集聚因素[J].财经科学.2005(5): 105-111.
[11] 张纪风. 对FDI区位选择决定因素的实证分析[J].商业研究.2004(19): 16-18.
[12] Cheng and Ma.Cheng L. K. and Ma, Z. China's outward foreign direct investment, Paper presented at the Indian Statistical Institute.http://www.isid.ac.in/~pu/seminar/12_12_2008_Paper.doc, 2008.
[13] Ivar Kolstad and Arne Wiig, What Determines Chinese FDI?. Journal of World Business, Elsevier, 2010.
[14] 项本武. 东道国特征与中国对外直接投资的实证研究[J].数量经济技术经济研究.2009 (7): 33-46.
[15] Dunning, J.H. Multinational Enterprises and the Global Economy [M]. Wokingham: Addison-Wesley, 1993.
[16] Chen, H. and T.-J. Chen. Network Linkages and Location Choice in Foreign Direct Investment [J].Journal of International Business Studies. 1998(29):445-468.
[17] Tony S. Frost, 2001, The Geographic Sources of Foreign Subsidiaries' Innovations [J]. Strategic Management Journal, Vol. 22 (2), p101-123.
[18] John Child &Suzana B. Rodrigues. The Internationalization of Chinese Firms: A Case for Theoretical Extension [J]. Management and Organization Review, 2005(3) :381-410.
[19] Daphne W. Yiu, Chung Ming Lau and Garry D. Bruton.International Venturing by Emerging Economy Firms: the Effects of Firm Capabilities, Home Country Networks and Corporate Entrepreneurship [J]. Journal of International Business Studies, 2007( 38): 519-540.
[20] Shige Makino, Chung Ming Lau, Rhy Song. Asset-exploitation Versus Asset-Seeking: Implications for Location Choice of Foreign Direct Investment from Newly Industrialized Economies [J]. Journal of International Business Studies: The Third Quarter, 2002(33):403-421.
[21] Athreye,S., &Kapur, S. The Internationalization of Chinese and Indian Firms: Trends, Motivations and Policy Implications [J]. Industrial and Corporate Change, 2009 (18): 209-221.
[22] Wu, F. The Globalization of Corporate China [J]. The National Bureau of Asian Research Analysis,, 2005(16):p5-30.
[23] 周君,张震. "走出去"战略下中国对外直接投资的母国约束研究[J].投资研究. 2012(2):87-102.
[24] Wernerfelt, B. The Resource-based View of the Firm [J]. Strategic Management Journal, 1984(5):171-180.
[25] Barney, J. B. Firm Resources and Sustainable Competitive Advantage [J]. Journal of Management, 1991(17):99-120.
[26] Peteraf, M. The Cornerstones of Competitive Advantage: A Resource-Based View [J]. Strategic Management Journal, 1993(14):179-191.
[27] Kumar, K., &Mcleod, M. Multinationals from Developing Countries [M]. D.C. Heath;Lexington, 1981.
[28] Shige Makino, and Andrew Delios. Local Knowledge Transfer and Performance: Implications for Alliance Formation in Asia [J]. Journal of International Business Studies, 1996(27): 905-927.
[29] Mathews, J.A. Dragon Multinational [M]. New York: Oxford University Press, 2002.
[30] Nelson, R.R.& Winter, S.G. An Evolutionary Theory of Economic Change [M].Belknap Press: Cambridge, 1982.
[31] John Cantwell and Grazia D. Santangelo. The Frontier of International Technology Networks: Sourcing Abroad,the Most Highly Tacit Capabilities [J]. Information Economics and Policy, 1999(11): 101-123.
[32] Buckley, P. J., Clegg, L. J., Cross, A. R., Liu, X., Voss, H. and Zheng, P. The Determinants of Chinese Outward Foreign Direct Investment [J]. Journal of International Business Studies, 2007(38): 499-518.
[33] Egger P. and M. Pfaffermayr. The Impact of Bilateral Investment Treaties on Foreign Direct Investment [J]. Journal of Comparative Economics, 2004(32):788-804.
[34] Neumayer, E. and L. Spess. Do Bilateral Investment Treaties Increase Foreign Direct Investment to Developing Countries? [J]. World Development, 2005(33): 1567-85.
[35] Mike W. Peng, Sunny Li Sun, Brian Pinkham, and Hao Chen. The Institution-Based View as a Third Leg for a Strategy Tripod [J]. Academy of Management Perspectives, 2009(23): 63-82.
[36] Buckley, P.J. and Casson, M. The Optimal Timing of a Foreign Direct Investment [J].Economic Journal. 1981(91):75-87.
[37] Xu, D., &Shenkar, O. Institutional distance and the multinational enterprise [J]. Academy of Management Review, 2002(27): 608-618.
[38] Mike W. Peng. Institutional Transitions and Strategic Choices [J]. Academy of Management Review, 2003(28): 275-296.
[39] Anderson, J.E. The Theoretical Foundation for the Gravity Equation [J]. American Economic Review, 1979 (69):106-116.
[40] Tingbergen, J.E. Shaping the World Economy, An Analysis of World Trade Flows [M]. Twentieth Century Fund: New York,1962.
[41] Jennifer L. Tobin and Susan Rose-Ackerman, When BITs have some bite: The Political-Economic Environment for Bilateral Investment Treaties [J]. The Review of International Organizations, 2010(6):1-32.