本文選題：制度 + 對外直接投資　； 參考：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2013年博士論文

【摘要】：加入WTO之后，隨著國家經(jīng)濟(jì)實(shí)力的增強(qiáng)和企業(yè)的發(fā)展壯大，中國的對外直接投資進(jìn)入到了穩(wěn)定、高速增長的階段。在2008年全球金融危機(jī)之后，源于去危機(jī)中的國家“抄底”、收購物美價(jià)廉資產(chǎn)的沖動(dòng)，中國資本掀起了海外并購的熱潮，最近幾年的對外直接投資流量更是有了爆發(fā)式的增長。對外直接投資是我國經(jīng)濟(jì)發(fā)展和改革開放到了一定水平后必然出現(xiàn)的趨勢，但是中國的對外直接投資起步較晚，發(fā)展的時(shí)間并不長。作為發(fā)展中國家、新興經(jīng)濟(jì)體、轉(zhuǎn)型經(jīng)濟(jì)體，和成熟市場經(jīng)濟(jì)的發(fā)達(dá)國家相比，有著明顯的差距和存在很多的問題。中國的對外直接投資在投資主體、投資區(qū)位、產(chǎn)業(yè)選擇上有很多結(jié)構(gòu)失衡，對外直接投資的管理和促進(jìn)也存在大量缺失之處，中國企業(yè)跨國經(jīng)營的國際競爭力還比較弱，對外直接投資屢屢出現(xiàn)失敗案例。除卻企業(yè)自身所有權(quán)優(yōu)勢以及東道國市場環(huán)境的原因，我們分析歷年對外直接投資的相關(guān)數(shù)據(jù)、梳理該領(lǐng)域的制度與政策發(fā)現(xiàn)，當(dāng)前我國對外直接投資呈現(xiàn)的諸多問題在深層次上是經(jīng)濟(jì)轉(zhuǎn)型期中國特有的制度供給缺位、錯(cuò)位造成的。雖然中國政府已在政策層面積極創(chuàng)造有利條件促使本土企業(yè)“走出去”，但掃除對外直接投資的制度性障礙，對發(fā)展初期的中國對外直接投資進(jìn)行必要的頂層設(shè)計(jì)，以及構(gòu)建對外直接投資的促進(jìn)體系是當(dāng)務(wù)之急。 全文共分引言、文獻(xiàn)與理論研究、國外經(jīng)驗(yàn)分析、現(xiàn)狀與問題分析、路徑選擇、促進(jìn)體系、結(jié)論與展望七章內(nèi)容，采用了規(guī)范分析和實(shí)證分析相結(jié)合、歸納總結(jié)和演繹推理相結(jié)合以及比較分析的方法進(jìn)行了研究。 本文在引言部分介紹了要研究的問題，然后開始對該命題的相關(guān)文獻(xiàn)和理論進(jìn)行梳理。從制度是影響發(fā)展中國家、轉(zhuǎn)型經(jīng)濟(jì)體對外直接投資的關(guān)鍵因素這一斷定入手，分析制度不能僅僅作為企業(yè)開展跨國經(jīng)營的背景存在。研究發(fā)現(xiàn)，制度是影響發(fā)展中國家經(jīng)濟(jì)增長、對外直接投資的內(nèi)生變量，，東道國制度環(huán)境的質(zhì)量影響著企業(yè)的進(jìn)入、經(jīng)營甚至退出，母國制度和政策因素、母國和東道國的制度距離影響著本國企業(yè)的投資經(jīng)營，企業(yè)制度直接影響自身的所有權(quán)優(yōu)勢和競爭力，降低企業(yè)開展國際直接投資的制度成本、改良制度供給并推進(jìn)制度變遷可以促進(jìn)對外直接投資的順利開展。 其次，本文分析了國外發(fā)達(dá)國家和地區(qū)開展對外直接投資的制度經(jīng)驗(yàn)，來說明改進(jìn)制度供給和健全政策法規(guī)對于一國對外直接投資發(fā)展的重要性。無論是老牌的資本輸出國英國，還是最具代表性的發(fā)達(dá)經(jīng)濟(jì)體美國，都在本國開展對外直接投資的歷史進(jìn)程中不斷消除阻礙企業(yè)開展跨國投資的制度障礙，彌補(bǔ)制度缺失，加強(qiáng)政策促進(jìn)。而與中國地理、文化距離接近的后起之秀日本和韓國的做法就更具有借鑒意義了，兩國在政府推進(jìn)型的對外直接投資進(jìn)程中通過國家扶持、制度配套和政策促進(jìn)，為本國企業(yè)在弱勢的國際經(jīng)濟(jì)環(huán)境中成功開展跨國投資立下了汗馬功勞，這種在弱勢的競爭環(huán)境中拓展本國企業(yè)對外直接投資空間的政府推進(jìn)模式值得中國研究和借鑒。 然后本文開始通過相關(guān)數(shù)據(jù)分析我國當(dāng)前對外直接投資發(fā)展中呈現(xiàn)的特征、存在的問題，并認(rèn)為這些現(xiàn)象在深層次上是由經(jīng)濟(jì)轉(zhuǎn)型期中國的特有體制、政策因素造成的。當(dāng)前開展對外直接投資的國有企業(yè)、中央企業(yè)占比過重，過度追求資源和能源獲取，大量的對外投資流量和存量集中在避稅地，出現(xiàn)了主體結(jié)構(gòu)、產(chǎn)業(yè)選擇、區(qū)位分布同時(shí)失衡的局面。我國當(dāng)前對外直接投資的整體水平還比較低，多數(shù)企業(yè)在市場進(jìn)入和后續(xù)經(jīng)營上績效不佳。這些問題反映了國有經(jīng)濟(jì)的強(qiáng)勢主導(dǎo)地位、國家意志對企業(yè)開展對外直接投資的干預(yù)，揭示了我國外資超國民待遇和資本市場制度的不完善，同時(shí)也反映了政府管理體制的低效率和投資促進(jìn)政策的缺失。 最后本文開始思考處于發(fā)展初期的中國對外直接投資在主體、產(chǎn)業(yè)、區(qū)位和管理上的路徑選擇。我國對外直接投資剛剛起步，有必要綜合經(jīng)濟(jì)發(fā)展的全局進(jìn)行頂層設(shè)計(jì)。這需要繼續(xù)對國有企業(yè)進(jìn)行現(xiàn)代企業(yè)制度改革以提升經(jīng)營績效，要對開展海外投資的國有企業(yè)進(jìn)行股份制改造以沖淡其政府色彩，要重點(diǎn)扶持民營經(jīng)濟(jì)和中小企業(yè)開展對外直接投資以實(shí)現(xiàn)投資主體結(jié)構(gòu)的均衡化。要出臺(tái)相關(guān)政策優(yōu)先扶持技術(shù)獲取型的對外直接投資，更大程度地實(shí)現(xiàn)對外直接投資的逆向技術(shù)溢出，并協(xié)調(diào)規(guī)劃資源、能源的海外供給和國內(nèi)產(chǎn)業(yè)結(jié)構(gòu)升級的關(guān)系。要推進(jìn)外資優(yōu)惠制度的改良以減少對避稅港虛假的“迂回”投資，加強(qiáng)對技術(shù)先進(jìn)國家和地區(qū)的學(xué)習(xí)型投資，還要基于經(jīng)濟(jì)發(fā)展階段的現(xiàn)狀保持對資源富裕國家和地區(qū)的投資。要重點(diǎn)推進(jìn)對外直接投資管理制度的便利化改革，更多地放松政府管制，同時(shí)加強(qiáng)投資管理與貿(mào)易、外交的協(xié)調(diào)。 在具體層面，要構(gòu)建一套支撐頂層設(shè)計(jì)、實(shí)現(xiàn)對外直接投資健康發(fā)展的促進(jìn)體系。這一促進(jìn)體系包括機(jī)構(gòu)組織促進(jìn)體系、政策法規(guī)促進(jìn)體系和境外經(jīng)營跟蹤體系。構(gòu)建機(jī)構(gòu)組織體系首先要定位各級官方的投資促進(jìn)機(jī)構(gòu)及職能，其次要培育各類民間的機(jī)構(gòu)和中介服務(wù)組織。構(gòu)建政策法規(guī)體系涉及對外直接投資領(lǐng)域國內(nèi)法律法規(guī)體系的完善和國際投資保護(hù)協(xié)議的談判與簽訂。境外經(jīng)營跟蹤體系包含對企業(yè)境外經(jīng)營的服務(wù)和協(xié)調(diào)，以及對國有資產(chǎn)境外投資的考核和監(jiān)管。
[Abstract]:After the accession to WTO, with the strengthening of the national economic strength and the development of enterprises, China's foreign direct investment has entered a stable and rapid growth stage. After the global financial crisis in 2008, it originated from the national "bottom line" in the crisis, the impulse to collect the low price and low price of shopping, and the Chinese capital set off the upsurge of overseas merger and acquisition. In recent years, the foreign direct investment flow has been more explosive growth. Foreign direct investment is the inevitable trend after China's economic development and reform and opening to a certain level. But China's foreign direct investment is late and the development time is not long. As a developing country, an emerging economy, a transitional economy, and mature. Compared with the developed countries of the market economy, there are obvious gaps and many problems. China's foreign direct investment has a lot of structural imbalances in the investment subject, the investment location, and the industry choice, and the management and promotion of the foreign direct investment also has a large number of deficiencies, and the international competitiveness of the Chinese enterprises is still relatively weak. Direct investment is a failure case repeatedly. In addition to the ownership advantage of the enterprise and the cause of the host country's market environment, we analyze the relevant data of the direct investment in the past years, comb the system and policy of this field, and find that many questions present in China's foreign direct investment are unique in the period of economic transformation. There is a lack of institutional supply and dislocation. Although the Chinese government has created favorable conditions in the policy level to encourage local enterprises to "go out", the institutional barriers to direct foreign direct investment are removed, the necessary top-level design for China's foreign direct investment in the early stages of development and the promotion system for the construction of foreign direct investment are the duty of the government. It's urgent.
The full text is divided into introduction, literature and theory research, foreign experience analysis, current situation and problem analysis, path selection, promotion system, conclusion and prospect seven chapters, using the combination of normative analysis and empirical analysis, combination of inductive and deductive reasoning and comparative analysis method.
In the introduction, the paper introduces the problems to be studied, and then begins to sort out the relevant literature and theory of the proposition. From the system is the key factor affecting the developing countries and the foreign direct investment in the transition economies, the analysis system can not only be the background of the transnational operation of the enterprises. Degree is an endogenous variable affecting the economic growth of developing countries and foreign direct investment. The quality of the host country's institutional environment affects the entry, operation and even exit of the enterprises, the institutional and policy factors of the home country, the institutional distance between the home country and the host country affecting the investment and operation of the domestic enterprises, and the enterprise system directly affects its own ownership advantage and its own advantages. Competitiveness, reducing the institutional cost of developing international direct investment, improving institutional supply and promoting institutional change can promote the smooth development of foreign direct investment.
Secondly, this paper analyzes the institutional experience of foreign direct investment in developed countries and regions to illustrate the importance of improving the system supply and improving the policy and regulation for the development of a country's foreign direct investment. In the historical process of investment, the institutional obstacle that hinders the enterprise to carry out transnational investment is constantly eliminated, the system is reparated and the policy is strengthened. The practice of Japan and South Korea, which is close to the geographical and cultural distance of China, is more useful for reference. The two countries are supported by the state in the process of government pushing forward foreign direct investment. The system supporting and policy promotion have made the successful development of transnational investment in the disadvantaged international economic environment. The government promotion mode of expanding the foreign direct investment space of domestic enterprises in the weak competitive environment is worth studying and drawing on in China.
Then this paper analyzes the characteristics and problems in the development of China's current FDI through relevant data, and thinks that these phenomena are caused by the special system and policy factors in the period of economic transformation. With the acquisition of resources and energy, a large number of foreign investment flows and stocks are concentrated in the tax havens, the main structure, industrial selection, and regional distribution are unbalance. The overall level of current FDI in China is still relatively low, and most of the enterprises have poor performance in market entry and follow up. These problems reflect the state economy. A strong dominant position, the intervention of state will to enterprises to carry out foreign direct investment reveals the imperfect foreign capital and capital market system in our country, and also reflects the low efficiency of the government management system and the lack of investment promotion policy.
At the end of this paper, we begin to think about the path choice of China's foreign direct investment in the early stage of development in the main body, industry, location and management. China's foreign direct investment has just started. It is necessary to carry on the top level design of the overall economic development. This needs to continue to reform the modern enterprise system to improve the performance of the state-owned enterprises. In order to dilute the government color of the state-owned enterprises carrying out overseas investment, we should focus on supporting the private economy and the small and medium enterprises to carry out direct investment in order to achieve the balance of the structure of the investment subject. The reverse technology spillover, and the coordination of planning resources, the overseas supply of energy and the upgrading of domestic industrial structure. We should promote the improvement of the preferential system of foreign capital to reduce the "circuitous" investment to the tax havens, strengthen the learning investment for advanced countries and regions, and keep the resources rich on the basis of the status of the economic development stage. The investment of the countries and regions should be focused on promoting the facilitation reform of the management system of foreign direct investment, more relaxed government regulation, and the coordination of investment management and trade and diplomacy.
At the specific level, we should build a set of supporting top level design to promote the healthy development of foreign direct investment. This promotion system includes institutional organization promotion system, policy and regulation promotion system and overseas management tracking system. The establishment of policy and regulation system involves the improvement of the domestic law and regulation system in the field of foreign direct investment and the negotiation and signing of the international investment protection agreement. The tracking system of overseas operation includes the service and coordination of the overseas operation of the enterprise, and the assessment and supervision of the overseas investment of the state assets. Tube.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F832.6

【參考文獻(xiàn)】

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