發(fā)布時間：2018-01-01 20:44

  本文關(guān)鍵詞：中國對外直接投資決定因素與戰(zhàn)略研究　出處：《南開大學(xué)》2014年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 中國對外直接投資 決定因素 綠地投資 跨國并購

【摘要】：對外直接投資(Outward Foreign Direct Investment, OFDI)曾經(jīng)是發(fā)達國家所特有的經(jīng)濟現(xiàn)象。由于受到國內(nèi)經(jīng)濟基礎(chǔ)較為薄弱的制約,發(fā)展中國家對外直接投資活動非常有限。據(jù)2004年世界投資報告(World Investment Report2004)統(tǒng)計,上世紀80年代,全球范圍內(nèi)有超過90%的對外直接投資都來源于發(fā)達國家。但是,近十年來,新興市場國家和發(fā)展中國家的對外直接投資迅猛增長,成為世界經(jīng)濟發(fā)展的主要驅(qū)動力。而有關(guān)發(fā)展中國家對外投資的決定因素及其理論和實證研究相對較少,加之發(fā)展中國家的OFDI又表現(xiàn)出不同國家在不同時期的投資決策呈現(xiàn)不同變化的特點,因此,對發(fā)展中國家對外直接投資問題的研究具有重要的理論和實踐意義。 自1978年改革開放以來,中國通過以市場經(jīng)濟為導(dǎo)向,大力發(fā)展對外經(jīng)貿(mào)往來,經(jīng)濟發(fā)展在取得令人矚目成就的同時也逐步融入到世界經(jīng)濟之中。2000年10月黨的十五屆五中全會上正式明確“走出去”戰(zhàn)略,中國對外直接投資增長迅速,并呈現(xiàn)投資規(guī)模的擴大和區(qū)位選擇多樣的特點。盡管如此,作為發(fā)展中國家,中國的對外直接投資起步較晚,無論占國際直接投資還是國內(nèi)經(jīng)濟總量的比重相對很小。據(jù)聯(lián)合國貿(mào)易發(fā)展會議資料顯示,2012年中國對外直接投資占中國國際投資比重約18.89%,占GDP比重為92.20%,同發(fā)達國家相比,尚存在較大差距(僅2011年對外直接投資占GDP比重在美國、新加坡、日本和韓國分別為262.58%、991.26%、195.79%和182.45%)。因此,在看到中國對外直接投資蓬勃發(fā)展的同時,應(yīng)理性地認識到與經(jīng)濟發(fā)達國家相比尚存在巨大的差距。為了縮小這種差距,需要深入了解中國對外投資方向、模式和決定因素等問題,從而在宏觀層面為政府制定合理的對外直接政策,鼓勵、指導(dǎo)企業(yè)開展對外直接投資；在微觀層面為企業(yè)洞悉并合理規(guī)避投資風(fēng)險,全面提升自身競爭能力,進而開展科學(xué)的對外直接投資提供理論和政策支持。 本文在梳理有關(guān)對外直接投資理論研究的基礎(chǔ)上,結(jié)合中國對外直接投資實踐,構(gòu)建以中國為代表的發(fā)展中國家的對外直接投資理論分析框架,全面、系統(tǒng)地分析中國對外直接投資特色和中國對外直接投資的發(fā)展階段,分別從東道國和母國視角分析影響中國對外直接投資的動因、決定因素并開展實證檢驗,最后為我國對外直接投資進入模式的戰(zhàn)略選擇提供政策建議。本文分成五個部分： 第一部分：在對有關(guān)經(jīng)典國際直接投資理論文獻進行總結(jié)和評價、對發(fā)展中國家對外直接投資理論文獻進行梳理的基礎(chǔ)上,重點分析現(xiàn)有投資理論中有關(guān)對外直接投資決定因素的研究及其對發(fā)展中國家適用的局限性。 第二部分,對中國對外直接投資發(fā)展階段及其特性展開分析。首先,依據(jù)投資發(fā)展周期理論,對中國對外直接投資發(fā)展階段進行實證檢驗,根據(jù)實證結(jié)果說明中國對外直接投資的發(fā)展軌跡符合投資發(fā)展周期理論中所假設(shè)的“U”曲線分布,并判斷中國目前正處于投資發(fā)展周期的第三階段中期。并進一步說明中國對外直接投資特質(zhì),指出中國對外直接投資與發(fā)達國家、新興工業(yè)化國家以及其他發(fā)展中國家的不同及其自身特性。在此基礎(chǔ)上,本文通過回顧和總結(jié)中國對外直接投資發(fā)展歷程,明確中國對外直接投資發(fā)展不同階段劃分及發(fā)展特征。 第三部分,在分析中國對外直接投資特色的基礎(chǔ)上,重點從東道國和母國角度分析,構(gòu)建兩個角度的理論框架。之所以這樣劃分,是由于當中國向不同的投資區(qū)域開展對外直接投資時,可能遭遇不同類型的政治或者商業(yè)風(fēng)險,并從宏觀和微觀兩個層面展開。在宏觀層面,主要表現(xiàn)企業(yè)在尋求諍利潤最大化過程中將涉及四方面的制約,他們分別是來自市場交易環(huán)節(jié)的產(chǎn)品單價(P)和銷售數(shù)量(Q)和來自生產(chǎn)過程的成本(C)和稅金(T)。在微觀層面,以企業(yè)為主體基于企業(yè)異質(zhì)性理論構(gòu)建對外直接投資中有關(guān)企業(yè)決定因素的理論模型。 第四部分,分別從東道國和母國兩個視角對第三部分的理論框架進行實證檢驗。其中東道國角度利用與中國存在直接投資關(guān)系的73個東道國跨國數(shù)據(jù)進行計量回歸,樣本覆蓋率達到74.9%。母國角度從宏觀和微觀兩個層面開展實證研究。宏觀層面利用中國宏觀數(shù)據(jù),微觀層面則使用企業(yè)數(shù)據(jù)對中國對外直接投資影響決定因素展開實證分析。 第五部分,分析中國對外直接投資的進入模式。在前文對中國對外直接投資決定因素分析的基礎(chǔ)上,對中國對外直接投資類型進行分類,有針對性地分析針對不同經(jīng)濟發(fā)展水平的東道國,企業(yè)所采取的對外直接投資進入模式。 文章創(chuàng)新之處主要體現(xiàn)在：首先,分析了中國OFDI有別于傳統(tǒng)FDI理論分析中的特殊性質(zhì),在此基礎(chǔ)上,從宏觀和微觀兩個層面構(gòu)建中國對外直接投資理論分析框架,并分別進行實證檢驗。其次,結(jié)合中國對外直接投資實踐,分別從東道國和母國角度對OFDI決定因素展開分析。最后,在有關(guān)中國對外直接投資決定因素的分析中,基于中國微觀企業(yè)的樣本進行實證檢驗,系統(tǒng)研究企業(yè)異質(zhì)性與企業(yè)對外直接投資決策之間可能存在內(nèi)在關(guān)系,使得文章的研究結(jié)論更富有微觀基礎(chǔ)。圖14幅,表41個,參考文獻163篇。
[Abstract]:Foreign direct investment (Outward Foreign Direct Investment, OFDI) was a peculiar economic phenomenon in developed countries. Due to the restriction of domestic economic base is relatively weak, the activities of foreign direct investment in developing countries is very limited. According to the World Investment Report 2004 (World Investment Report2004) statistics, in 80s, global foreign direct investment more than 90% are derived from the developed countries. However, in the past ten years, the rapid growth of foreign direct investment in emerging markets and developing countries, become the main driving force of world economic development. And the determinants of foreign investment in developing countries and the theoretical and empirical research is relatively small, and the OFDI shows the characteristics of developing countries, different countries have different the change in different period of investment decision-making so that the issue of foreign direct investment in developing countries The research has important theoretical and practical significance.
Since the reform and opening up in 1978, China through market oriented economy, vigorously develop foreign trade, economic development has made remarkable achievements but also gradually into the world economy in October.2000 the fifth Plenary Session of the 15th CPC Central Committee the party officially clear the "going out" strategy, Chinese rapid growth of foreign direct investment, and expand the scale of investment and the location choice of diverse characteristics. However, as a developing country, Chinese foreign direct investment started late, relatively small regardless of international direct investment accounted for the proportion of total or domestic economy. According to the data of the United Nations Conference on Trade and development, 2012 Chinese foreign direct investment China international investment accounted for the proportion of about 18.89%, accounting for 92.20% of GDP, compared with with the developed countries, there are still large gaps (only in 2011 foreign direct investment accounted for the proportion of GDP in the United States, Singapore, Japan And South Korea were 262.58%, 991.26%, 195.79% and 182.45%). Therefore, in Chinese see foreign direct investment growth and development, should be rationally realized compared with the developed countries there is still a huge gap. In order to narrow the gap, need a deeper understanding of China direction of foreign investment, the problem patterns and determinants, resulting in the macro level for the government to formulate policies to encourage foreign direct, reasonable, guide enterprises to carry out foreign direct investment; at the micro level for business insight and avoid investment risks reasonably, to enhance their competitive ability, provide theoretical and policy support of foreign direct investment and development of science.
Combing the basic theory research on foreign direct investment, foreign direct investment China combined with practice, to construct China as the representative of the developing countries' foreign direct investment theory analysis framework, a comprehensive, systematic analysis of Chinese foreign direct investment and direct investment to the outside China characteristics of the development stage, respectively China analysis on the influence factors of foreign direct investment from the perspective of the host country and home country, decisive factors and carry out empirical test, finally provide policy suggestions for the strategic choice of China's foreign direct investment entry mode. This paper is divided into five parts:
The first part: the summary and evaluation of the classical theory of international direct investment literature, combing the literature based on the theory of foreign direct investment in the developing countries, the key factors of research and development China limitations applicable. The foreign direct investment decision of existing investment theory
The second part analyzes the development stage of Chinese foreign direct investment and its characteristics. Firstly, on the basis of the investment development cycle theory, an empirical test of the development stage Chinese foreign direct investment, according to the empirical results show that China foreign direct investment development path in line with the investment development cycle theory that the "U" curve, and determine third China is currently in the stage of the investment development cycle of the medium-term. And further China foreign direct investment characteristics, pointed out that China foreign direct investment with the developed countries, newly industrialized countries and other developing countries and their different characteristics. On this basis, this article reviews and summarizes the history of China foreign direct investment, foreign direct investment in the development of clear China the development and characteristics of different stages.
The third part, based on the analysis of China foreign direct investment characteristics, focus on the analysis of the host country and home country perspective, the construction of theoretical framework of two aspects. The reason for this is because when the Chinese division, to carry out foreign direct investment to invest in different areas, subject to political or commercial risks of different types, and from two the macro and micro levels. At the macro level, the main performance maximization process will involve four factors in seeking for profit, they are from market transactions (P) product price and sales volume (Q) and from the production process cost (C) and taxes (T). At the micro level, enterprises as the main body to construct a theoretical model of determinants of the relevant enterprises in foreign direct investment based on the theory of firm heterogeneity.
The fourth part, we made an empirical test from two perspectives of the host country and home country the theoretical framework of the third part. The host using direct investment relationship with the existing Chinese 73 host country data regression, the sample coverage rate reached 74.9%. the country to carry out empirical research from two angles of macro and micro level. The macro level by Chinese macro the micro level data, using empirical analysis on enterprise data Chinese the impact of foreign direct investment decision factors.
The fifth part, analysis Chinese entry mode of foreign direct investment. Based on the above analysis of determinants of foreign direct investment China on the classification of Chinese foreign direct investment, to analyze the different level of economic development of the host country, foreign direct investment enterprises have taken the entry mode.
The main innovation lies in: first, analysis of the Chinese OFDI with special properties different from the traditional FDI theory analysis, based on the construction of China foreign direct investment theory analysis framework from two macro and micro level, and the empirical test. Secondly, combined China foreign direct investment practice, separately from the host country home and perspective on the determinants of OFDI are analyzed. Finally, on the basis of analysis of China foreign direct investment decision factors, empirical Chinese micro enterprises based on the sample, there may be relationship between the system of enterprise heterogeneity and enterprise foreign direct investment decision, makes the conclusion of the article is more micro foundation. Figure 14, 41 tables, 163 references.

【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F832.6

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本文編號：1366156