本文關鍵詞： 對外直接投資 經濟自由度 靜態(tài)面板模型 動態(tài)面板模型　出處：《重慶師范大學》2014年碩士論文　論文類型：學位論文

【摘要】：自我國實施“走出去”的開放戰(zhàn)略以來，對外直接投資發(fā)展迅猛，，吸引越來越多的學者探討其強勁增長背后的驅動機制，囊括市場規(guī)模、匯率、貿易聯(lián)系、資源稟賦等諸多的影響因素。近年來，越來越多的學者尤其強調制度因素對中國對外直接投資的影響，其中，經濟自由化程度作為衡量制度這一豐富集合的重要標向，與人均收入、經濟發(fā)展水平、民主程度、人類發(fā)展和貧困息息相關，其將如何影響中國對外直接投資亟待學術界加以深入的探討。因此，本研究嘗試以經濟自由度為切入點，較為全面深入地考察東道國制度因素對我國對外直接投資（Outward Foreign Direct Investment，以下簡稱OFDI）的影響，為我國穩(wěn)定有序地開展對外直接投資提供合理的理論參考和經驗證據(jù)。 本研究對經濟自由度和OFDI的相關概念做了較為清晰的界定，歸納了國內外經典的國際直接投資理論，并詳細梳理了經濟自由度及其不同維度與國際直接投資的相關研究文獻，以此作為全文的理論邏輯起點。為了較好地考察東道國經濟自由度對我國OFDI的影響，本研究嘗試從經濟自由度的四個維度——商業(yè)自由、財政自由、金融自由和政府開支規(guī)模，從理論上逐一探討東道國經濟自由度對我國OFDI的影響機理，以構建全文的理論分析框架。在此基礎上，本研究對我國OFDI與東道國經濟自由度進行現(xiàn)狀分析，著重考察我國OFDI的區(qū)位分布特征以及經濟自由度及其不同維度的發(fā)展趨勢，并直觀地考察東國經濟自由度及其不同維度與我國OFDI的關系，證實東道國經濟自由度及其四個維度均與我國OFDI存在正向的變動關系。為了獲得更為穩(wěn)健可靠的經驗支持，本研究進一步構建靜態(tài)面板模型（固定效應模型）和動態(tài)面板模型（two step SYS-GMM），運用2003-2012年中國對84個國家和地區(qū)直接投資的跨國面板數(shù)據(jù)，在控制東道國市場規(guī)模、資源稟賦、匯率水平和相對勞動力成本等傳統(tǒng)變量后，著重考察東道國經濟自由度及其四個維度對中國OFDI的影響，研究發(fā)現(xiàn)，東道國商業(yè)自由、財政自由和政府開支規(guī)模均會對我國OFDI產生顯著的正向影響，即東道國推動商業(yè)自由化、財政自由化以及增加政府開支，均容易促進我國OFDI的流入，而東道國金融自由對我國OFDI的影響也為正向，但顯著性較差，這可能是我國與東道國雙邊合作機制加強，促使東道國在金融程序方面對我國OFDI的限制有所松動或者在我國OFDI中，國有企業(yè)所占比例不低，國有企業(yè)能享受一定優(yōu)惠，使東道國政府的金融限制對我國OFDI產生了“免疫”。東道國政府開支規(guī)模對我國OFDI的影響也為正向，但顯著性較差，這可能的原因是我國與東道國戰(zhàn)略互惠的協(xié)議，促使東道國愿意與我國分享一些由于東道國開支規(guī)模過大已經“擠出”的行業(yè)或者我國OFDI沒有發(fā)在相關的行業(yè)。 本研究表明，東道國經濟自由度會對我國OFDI產生重要的影響，表現(xiàn)在東道國經濟自由度的改善會顯著吸引中國OFDI。然而，經濟自由度不同維度對我國OFDI的影響程度卻存在差異，即與東道國金融環(huán)境和政府開支規(guī)模相比，我國OFDI更關注于東道國商業(yè)環(huán)境寬松與否和財政自由的程度。
[Abstract]:Since the implementation of the strategy of "going out" in our country, foreign direct investment is developing rapidly, attracting more and more scholars to explore the driving mechanism of the strong growth behind, include market size, exchange rate, trade links, and many other factors affecting natural resources. In recent years, more and more scholars especially emphasizes the influence of institutional factors on the Chinese. Foreign direct investment, the degree of liberalization of economy as an important measure of this system to enrich the collection, and the per capita income, the level of economic development, the degree of democracy, human development and poverty are closely related, how it will affect the Chinese foreign direct investment needs to be further explored in academic circles. Therefore, this study attempts to use economic freedom as a starting point, a more comprehensive and in-depth study of the institutional factors of China's foreign direct investment (Outward Foreign Direct Investment, hereinafter referred to as OFDI). It provides a reasonable theoretical reference and empirical evidence for the stable and orderly development of foreign direct investment in China.
The study on the related concept of economic freedom and OFDI to do a more clear definition, summarizes the domestic and foreign classic international direct investment theory, and analyzes the relevant research literature of economic freedom and its different dimensions and international direct investment, as the logical starting point of theory. In order to influence the economy of the host country the degree of freedom of OFDI in China, this study attempts from the four dimensions of economic freedom -- commercial freedom, financial freedom, financial freedom and government expenditure scale, discusses the influence mechanism of economic freedom in China OFDI theoretically, to build the framework of theoretical analysis. On the basis of this study the OFDI of our country and the host country economic freedom situation analysis, focuses on the regional distribution characteristics of OFDI in China and economic freedom and the different dimensions of the development trend, and straight Study of East China relations view of economic freedom and the different dimensions of China's OFDI, confirmed that the host country economic freedom and its four dimensions are in China and OFDI have a positive correlation between. In order to obtain a more robust and reliable empirical support, this study further construct static panel model (fixed effects model) and dynamic panel model (two step SYS-GMM), using 2003-2012 years China direct investment in 84 countries and regions in the control panel data, the host country market scale, resource endowment, exchange rate and relative cost of labor and other traditional factors, focuses on the influence of the host country, economic freedom and the four dimensions of the Chinese OFDI study found that the host country business freedom, financial freedom and government expenditure scale will have a significant positive impact on China's OFDI, that the host country promote trade liberalization, financial liberalization and increasing Government spending, are easy to promote the inflow of OFDI in China, and the host country's financial freedom to our country OFDI effect is positive, but not significant, it is possible to strengthen the bilateral cooperation mechanism in our country and the host country, the host country in the financial process of our country's OFDI restrictions loose or OFDI in our country. The state-owned enterprise proportion is not low, state-owned enterprises can enjoy certain preferential, the financial constraints of the host country government produced a "immune" to China's OFDI. The host government expenditure scale of China's OFDI is positive, but not significant, this is possible because China and the host countries mutual strategic agreement the host country and China is willing to share some expenses due to host large scale has been "crowding out" of the industry or OFDI in China not in related industries.
This study shows that the host country economic freedom will have an important impact on China's OFDI, will attract significant China OFDI. but in the host country economic freedom improvement, but there are differences on the degree of economic freedom on different dimensions of China's OFDI, compared with the host country's financial environment and government expenditure scale, China OFDI focus on the host business environment is comfortable or not and financial freedom.

【學位授予單位】：重慶師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.6;F125.5;F224

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