本文選題：中國對外直接投資 + 動力機制��； 參考：《東南大學(xué)》2015年博士論文

【摘要】：進入21世紀(jì)以來,產(chǎn)品內(nèi)分工成為新國際分工的重要組成部分。世界經(jīng)濟體系的聯(lián)系正從舊國際分工模式下注重“貿(mào)易”逐步轉(zhuǎn)向新國際分工模式下更加注重“生產(chǎn)”,國際化生產(chǎn)成為連接國與國之間經(jīng)濟的“橋梁”。國際化生產(chǎn)主要通過對外直接投資(FDI)的途徑展開,FDI的流入和流出成為生產(chǎn)要素,尤其是資本、技術(shù)和勞動,在全球范圍內(nèi)優(yōu)化配置的重要推動力量。中國作為世界上最重要的新興經(jīng)濟體之一,近年來對外投資政策由“引進來”為主轉(zhuǎn)變?yōu)椤耙M來”與“走出去”并重,逐漸成為對外直接投資(OFDI)大國之一。即便在全球金融危機期間和之后,全球外商直接投資增長乏力的情況下,中國OFDI卻屢創(chuàng)新高,逆勢上揚。2013年中國OFDI流量達到歷史最高點1078.4億美元,位居美日之后,排名世界第三。中國OFDI已經(jīng)實現(xiàn)連續(xù)十一年的正增長,2002-2013年間年平均增長率高達39.8%。中國OFDI的飛速發(fā)展,給以“國際生產(chǎn)折衷理論”(OLI范式)為代表的傳統(tǒng)對外直接投資理論提出了新的課題。傳統(tǒng)對外直接投資理論建立在“壟斷優(yōu)勢”基礎(chǔ)上,指出企業(yè)OFDI的前提和基礎(chǔ)是必須擁有某種所有權(quán)優(yōu)勢。然而,中國OFDI不僅包括對其它發(fā)展中國家的平行和下行投資,而且還包括對美日歐等發(fā)達國家的上行投資。對于前一種投資,傳統(tǒng)對外直接投資理論具有一定的解釋力。對于后一種投資,傳統(tǒng)對外直接投資理論卻很難解釋清楚為什么中國企業(yè)在缺乏所有權(quán)優(yōu)勢的情況下卻積極開展上行投資。“戰(zhàn)略三角”理論框架系統(tǒng)整合了戰(zhàn)略的資源觀、產(chǎn)業(yè)觀和制度觀,極大豐富了傳統(tǒng)的基于OLI范式的分析框架,為新興經(jīng)濟體OFDI拓展了新的研究空間。本文借鑒“戰(zhàn)略三角”理論框架,結(jié)合中國OFDI的實踐,研究中國OFDI的動力機制和逆向技術(shù)溢出效應(yīng)。這一研究對于我國如何通過實施“走出去”戰(zhàn)略帶動我國外向型經(jīng)濟的轉(zhuǎn)型升級,從而實現(xiàn)我國的產(chǎn)業(yè)結(jié)構(gòu)調(diào)整以及指導(dǎo)我國企業(yè)如何“走出去”,具有重要的理論指導(dǎo)意義。本文首先針對中國對外直接投資的異質(zhì)性特點,從母國的推力(push)和東道國的引力(pull)兩方面研究了中國對外直接投資的動力機制。中國企業(yè)OFDI的動力機制既包括母國的推力,也包括東道國的引力。在母國的推力方面,本文基于“戰(zhàn)略三角”的理論框架,利用304家中國制造業(yè)上市公司OFDI的微觀數(shù)據(jù),通過建立計數(shù)模型,從企業(yè)資源、產(chǎn)業(yè)特征、制度因素三方面實證檢驗了中國OFDI的母國推動力。研究結(jié)果表明：企業(yè)規(guī)模、企業(yè)RD投入、企業(yè)出口能力、企業(yè)盈利能力和產(chǎn)業(yè)競爭程度對中國企業(yè)OFDI有顯著正向影響,說明由研發(fā)能力、出口能力、管理能力共同構(gòu)成的企業(yè)所有權(quán)優(yōu)勢對企業(yè)“走出去”有明顯的促進作用。在東道國的引力方面,本文在分析中國自然資源尋求型、市場尋求型和戰(zhàn)略資產(chǎn)尋求型微觀投資動因的基礎(chǔ)上,利用2003-2012年中國對69個國家OFDI的國別面板數(shù)據(jù),通過建立擴展的引力模型,檢驗了影響中國OFDI區(qū)位分布的東道國因素。實證結(jié)果表明：中國對發(fā)達國家的OFDI是逆梯度的上行投資,主要集中于人均GDP較高、與中國進出口貿(mào)易聯(lián)系緊密的國家。中國對發(fā)展中國家的OFDI是順梯度的平行或下行投資,主要集中于人均GDP較高、技術(shù)較先進以及從中國進口規(guī)模較大的國家。這一實證結(jié)果表明市場尋求是中國目前OFDI最主要的動因。其次,本文在RD全球化的背景下分析了中國海外RD投資的動因及影響因素。RD全球化是經(jīng)濟全球化的重要組成部分�？鐕竞Ｍ釸D投資的動機主要有兩種：市場支撐型和技術(shù)尋求型,目前技術(shù)尋求型海外RD投資正成為研究熱點。本文在對跨國公司海外RD投資文獻綜述基礎(chǔ)上,介紹了中國海外RD投資的實踐,總結(jié)了其發(fā)展歷程、動機、區(qū)位和模式。隨后,本文利用101家中國制造業(yè)上市公司的177個海外子公司投資數(shù)據(jù),通過建立三元選擇Logit模型,從投資企業(yè)和東道國兩個層面分析了中國企業(yè)市場支撐型和技術(shù)尋求型海外RD投資的影響因素。實證結(jié)果表明：中國企業(yè)市場支撐型海外RD投資受東道國人均購買力和RD資源稟賦的影響,技術(shù)尋求型海外RD投資受母公司技術(shù)水平和東道國RD資源稟賦的雙重影響。最后,本文基于創(chuàng)新驅(qū)動增長理論研究了中國對外直接投資的逆向技術(shù)溢出效應(yīng)。由于知識溢出存在地理空間的約束性以及知識的隱性特征,企業(yè)只有靠近技術(shù)創(chuàng)新源,才能成為知識溢出的最大受益者。因此,只要存在技術(shù)擴散的可能性,即便不存在壟斷優(yōu)勢,技術(shù)追隨企業(yè)依然會選擇FDI方式而不是出口的方式服務(wù)國外市場。本文在分析中國OFDI逆向技術(shù)溢出四大機理的基礎(chǔ)上,利用1985-2008年中國工業(yè)TFP、國內(nèi)RD資本存量和進口、IFDI、OFDI三種渠道溢出的國外RD資本存量數(shù)據(jù),實證檢驗了中國OFDI的逆向技術(shù)溢出效應(yīng)。分析結(jié)果表明：目前中國OFDI的逆向技術(shù)溢出效應(yīng)并不顯著。相對于IFDI而言,中國OFDI的整體規(guī)模和水平仍處于初級階段,技術(shù)尋求型OFDI在對外投資中所占比重較小,逆向技術(shù)溢出存在一定的滯后期,這些因素是導(dǎo)致中國OFDI逆向技術(shù)溢出效應(yīng)并不顯著的主要原因。本文立足于中國企業(yè)對外直接投資的實踐,博采各家理論之長,在繼承基礎(chǔ)上進行了一定的創(chuàng)新,通過理論研究和實證檢驗分析了中國對外直接投資的動力機制,并探討了中國海外RD投資動因和影響因素,以及通過海外RD投資獲取逆向技術(shù)溢出效應(yīng)的機理,實證檢驗了中國OFDI逆向技術(shù)溢出效應(yīng)的存在性,并對中國企業(yè)如何更好地利用“走出去”來促進國內(nèi)技術(shù)進步和產(chǎn)業(yè)升級提出了相應(yīng)的對策建議。
[Abstract]:Since the twenty-first Century, the intra product division of labor has become an important part of the new international division of labor. The connection of the world economic system is focusing on "trade" under the model of the old international division of labor and gradually turning to the new international division mode to pay more attention to "production", and international production becomes the "bridge" to the economy between countries and countries. Through the way of foreign direct investment (FDI), the inflow and outflow of FDI becomes the essential factor of production, especially capital, technology and labor, and the important impetus to optimize the allocation in the world. As one of the most important emerging economies in the world, the foreign investment policy has changed from "Introduction" to "Introduction" in recent years. "" and "go out" together, gradually become one of the big countries in foreign direct investment (OFDI). Even in the period of the global financial crisis and after the lack of global foreign direct investment, China OFDI has been repeatedly innovating. In.2013, China's OFDI flow reached a historical peak of 107 billion 840 million US dollars, ranking the world after the United States and Japan. Third. China's OFDI has achieved positive growth for eleven years. The average annual growth rate of the 2002-2013 years is up to the rapid development of 39.8%. China OFDI. It gives a new topic to the traditional FDI theory represented by the "International Production Compromise Theory" (OLI paradigm). The traditional FDI theory is based on the "monopoly advantage" basis. On the basis of this, it points out that the premise and foundation of enterprise OFDI must have a certain ownership advantage. However, China's OFDI includes not only parallel and downlink investment to other developing countries, but also the upside investment to the developed countries such as the US Japan and Europe. The latter kind of investment, the traditional foreign direct investment theory is difficult to explain why Chinese enterprises actively carry out uplink investment in the absence of ownership advantage. The "strategic triangle" theory framework integrates the strategic resource outlook, industrial outlook and system view, which is very rich and rich in the traditional OLI paradigm based analysis framework. On the basis of the "strategic triangle" theory framework and the practice of China's OFDI, this paper studies the dynamic mechanism and reverse technology spillover effect of China's OFDI. This study will promote the transformation of China's foreign oriented economy through the implementation of "going out" strategy and thus realize our country's OFDI. The adjustment of industrial structure and how to guide Chinese enterprises to "go out" have important theoretical guiding significance. Firstly, this paper, aiming at the heterogeneity of China's foreign direct investment, studies the dynamic mechanism of China's direct foreign investment from the two aspects of the push and pull of the host country. The dynamic mechanism of the Chinese enterprise OFDI It includes both the thrust of the home country and the attraction of the host country. In the aspect of the mother country's thrust, this paper, based on the theoretical framework of "strategic triangle", uses the micro data of 304 Chinese manufacturing listed companies OFDI, and empirically tests the mother country of China's OFDI from the enterprise resources, the industrial characteristics and the system factors by establishing the counting model. The results show that enterprise size, enterprise RD investment, enterprise export ability, enterprise profitability and industrial competition have a significant positive impact on Chinese enterprise OFDI. It shows that the enterprise ownership advantage, composed of R & D capacity, export ability and management ability, has obvious promotion effect on enterprise "going out". In the aspect of gravity, based on the analysis of the motivation of China's natural resource seeking, market seeking and strategic asset seeking, this paper tested the host country factors affecting the location distribution of China's OFDI by establishing an extended gravitational model by using the country panel data of the OFDI in 69 countries for 2003-2012 years. China's OFDI of the developed countries is a reverse gradient upside investment, mainly concentrated in countries with higher per capita GDP and close ties with China's import and export trade. China's OFDI is parallel or downside investment to developing countries, mainly concentrated on the higher per capita GDP, technology advance and importing larger countries from China. The empirical results show that market search is the main cause of China's current OFDI. Secondly, this paper analyzes the motivation and influencing factors of China's overseas RD investment under the background of RD globalization..RD globalization is an important part of the economic globalization. There are two main motives of the transnational corporations' overseas RD investment: market support and technology seeking, At present, technology seeking overseas RD investment is becoming a hot spot of research. Based on the review of overseas RD investment literature of multinational corporations, this paper introduces the practice of overseas RD investment in China and summarizes its development process, motivation, location and model. Then, this paper uses the investment data of 177 foreign subsidiaries of 101 Chinese manufacturing listed companies. The three yuan selection Logit model is established, and the influence factors of Chinese enterprise market support and technology seeking overseas RD investment are analyzed from two aspects of investment enterprises and host countries. The empirical results show that the Chinese enterprise market supported overseas RD investment is affected by the per capita purchasing power and RD resource endowment of the host country, and the technology seeks the overseas RD investment. Under the dual influence of the technical level of the parent company and the resource endowment of the host country RD. Finally, this paper studies the reverse technology spillover effect of China's foreign direct investment based on the theory of innovation driven growth. Because the knowledge spillover has the constraints of geographical space and the hidden characteristics of knowledge, only the enterprise is close to the source of technological innovation to become knowledge. As long as there is the possibility of technology diffusion, so long as there is the possibility of technology diffusion, even if there is no monopoly advantage, the technology following the enterprise will still choose the FDI mode instead of the export way to serve the foreign market. Based on the analysis of the four mechanism of the OFDI reverse technology spillover in China, this paper uses the Chinese industrial TFP and the domestic RD capital on the basis of the 1985-2008 years' reverse technology spillover. The stock and import, import, IFDI, OFDI three channels overflow of foreign RD capital stock data, empirical test the reverse technology spillover effect of China OFDI. Analysis results show that the reverse technology spillover effect of OFDI in China is not significant at present. Relative to IFDI, the overall regulatory model and level of Chinese OFDI is still in the primary stage, technology seeking OFDI The proportion of the foreign investment is small, and the reverse technology spillover has a certain lag period. These factors are the main reasons that cause the OFDI reverse technology spillover effect in China. This article is based on the practice of Chinese enterprises' foreign direct investment. The research and empirical test analyses the dynamic mechanism of China's foreign direct investment, and probes into the motivation and influencing factors of China's overseas RD investment, as well as the mechanism of obtaining the reverse technology spillover effect through overseas RD investment, and empirically examines the existence of the OFDI reverse technology spillover effect in China, and how to make better use of the "walk" for Chinese enterprises. Put forward corresponding countermeasures and suggestions to promote domestic technological progress and industrial upgrading.

【學(xué)位授予單位】：東南大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2015
【分類號】：F279.2;F125
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本文編號：1818183