An Empirical Study on Determinants of China's Outward Direct Investment

• 作 者: 宁叶
• 机 构: 对外经济贸易大学
• 出 处: 对外经济贸易大学
• 发表日期: 2012年期
• 关键词: 对外直接投资 东道国 跨国企业 市场份额

China is now an important player in the global FDI sources.Since 2004,Chinasoutward direct investment(OFDI)grew significantly,along with the dramaticexpansion of Chinas economic development.Study of Chinas OFDI is a relativelynew but rapidly growing field.Among all issues about Chinas OFDI,characteristicsof host country affect almost every aspect of oversea investment and thereforedetermine Chinese MNEs OFDI decisions.It has long been disputed over the mostdecisive determinants of Chinas OFDI and no consensus has been reached.　　
This research aims to solve two questions:　　
A.What are the main host-country determinan,ts of Chinas OFDI?　　
B.Do determinants affect Chinas OFDI differently in OECD and non-OECDcountries?　　
Based on contemporary FDI theories,this paper employs an empirical analysiscovering the period 2009-2010 among 69 countries where we quantify the maindeterminants of Chinas OFDI including host countries market size,market potential,wage level,trade relationship with China,market openness,natural resource andinstitution quality.A gravity model is adopted to make the empirical study.　　
The purpose of this paper is three-fold:(a)to provide a detailed description of thesize and composition of Chinas ODI in 2008-2010;(b)to uncover the determinantsof Chinas OFDI through an empirical method,as well as to investigate in thedifference between OFDI determinants in OECD and in non-OECD countries,and(c)to explore the trend of Chinas future OFDI and to offer policy suggestions.　　
Empirical results revealed that Chinas overseas investments are attracted tocountries with large market, more market potential and openness,high volumes ofexports from China rich natural resource as well as lower wage levels.Institutionquality alone does not have significant impact on Chinas OFDI decisions,but incountries with rich natural resource,bad institution quality attracts Chinas OFDI.Empirical results also suggest,that main determinants of Chinas OFDI are differentin OECD and non-OECD countries.For example,OFDI from China to OECDcountries are more affected by market share than non-OECD countries.Incomparison,Chinas investments in non-OECD countries are attracted more bylower wage level.