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本文基于2000-2010年《中国工业企业数据库》与《境外投资企业(机构)名录》的匹配数据,以中国464家进行序贯投资的OFDI企业为研究对象,利用条件Logit模型考察其在区位选择中对以往投资经验的动态依赖情况。结果发现,中国OFDI企业在序贯投资时确实存在对以往经验的“路径依赖”特征,且依赖程度依次为相同市场投资经验、相似市场投资经验与同行业企业投资经验。但是,根据企业在规模、生产率和所有权属性的异质性进行分组检验后,发现不同类型企业对不同投资经验的依赖情况亦有所差异:大规模和高生产率企业对自身投资经验的“路径依赖”较强,并倾向于选择相同和相似市场进行序贯投资;国有企业对相似市场与同行业企业投资经验的“路径依赖”程度明显高于三资企业和私营企业。
Based on the matching data of China Industrial Enterprise Database and Overseas Investment Enterprise (Institution) Directory from 2000 to 2010, this paper takes OFD enterprises in China with 464 sequential investment as research objects, and uses conditional Logit model to investigate its location selection In the previous investment experience of the dynamic dependence on the situation. The results show that OFDI enterprises in China do exist the “path dependence” characteristics of past experience in sequential investment, and the degree of dependence is the same market investment experience, similar market investment experience and investment experience of enterprises in the same industry. However, based on the heterogeneity of firms ’size, productivity and ownership attributes, it is found that the dependence of different types of firms on different investment experiences is different: the “path” of large-scale and high-productivity firms’ own investment experience Rely on “strong, and tend to choose the same and similar markets for sequential investment; state-owned enterprises on similar markets and enterprises with the same industry experience ” path dependence "was significantly higher than that of foreign-funded enterprises and private enterprises.