中国OFDI影响因素的实证--与出口的比较分析

摘要

China’s outward foreign direct investment (OFDI) is still at a lower level compared with large-scale exports and for-eign direct investment (FDI) absorption. Based on the analysis of enterprise exports and direct investment model, the paper examines the impacts of a variety of factors on China’s OFDI,which include the fixed cost of production,wage level,market size and the cost of cross-border trade and enterprise productivity and other factors. The paper also empirically tests the influ-ences of these factors on China’s OFDI by using the panel data from China and 29 countries during the year of 2005 to 2011. The results show that it will take a certain period of time for Chinese enterprises to realize large-scale OFDI,particularly in de-veloped countries. On the one hand,Chinese enterprises should make efforts to enhance production efficiency,promote tech-nological progress and improve production structure,etc. On the other hand,Chinese government should provide supports for enterprises to realize OFDI by building a favorable environment with the host countries.%与大规模的出口和FDI的吸收相比，中国OFDI还处于较低水平。文章基于企业对外出口与直接投资的模型分析，考察东道国生产的固定成本、工资水平、市场规模以及跨国间贸易成本和企业生产率等多种因素对企业对外直接投资的影响；采用中国与29个国家2005-2011年的面板数据实证检验了这些因素对中国对外直接投资的影响；结果表明中国企业要实现对外特别是对发达国家较大规模的直接投资，还尚待时日，企业应该在提高企业生产效率，推进生产技术进步、提高产品生产结构等方面做出努力，政府需要在构建与东道国良好的投资环境等方面对企业走出去加以支持。