高度关注东道国的营商环境已成为跨国公司投资选址的共识.进一步的研究需考虑营商环境的子类因素、非对称制度距离及企业投资动机差异等对中国企业对外直接(OFDI)投资选址的影响.利用2003-2015年中国OFDI企业对世界上176个经济体的投资项目数据,在控制东道国正式制度环境的前提下,实证研究营商环境对中国OFDI企业选址的影响.结果显示:我国OFDI企业倾向于在整体营商环境更好的国家投资选址,特别是针对弱势制度国家的投资对营商环境便利度更加敏感;我国不同投资动机的OFDI企业选址表现出对营商环境便利度不同子类指标的"异质性偏好":资源开发型OFDI偏好办理施工许可证和保护投资者的便利度;商贸服务型OFDI偏好执行合同的便利度;当地生产型OFDI偏好缴纳税款和执行合同的便利度;技术研发型OFDI偏好对投资者的保护程度.因此,完善我国"走出去"公共服务,开展国别营商环境评估工作,并针对不同投资动机OFDI推行差异化的扶持政策,有助于促进我国对外直接投资的健康有序成长.%High attention to the business environment of investment countries has become the consensus of the location selection of outward foreign direct investment (OFDI)enterprises. Based on the empirical study on the investment project data of China's outward foreign direct investment enterprises in 176 countries from 2003 to 2015,we use the negative binomial regression model and find that China's OFDI enterprises tend to in-vest in the country with better business environment,especially when investing in disadvantaged countries. Different investment motivations of OFDI enterprises show heterogeneity preferences for different sub-catego-ries of business environment convenience. Resource-seeking OFDI prefers the ease of dealing with construc-tion permits and protecting investors. Export-oriented OFDI prefers the ease of enforcing contracts. Produc-tion-oriented OFDI prefers the ease of paying taxes and enforcing contracts. Technology-seeking OFDI pre-fers the ease of protecting investors. Therefore,we should improve our "going out"public services,carry out national business environment assessment work and differentiated supportive policies for different investment motivations OFDI to promote a healthy and orderly development of China's outward foreign direct investment.
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