伴随着中国企业“走出去”步伐加快，政府不断出台各种鼓励企业对外投资的优惠政策，简化对外投资的审批标准和程序。中国自身独特的制度环境是否会影响对外直接投资？对外直接投资是否可持续？在该疑问下，结合中国经济转型时期特有的制度环境，从31个省市层面2003-2011年的对外直接投资出发，并结合投资自身的动态连续效应，采用系统GMM方法回归分析了两者间的关系。在考虑了投资自身的促进效应后，研究结果表明：（1）母国的制度因素仍将显著正向影响中国对外直接投资；（2）政府资源配置能力比企业国有化程度的促进效应更强；（3）制度因素的促进作用因地区而异，作用大小依次是东部地区、西部地区以及中部地区。%With the accelerated pace of Chinese enterprise going out,the government has not simply in-troduced a numerous of policies that could motivate enterprises to invest abroad directly,but simplified the ap-proval standards and procedures of outward direct investment( ODI)as well. In that way,whether the unique institutional environment would affect the ODI or not and how is its sustainability afterwards?To tackle this problem,the paper,considered with the dynamic effect of investment,used the system GMM method to re-search the relationship between the specific institutional factors and ODI,using the panel data of 31 provinces in the year 2003 -2010. After taking the dynamic effect of investment into account,the results show that:(1)Chinese institutions will have significantly positive impact on ODI;(2)the promotion of ability of re-sources controlled by government outweighs the degree of nationalization enterprises;(3)the promoting func-tions of institutional factors vary from region to region,and ranking of the effect is eastern region,western and central region respectively.
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