制度环境差异、对外直接投资与风险防范：中国例证

摘要

This paper selects 142 host countries that Chinas OFDI flows from 1996 to 2010 as the study sample. We focus on how different levels of de- velopment of the host countries' institutional environment differences affect for- eign direct investment of China s enterprises and Chinese companies, and how to guard against a variety of potential host institutional risk. The study finds that: Direct investments are especially vulnerable to the legal institutional risk and envi- ronmental institutional risk in high-income countries; For Middle-income coun- tries, the potential the legal institutional and environmental institutional risk on our country' s direct investment is significantly lower than that in high-income countries. But we need to focus on the potential risk of the political institutional and regulation system risk. Direct investment in low-and low-income countries, po- litical institutional risk is a prominent risk, regulatory institutional risks and the risk of the legal system affect our OFDI less, and the host countries' weak envi- ronmental institutional contribute to our country' s OFDI.%本文选取1996—2010年间我国对外直接投资的142个东道国为研究样本，重点研究了不同发展水平东道国的制度环境差异如何影响我国企业海外直接投资以及我国企业如何防范各种潜在的东道国制度风险。研究发现：我国对高收入国家直接投资极易遭受潜在的法律制度风险和环保制度风险；对中等收入国家直接投资遭受的潜在法律制度风险和环保制度风险明显低于高收入国家，此外还需关注潜在的政治制度风险和规制制度风险；对中低等及低等收入国家的直接投资中政治制度风险较为突出，规制制度风险和法律制度风险影响较小，而中低等及低等收入国家较弱的环保制度要求对我国直接投资流入的影响显著为正。