新常态下浙江对外直接投资动机研究*--基于省内国企和私企的三维模型分析

摘要

通过建立三维模型，对浙江省企业微观截面数据进行Logit回归，深入分析了浙江省企业的对外直接投资（OFDI）动机。旨在研究公司层面因素、产业层面因素和制度层面因素对不同所有权结构的企业对外投资行为产生的影响效果。与目前流行的中国对外直接投资理论相反，发现浙江企业、尤其是民营企业的OFDI行为主要基于自身所有权优势，而非行业因素或者是制度因素，其行为可以用传统发达国家的对外投资理论解释。研究结果对“新常态”下推动浙江企业国际化发展的政策导向以及浙江企业对外投资活动具有重要启示。%By building a three-dimensional theoretical framework, the paper examines internationalization decisions made by Chinese MNEs with different ownership structures (SOEs and POEs) and factors driving these decisions on the basis of a firm level da-taset. We mainly explores the influence of firm-specific factors, industrial factors and institutional factors on their internationalization motives. In contrast to the recent literature, our research finds that the Outward Foreign Direct Investment (OFDI) motives of China’s firms establish on the ownership advantages with statistical significance rather than industrial factors and institutional factors. Our find-ings have important implications both for policy-making of promoting Zhejiang enterprises’internationalization and for the develop-ment of enterprises’outward investment activities.