基于企业层面数据对中国采矿业对外直接投资的动因进行实证分析.使用中国采矿业上市公司的对外直接投资数据,在计量模型中纳入微观企业特征、东道国特征、中国与东道国的联系三类影响因素,计量结果表明,中国采矿业上市公司在投资决策中更关注的因素是未来从东道国获取矿产资源的潜力,证实了中国采矿业上市公司对外直接投资的主要目标是从东道国获取资源.与此同时,中国采矿业上市公司进行对外直接投资决策时还受到其他多方面因素的影响.采矿业企业未来需要进一步提高投资技巧,保证投资手段的多元化、合理化,加强对投资项目的经营管理能力,加强投资风险意识,规避投资风险,提高投资收益率,同时努力改善采矿业企业的对外投资环境,提高未来采矿业企业与东道国投资合作的成功率.国家应加强对外经贸合作,充分挖掘与其他国家和地区的合作潜力,并在政策激励和制度安排上提供必要支持,促进和优化中国采矿业企业对外直接投资.%Based on the firm-level data,this paper makes an empirical analysis on the motivations of FDI in China's mining industry. Using FDI data of Chinese mining listed companies, considering micro firm characteristics,features of host countries and relation between host countries and China,the results apparently show that the factors of Chinese mining listed companies pay more attention to the potential of acquiring the resources from host countries,which proves that the aim of Chinese listed companies' FDI is to acquire host countries' resources. At the same time, Chinese mining listed companies are affected by other factors when making FDI decisions. In the future, mining enterprises need to improve the investment skills, ensure the diversification and rationalization of investment, strengthen the management capacity to investment project, enhance the awareness to investment risks, improve investment yields, and make efforts to improve the investment environment of mining enterprises.The Chinese government should strengthen cooperation in foreign trade and business, fully tap the potential of cooperation with other countries and regions, and provide necessary support in policy incentives and institutional arrangements, to promote and optimize the FDI of Chinese mining enterprises.
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