基于多元距离视角的中国对外直接投资决定因素研究

论文将对外投资的母国与东道国因素纳入一个框架中,考察母国与东道国各种维度的距离对企业对外投资决策的影响. 基于中国企业对43个国家或地区2003--2009年的面板数据的回归分析表明,制度距离促进企业的对外投资,经济和文化距离则阻碍对资,技术距离与对外投资呈倒U型关系.该研究结果表明,企业制定对外投资决策时,必须超越自身边界,把各种距离因素作为的决策参数.这对中国企业管理者制定对外投资决策具有重要的参考价值.

Effects of multiple distances on explaining outward FDI of Chinese firms

This paper examines the role of various distances between home and host countries in shaping the decision of foreign direct investment. Using a panel dataset of Chinese firms which have invested in forty-three countries and regions during 2003--2009, we show that institutional distance is favourable to Chinese investment, while economic and cultural distances negatively affect Chinese investment. Further, technology distance displays an inversed-U shape with Chinese investment. These findings point to the importance of going beyond firm boundary to consider various distances between home and host countries in making investment decisions. And these findings are helpful to Chinese business managers to make foreign investment decisions.