管理评论

›› 2016, Vol. 28 ›› Issue (2): 49-60.

• 经济与金融管理 • 上一篇    下一篇

主体二元化背景下地方企业对外直接投资动因研究——基于省际面板数据的实证检验

梁锶1, 苑生龙2   

  1. 1. 陕西师范大学国际商学院, 西安 710119;
    2. 国家发改委对外经济研究所, 北京 100038
  • 收稿日期:2013-10-12 出版日期:2016-02-28 发布日期:2016-03-01
  • 作者简介:梁锶,陕西师范大学国际商学院讲师,博士;苑生龙,国家发改委对外经济研究所助理研究员,博士.

Binary Structure Trend of Outbound Direct Investment and Investment Motivation of Local Enterprises

Liang Si1, Yuan Shenglong2   

  1. 1. International Business School of Shanxi Normal University, Xi'an 710119;
    2. Foreign Economic Research Institute of the National Development and Reform Commission, Beijing 100038
  • Received:2013-10-12 Online:2016-02-28 Published:2016-03-01

PDF (PC)

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摘要：

基于我国对外直接投资统计制度的特殊性,省级对外直接投资数据可反映我国地方企业的直接投资状况.2003至2012年省级数据显示,我国分别由央企及地方企业主导的对外直接投资存在明显的二元化现象,但二者在规模上的差异近年出现缩小趋势,地方企业对外直接投资占比在2008-2012年上升超过25%.利用省级面板数据对我国地方企业投资现状及宏观动因进行的实证研究显示:我国地方企业直接投资发展迅速,但依然处于投资发展周期的早期阶段,在个别省份已经落后于经济发展水平,地方企业的投资发展仍需得到支持.地方企业的直接投资的影响因素主要来自国内,投资趋势与企业所在省份经济发展水平、产业结构、进出口规模以及利率变动具有相关性,东部、中部及西部地区的投资趋势及宏观影响因素差异明显.市场导向及能源寻求是我国地方企业对外直接投资的主要动因.

关键词: 对外直接投资, 主体二元化, 投资动因

Abstract:

Given the characteristics of China's outbound direct investment statistics, the provincial outbound direct investment data can reflect the direct investment of local enterprises in China. Provincial data from 2003 to 2012 shows that centrally administered state-owned enterprises and local enterprises, as two dominators of China's outbound direct investment, is tending binary, but their gap is narrowing over recent years, as evidenced by an over 25% increase in local enterprises' foreign direct investment from 2008 to 2012. Based on provincial data, this paper researches the status of local enterprises' investment and the macro motivation, and concludes that outbound direct investment of local enterprises in China is rapidly growing, but still in the early stages of the investment cycle. The factors that influence the direct investment of local enterprises include industrial structure, import and export scale and interest rate changes. In eastern, central and western regions, macro factors of outbound direct investment are different. Market orientation and energy seeking are the main reasons for the outbound direct investment of local enterprises in China.

Key words: outbound direct investment, investment motivation