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

Abstract

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

Liang Si, Yuan Shenglong. Binary Structure Trend of Outbound Direct Investment and Investment Motivation of Local Enterprises[J]. , 2016, 28(2): 49-60.

References

[1] 高敏雪,李颖俊.对外直接投资发展阶段的实证分析——国际经验与中国现状的探讨[J]. 管理世界, 2004,(1):55-61
[2] 朱华.投资发展周期理论与中国FDI发展阶段定位研究[J]. 经济学动态, 2012,(5):37-42
[3] 彭刚,苑生龙.对外直接投资发展周期定位与总体模型——人均样本下的中国特征及国际比较[J]. 经济学动态, 2013,(2):60-66
[4] 江小涓. "十五"我国对外投资趋势研究: 全球背景、投资规模与重点选择[J]. 管理世界, 2001,(1):62-70
[5] 项本武.东道国特征与中国对外直接投资的实证研究[J]. 数量经济技术经济研究, 2009,26(7):33-46
[6] 张中元,赵国庆. FDI、环境规制与技术进步——基于中国省级数据的实证分析[J]. 数量经济技术经济研究, 2012,29(4):19-32
[7] Zhao G., Zhang Z. Uncovering the Relationship between FDI, Human Capital and Technological Progress in Chinese High-technology Industries[J]. China &World Economy, 2010,18(1):82-98
[8] Zhao Z., Zhang K. H. FDI and Industrial Productivity in China: Evidence from Panel Data in 2001-2006[J]. Review of Development Economics, 2010,14(3):656-665
[9] 黄静波,张安民.中国对外直接投资主要动因类型的实证研究——基于1982~2007年的外向投资流向分析[J]. 国际经贸探索, 2009,23(7):4-10
[10] 阎大颖,洪俊杰,任兵.中国企业对外直接投资的决定因素: 基于制度视角的经验分析[J]. 南开管理评论, 2009,(6):135-142
[11] 邱立成,王凤丽.我国对外直接投资主要宏观影响因素的实证研究[J]. 国际贸易问题, 2008,(6):78-82
[12] 朱美虹,池仁勇.中小民营企业对外直接投资动因分析——以浙江省为例[J]. 特区经济, 2011,(6):41-43
[13] 陈守明,简涛.企业家人口背景特征与"走出去"进入模式选择——基于中国制造业上市公司的实证研究[J]. 管理评论, 2013,22(10):12-21
[14] 蔡阔,邵燕敏,何菊香,汪寿阳.对外承包工程对中国对外直接投资的影响——基于分国别面板数据的实证研究[J]. 管理评论, 2013,25(9):21-28
[15] 王玉宝.关于我国中小企业对外直接投资的思考[J]. 经济问题, 2008,(3):108-110
[16] 陈立敏.贸易创造还是贸易替代——对外直接投资与对外贸易关系的研究综述[J]. 国际贸易问题, 2010,(4):122-128
[17] 蔡锐,刘泉.中国的国际直接投资与贸易是互补的吗?——基于小岛清"边际产业理论"的实证分析[J]. 世界经济研究, 2004,(8):64-70
[18] 杜凯,周勤.中国对外直接投资: 贸易壁垒诱发的跨越行为[J]. 南开经济研究, 2010,(2):44-63
[19] 侯荣华.固定资产投资效益及其滞后效应分析[J]. 数量经济技术经济研究, 2002,(3):13-16
[20] 张伟如,韩斌,胡冰.中国对外直接投资绩效与经济增长——基于省级面板数据的实证分析[J]. 经济问题, 2012,(11):54-56