【摘要】 本研究基于Dunning的国际生产综合理论,并引入生命周期动态理论,基于2003-2015年中国对外直接投资国别面板数据,探索了世界金融危机以来中国对外投资的新变化.结果表明:东道国的市场规模、资源稟赋、战略资产稟赋、制度质量以及中国对东道国的出口等因素都对中国的对外直接投资产生影响,但在发达国家和发展中国家的表现有所不同.世界金融危机以来,中国的对外直接投资越来越倾向投资于高政治质量的东道国,并且越来越少的被东道国的自然资源稟赋所吸引,这些结果都符合并反映了中国经济自身发展的新变化.更多还原

【Abstract】 This paper investigates the empirical determinants of China’s outward direct investment.According to OLI(ownership,location and internalization advantages)and the other general theories of FDI.We set 8 hypotheses and test them using Chinese official ODI data collected between 2003 and 2015.We find that the host countries market size has strongly shaped Chinese ODI.We also find that China’ s ODI also has the resource-seeking character.It is found that China’ s investment in developed and developing countries are driven by different sets of factors.There is evidence that China’ s ODI changed by 2008.It seems that Chinese MNEs take more attention to the return of investment but less attention to resources.更多还原