中国企业投资东南亚国家的影响因素分析——基于企业所有权差异的视角

以中国企业2005~2015年对东南亚直接投资的项目作为研究样本,分析国有企业和民营企业在东南亚直接投资的国家选择和影响因素。研究表明,国有企业不回避政治风险较高的国家,倾向于开拓新的国家市场;相反,民营企业倾向投资政治风险低的国家,投资与中国贸易联系紧密、相对市场规模较大以及劳动力成本较低的国家。基于国有企业和民营企业对东南亚直接投资影响因素的差异,为中国对东南亚直接投资提出政策建议。

Location Choice of Chinese Multinational Enterprise in Southeast Asian Based on the Perspective of Enterprise Ownership

With the development of economic globalization and regional integration, China has continuously developed “go global” strategy to encourage enterprises to invest in foreign countries and regions. After the 21st century, China’s foreign direct investment flows continued to grow. Affected by “the Belt and Road” strategy, Southeast Asia has become a hot spot for China’s outward foreign direct investment. In order to enrich and perfect the location theory and investment strategy of China’s direct investment in Southeast Asia, the article takes Southeast Asia as the research area. The existing traditional outward foreign direct investment theories are mostly based on the state as a whole, and study the influencing factors and motivations of outward foreign direct investment from the macro inspect. However, with the development of the times, the emerging theories show us that the heterogeneity of the enterprise will bring about the difference of outward foreign direct investment, and the difference of ownership is what we are going to probe into. Therefore, the article uses direct investment projects of Chinese enterprises in Southeast Asia from 2005 to 2015 as research samples, and chooses the real exchange rate, trade linkage, relative market size, wage level, infrastructure, total tax and political risk as explanatory variables to compare the different motivations and influencing factors of Chinese state-owned enterprises and private enterprises in the outward foreign direct investment in Southeast Asia. The empirical results show that state-owned enterprises tend to invest in high political risk countries and countries that are not in a close trade linkage with China. On the contrary, private enterprises tend to invest in low political risk countries and countries that are in a close trade linkage with China, with relatively large market size and lower labor costs. Finally, based on the differences between the influencing factors and motivations of the outward foreign direct investment of the state-owned enterprises and the private enterprises in Southeast Asia, the article gives some suggestions for China's direct investment in Southeast Asia.