中国在美洲OFDI的基本特征与决定因素

利用2004-2014年中国在OFDI（Outward Foreign Direct Investment, 对外直接投资）的4616家企业数据,分析了其行业结构特征、地理分布特征及其变动,建立了东道国的属性特征和东道国—母国的关系特征相融合的OFDI区位决定模型,定量识别了中国在美洲OFDI的国别决定因素及其行业间差异。研究发现：① 中国在美洲OFDI的国家分布高度集中,行业主体是服务业,国有企业为主导投资者,私营企业投资地位不高。但随时间推移,国家分布趋于离散,制造业地位提升、服务业地位下降,私营企业比重上升。② 国内制造业企业是中国在美洲OFDI的投资主体,且投资行业高度集中于批发零售、商务服务、进出口贸易,这是制造业企业构建国际价值增长链,参与全球化的客观表现,印证了其逐步且连续的国际扩张历程。与制造业公司向服务领域的延伸不同,进出口贸易公司、商务服务公司侧重于原有主营业务优势的拓展。③ 关系变量的引入,有效提升了OFDI国家差别的解释力度。出口显著促进了OFDI,符合互补模型的表现,预示着中国在美洲的OFDI仍处于熟悉海外市场的初始阶段。在这一阶段,良好且紧密的政治社会关系能有效促进OFDI,并且民间力量的推动逊色于国家力量的推动。④ 中国在美洲的OFDI,市场寻求动机最为明显,能源获取动机、技术获取动机、降低生产成本的动机,没有获得模型的充分确认。⑤ 与批发零售业、商务服务业、制造业追求市场规模的共性不同,地质勘查与开发业更侧重于资源寻求,并由此决定了良好政治关系以及国有企业的特殊重要性。

China's OFDI in America: Basic features and determinants

Based on the OFDI data of 4616 Chinese companies in America during the period of 2004-2014, the paper analyzed the characteristics of industrial structures and geographical distributions, as well as their changing trends. Then it built an OFDI location decision model combined with the attributive characters of host country and relationship characters of host country-home country. Finally it quantitatively recognized the country determinant and the discrepancy among different industries. The research found the following conclusions. Firstly, the geographic distribution of China's OFDI in America was highly concentrated, with service industry as the main industry. State-owned enterprises were the main investors of OFDI and private companies were not so active in terms of investment. As time went on, the OFDI distribution in different countries tended to be discrete, with an uptrend of manufacture industry and a downtrend of service industry. Besides, the proportion of private companies involved was increasing. Secondly, the main body of China's OFDI in America was domestic manufacturers, and their investment was highly concentrated on the industries of wholesale & retail, commercial service, import & export trading, etc. The above facts indicated their participation in building international value-added chain and globalization, and verified their gradual and continuous course of international expansion. Unlike the extension of manufacturers to service industry, import & export trading companies and commercial service companies mainly focused on further development of their original main business advantage. Thirdly, the introduction of relational variables effectively promoted the depth of the explanation on OFDI country difference. Export had prominently promoted OFDI, which accorded with the performance of complementary model, and showed that China's OFDI in America was still in the initial stage of understanding overseas markets. At the initial stage, good and close political and social relationships could effectively promote OFDI, and private companies were playing a less important role than state-owned companies. Fourthly, the market seeking motivation was the most obvious motivation for China's OFDI in America, while energy access motivation, technology acquisition motivation and production cost reducing motivation were not fully confirmed by the model. Fifthly, unlike wholesale and retail industries, commercial service industry and manufacturing industry which commonly pursued market scale, the industry of geological exploration and development industries, focused more on resources searching, which determined good political relationships and the special importances of state-owned enterprises.