摘要
制度观和行为学视角下,母国与东道国腐败程度的差异影响投资者对风险和机会的感知从而影响其对外直接投资行为。采用Heckman两阶段选择模型以及2003—2011年中国对168个国家或地区直接投资的面板数据,本文的实证研究发现,腐败距离对中国是否进入东道国开展直接投资并无显著影响,但对进入东道国后的直接投资规模存在显著正向影响;区分腐败距离的不同方向以及自然资源寻求型、战略资产寻求型等投资动机后,结论依然成立;相对于欧洲地区和2008年金融危机发生前,中国在非欧洲地区和金融危机后在腐败距离较大的国家或地区拥有更多的OFDI存量。本文研究结论表明,中国企业敢于在腐败程度与母国差异较大的东道国开展投资经营活动,但需要加强风险评估和防范以推动对外投资的持续稳定发展。
Based on Institutional Theory and Behavioral Science, this paper introduced ＂corruption distance＂ as the characterization of difference in the corruption level between China and host countries, and used the panel data of China＇s OFDI to 168 countries from 2003 to 2011 and the method of Heckman models to conduct an empirical research on the influence of corruption distance between China and host countries on China＇s OFDI. The results showed that corruption distance did not significantly affect whether China conducted OFDI in host countries, but had significantly positive influence on the scale of China＇s OFDI~ what＇s more, after distinguishing the direction of corruption distance, the conclusion remained valid. After distinguishing the different motives of OFDI, we found that corruption distance had significantly positive influence on the resource seeking OFDI and strategic asset seeking OFDI. To further differentiate geographic distribution and time differences of host countries, we found that Chinese enterprises tended to have more stock of OFDI in other countries with larger corruption distance than that in Europe~ especially after the global financial crisis in 2008, the Chinese enterprises had more stock of OFDI in countries with larger corruption distance.
出处
《财贸经济》
CSSCI
北大核心
2014年第4期82-92,共11页
Finance & Trade Economics
基金
国家社会科学基金项目"我国对外直接投资的贸易效应及政策研究"(12CJY084)
教育部人文社会科学研究项目"中国对外直接投资影响因素的实证研究"(11XJC790003)
关键词
对外直接投资
腐败距离
制度观
行为学
Outward Foreign Direct Investment（OFDI）, Corruption Distance, Institutional Theory,Behavioral Science
