东道国特征及中国对外直接投资的实证研究.pdf

# 33 # 东道国特征与中国对外直接 ¹ 投资的实证研究 ( ) = 2000~ 2007 , GMM , , 。: , ; ; , , 。, 。 GMM F 1251 5 A An Empirical Resear ch on the Featur es of Host2countr y and Chinaps Dir ect Investment Abroad Abstr act : Based on Dynamic Panel Model and adopted GMM met od, t is pa2 per examines determinants and dynamic effects of foreign direct investment from C ina (C inaps FDI) using panel data of C inaps FDI from 2000 to 2007 covering 50 destination countries1 Results indicate t at w ile market scale of t e ost2country is a negative and significant determinant of C inaps FDI, t e wage level of t e ost2 country is insignificant one1 Moreover, t e linkage of trade measured in export from ome to ost country and bilater al exc ange rate are positive and significant determinants of C inaps FDI1 Finally, t ere is no dynamic continuity in C inaps FDI in ost2country1 We ave given some explanations for t ese r esults1 Based on t e result of empirical examine, some suggestions over promoting FDI form C ina were proposed1 Key words: T e Features of Host2country; Linkage of Trade; Foreign Direct Investment; Dynamic Panel Model; GMM ¹ 本文获得国家社会科学基金资助, 编号: 07BJL040。 # 34 # 5 6 2009 7 自20 世纪90 年代后期以来, 对外直接 资 (FDI 流出) 已经取代国际贸易成为国际经 济一体化的主要力量 (World Investment Report 2001) 。改革开放以来, 中国对外直接 资 有了长足进展, 据商务部统计, 从流量来看, 1982 年只有01 44 亿美元, 1992 年达到40 亿 美元, 2007 年达到2651 1 亿美元, 2008 年达到5211 5 亿美元; 从存量来看, 截至2007 年 末, 中国对外直接 资存量为11791 1 亿美元。然而, 与全球FDI 流出的相对规模相比, 中