CAJ | 학술논문

作为发展中国家和转型期经济体，中国在对外直接投资发展中具有很强的特殊性，较多的受到国家政策及其经济增长方式的影响，具有明显的政策导向、资源导向和国有经济为主体的特征。在此背景之下，本文基于2002-2012年的中国企业对外直接投资数据和2003-2011年的中国对外直接投资流量、存量金额数据，在经典国际直接投资理论的基础上，从“关系”的视角出发，结合中国对外直接投资发展历程，系统、详细地分析了中国对外直接投资的发展模式和区位分布特征。研究发现：中国的对外直接投资在区位分布、产业分布、投资模式和企业所有制方面都相对集中，但都呈现出向多元化发展的趋势；与东道国之间存在密切的政治关系、社会关系和经济关系是中国对外直接投资的区位选择的重要影响因素。
작위발전중국가화전형기경제체，중국재대외직접투자발전중구유흔강적특수성，교다적수도국가정책급기경제증장방식적영향，구유명현적정책도향、자원도향화국유경제위주체적특정。재차배경지하，본문기우2002-2012년적중국기업대외직접투자수거화2003-2011년적중국대외직접투자류량、존량금액수거，재경전국제직접투자이론적기출상，종“관계”적시각출발，결합중국대외직접투자발전역정，계통、상세지분석료중국대외직접투자적발전모식화구위분포특정。연구발현：중국적대외직접투자재구위분포、산업분포、투자모식화기업소유제방면도상대집중，단도정현출향다원화발전적추세；여동도국지간존재밀절적정치관계、사회관계화경제관계시중국대외직접투자적구위선택적중요영향인소。
As a developing country and a transitional economy, the pattern of China’s OFDI deviates from that of advanced economies and other emerging e-conomies. The importance and uniqueness of China’s OFDI is attracting lots of concerns. This research is to investigate the specific factors driving China’s OFDI location choice. Based on the traditional MNC’s location theory and‘re-lational turn’ of economic geography, this paper gives a systematic descrip-tion of China’s OFDI. Firm-level data is used from 2002-2012 combined with in-vestment data including flows and stocks during 2003-2011. From the perspec-tive of relationship (guanxi) between China and its host countries, this paper tries to analyze location choice of China’s OFDI. The result reveals two im-portant outcomes. First, there is a diversification trend of China’s OFDI in-cluding the aspects of spatial distribution, industry, investment mode and ownership. Second, the location choice of China’s OFDI reveals a significant consistence with the political, social and economic relationship between China and its host countries.