CAJ | 학술논문

基于“金砖四国”1995—2011年对外直接投资的数据，以邓宁（Dun—ning）的IDP理论为基础，将制度因素纳入其分析框架，从投资母国的视角，研究了影响新兴市场国家对外直接投资的决定因素。研究结果表明，经济发展水平、外资流入量和政府政策的支持和鼓励对新兴市场国家的对外直接投资有显著影响；技术发展水平和市场经济制度建设则与对外直接投资水平呈负相关性；政府治理水平与对外直接投资呈正相关性但效果不显著。最后，对新兴市场国家对外直接投资的发展提出了政策建议。
기우“금전사국”1995—2011년대외직접투자적수거，이산저（Dun—ning）적IDP이론위기출，장제도인소납입기분석광가，종투자모국적시각，연구료영향신흥시장국가대외직접투자적결정인소。연구결과표명，경제발전수평、외자류입량화정부정책적지지화고려대신흥시장국가적대외직접투자유현저영향；기술발전수평화시장경제제도건설칙여대외직접투자수평정부상관성；정부치리수평여대외직접투자정정상관성단효과불현저。최후，대신흥시장국가대외직접투자적발전제출료정책건의。
The outward direct investment （ODI） from the BRICs draws worldwide attention because of the increasingly profound influence of its powerful growth on the world economy. Applying Dunning＇s IDP theory, using panel data of the BRICs and including institutional factors in the theoretical framework, this paper analyzes the determinants of ODI in emerging markets from the home country perspective. The results show that economic development, FDI inflow and government supportive policies significantly promote ODI in emerging markets. The technological development and free market economic system are negatively correlated with ODI. The governance level has a positive effect on ODI, but the effect is insignificant. In the end, this paper proposes policy suggestions for the development of ODI in emerging markets.