CAJ | 학술논문

在当前推进企业“走出去”战略的背景下，探讨我国民营企业对外直接投资的动机具有重要的理论与实践意义。文章利用温州民营企业微观层面对外直接投资数据，构建二值选择模型对此进行实证研究．发现民营企业因市场开拓与生产转移动机进行对外直接投资。更为细致地，民营企业针对发达国家的对外直接投资仅具有市场开拓动机．针对发展中国家的对外直接投资同时具有市场开拓与生产转移动机：制造业民营企业的对外直接投资兼具市场开拓和生产转移动机，而销售服务业民营企业对外直接投资仅具备市场开拓动机。此外，研究也发现民营企业对外直接投资并不具有资源获取动机。
재당전추진기업“주출거”전략적배경하，탐토아국민영기업대외직접투자적동궤구유중요적이론여실천의의。문장이용온주민영기업미관층면대외직접투자수거，구건이치선택모형대차진행실증연구．발현민영기업인시장개탁여생산전이동궤진행대외직접투자。경위세치지，민영기업침대발체국가적대외직접투자부구유시장개탁동궤．침대발전중국가적대외직접투자동시구유시장개탁여생산전이동궤：제조업민영기업적대외직접투자겸구시장개탁화생산전이동궤，이소수복무업민영기업대외직접투자부구비시장개탁동궤。차외，연구야발현민영기업대외직접투자병불구유자원획취동궤。
In the context of promoting enterprises＇＇going out＇, to ascertain the foreign direct investment motivations of China＇s private enterprises is of great theoretical and practical significance. This paper uses the FDI data of Wenzhou＇s private enterprises to build a binary choice model for empirical study, and finds that private enterprises carry out foreign direct investment due to motivations of market development and production transfer. More specifically, private enterprises＇ foreign direct investment in developed countries only have the motivation of market development, but that in developing countries has the motivations of both market development and production transfer; the foreign direct investment of private enterprises in manufacturing is motivated by both market development and production transfer, while that in sales service industry is only motivated by market development. In addition, it also finds that private enterprises＇ foreign direct investment does not have the motivation of acquiring resources.