CAJ | 학술논문

本文采用1998—2011年中国OFDI数据进行了实证检验。在理论上分析了制度因素对中国OFDI的影响，研究结果表明：中国OFDI整体具有显著的制度依赖性，且国有制企业OFDI的依赖性大于非国有制企业；东道国制度因素对中国OFDI具有差异性影响，发达国家的制度因素对中国OFDI具有正向影响，发展中国家则具有反向影响；中国OFDI不具有制度相似性特征，即中国企业倾向于到制度差异较大的国家进行投资；作为特殊性制度保护机制的BIT对中国在发展中国家的OFDI具有显著促进作用，并对一般性制度因素具有显著替补作用，在发达国家BIT则不存在上述效应。
본문채용1998—2011년중국OFDI수거진행료실증검험。재이론상분석료제도인소대중국OFDI적영향，연구결과표명：중국OFDI정체구유현저적제도의뢰성，차국유제기업OFDI적의뢰성대우비국유제기업；동도국제도인소대중국OFDI구유차이성영향，발체국가적제도인소대중국OFDI구유정향영향，발전중국가칙구유반향영향；중국OFDI불구유제도상사성특정，즉중국기업경향우도제도차이교대적국가진행투자；작위특수성제도보호궤제적BIT대중국재발전중국가적OFDI구유현저촉진작용，병대일반성제도인소구유현저체보작용，재발체국가BIT칙불존재상술효응。
Since traditional intemational investment theory does not fully apply to China＇s OFDI, this paper conducts a theoretical empirical analysis of the impact of institutional factors on China＇s OFDI using data from 1998 to 2011. The findings show that in addition to traditional factors such as the host country＇ s market size, resource endowment and distance costs, institutional factors are al- so important determinants of China＇s OFDI. Specifically, first, China＇s overall OFDI is significantly dependent on the institution, with the dependence of state-owned enterprises greater than that of non-state enterprises; second, the influence of host country＇s institutional factors on China＇s OFDI vary： institutional factors in developed countries have a positive impact on China＇s OFDI, while those in developing countries have a negative impact; third, China＇s OFDI is not characterized by ＂institutional similarity＂, indicating that Chinese enterprises invest in countries of huge institutional differences. Further studies show that as a protective mechanism, BIT plays a significant role in promoting China＇s OFDI in developing countries, and has a significant substitution effect for general institutional factors, but in the developed world this effect does not exist.