CAJ | 학술논문

由于中国迅速成为世界上最大的对外投资者之一，因而国外许多学者就中国成长为重要的对外投资者是否会削弱包括经合组织（OECD）成员国在内的西方工业化国家的投资地位展开了激烈争论。本文主要通过实证分析对上述争论进行了解答。本文构建了一个拓展的引力模型，运用目前可以获得的2003-2009年间33个OECD成员国对155个国家投资的面板数据，通过二阶段最小二乘法（TSLS）进行参数估计，实证分析了中国的对外直接投资（OFDI）是否挤占了OECD成员国的对外投资。研究发现，中国的对外投资从总体上看挤占了OECD成员国的对外投资；但是在资源丰富的国家，特别是在非洲和拉丁美洲，中国的OFDI并未对OECD成员国的对外投资产生挤出效应。本文的研究结论表明，西方有些学者提出的所谓的“新殖民主义”中国对外投资威胁论并不成立。
유우중국신속성위세계상최대적대외투자자지일，인이국외허다학자취중국성장위중요적대외투자자시부회삭약포괄경합조직（OECD）성원국재내적서방공업화국가적투자지위전개료격렬쟁론。본문주요통과실증분석대상술쟁론진행료해답。본문구건료일개탁전적인력모형，운용목전가이획득적2003-2009년간33개OECD성원국대155개국가투자적면판수거，통과이계단최소이승법（TSLS）진행삼수고계，실증분석료중국적대외직접투자（OFDI）시부제점료OECD성원국적대외투자。연구발현，중국적대외투자종총체상간제점료OECD성원국적대외투자；단시재자원봉부적국가，특별시재비주화랍정미주，중국적OFDI병미대OECD성원국적대외투자산생제출효응。본문적연구결론표명，서방유사학자제출적소위적“신식민주의”중국대외투자위협론병불성립。
As China has rapidly emerged as one of the world＇s largest investors abroad, there has been a hectic debate in the literature on whether its emergence as a major foreign investor may have undermined the importance of western industrialised economies, including those in the Organisation for Economic Cooperation and Development （OECD）. This paper aims to investigate whether this is the case. The study uses a panel dataset covering 155 countries, including 33 in the OECD, where China had invested during 2003--09. This is by far the most comprehensive dataset of China＇s outward foreign direct investment（OFDI）. A two-stage least squared （TSLS）regression approach is adopted for our econometric models according to an established augmented gravity model in the literature. The empirical results show clear evidence that China＇s OFDI displaces that of the OECD countries, but the argument that China＇s emergence is a ＇ new colonialism＇ is not supported as OECD countries＇ OFDI in resource abundant host countries, particularly that in Africa and Latin America, does not appear to have been displaced by China＇s OFDI.