CAJ | 학술논문

中国目前已经成为世界第三大对外直接投资（ODI）输出国。东道国（或地区）的不同制度维度是如何影响中国ODI的区位选择的？本文以中国2002—2011年间在全球范围内进行的842笔对外直接投资作为样本，研究了东道国的话语权与问责制、政治稳定与杜绝暴力／恐怖主义、政府效率、监管质量、法治水平、腐败控制这六类制度性因素对中国ODI区位选择的影响。本文还讨论了税收（避税）因素和自然资源因素的作用，以及它们与制度因素的交互作用。本文的研究发现，总体而言，与大部分跨国公司不同的是：中国的ODI不太关心对方国家（或地区）的政治制度（话语权与问责制）和政治稳定度，而更关心政府效率、监管质量和腐败控制，并倾向于避开法律体系严格的国家；同时，中国的ODI存在明显的避税和获取资源的动机；东道国的制度质量与避税功能之间存在替代关系。本文的研究有助于理解中国和新兴市场经济体的ODI的决定因素和国际间资本流动的规律。
중국목전이경성위세계제삼대대외직접투자（ODI）수출국。동도국（혹지구）적불동제도유도시여하영향중국ODI적구위선택적？본문이중국2002—2011년간재전구범위내진행적842필대외직접투자작위양본，연구료동도국적화어권여문책제、정치은정여두절폭력／공포주의、정부효솔、감관질량、법치수평、부패공제저륙류제도성인소대중국ODI구위선택적영향。본문환토론료세수（피세）인소화자연자원인소적작용，이급타문여제도인소적교호작용。본문적연구발현，총체이언，여대부분과국공사불동적시：중국적ODI불태관심대방국가（혹지구）적정치제도（화어권여문책제）화정치은정도，이경관심정부효솔、감관질량화부패공제，병경향우피개법률체계엄격적국가；동시，중국적ODI존재명현적피세화획취자원적동궤；동도국적제도질량여피세공능지간존재체대관계。본문적연구유조우리해중국화신흥시장경제체적ODI적결정인소화국제간자본류동적규률。
China has become the third largest source of outward direct investment （ ODI）. This paper studies how institutions in the host countries affect the location choices of China＇s ODI. Based on a deal-level sample from 2002--2011, this paper empirically tests how political institutions, political stability, government effectiveness, regulatory quality, rule of law and corruption control in the host countries affect the location choices of China＇s ODI. On top of these institutional factors, we study the effects of tax evasion and natural resources in host countries, and their interactions with the institutional factors. We find that political institutions in the host countries are not major concerns of the ODI, while government effectiveness, regulatory quality, and corruption control have significant effects on the locations of ODI. And China＇s ODI tend to avoid countries with strict legal system. Tax evasion and resources are also major motives of China＇s ODI. General institutional quality and tax evasion are substitutes in China＇s ODI location decisions.