CAJ | 학술논문

自2010年中国一东盟自由贸易区成立以来，中国对东盟的直接投资快速发展。利用空间滞后模型分析中国对东盟直接投资区位选择的影响因素，可以判断直接投资的类型，并检验中国对东盟的直接投资是否存在“第三方效应”。实证结果表明：实际汇率、相对市场规模和工资差异在中国对东盟的直接投资上有显著的正向影响，并且中国对东盟各国的贸易促进了对其直接投资；能源和税率在中国对东盟的直接投资上有显著的负向影响；基础设施、政治风险和开放度在中国对东盟的直接投资上影响不显著；中国对东盟直接投资的类型是水平型；中国对东盟直接投资的“第三方效应”不显著。
자2010년중국일동맹자유무역구성립이래，중국대동맹적직접투자쾌속발전。이용공간체후모형분석중국대동맹직접투자구위선택적영향인소，가이판단직접투자적류형，병검험중국대동맹적직접투자시부존재“제삼방효응”。실증결과표명：실제회솔、상대시장규모화공자차이재중국대동맹적직접투자상유현저적정향영향，병차중국대동맹각국적무역촉진료대기직접투자；능원화세솔재중국대동맹적직접투자상유현저적부향영향；기출설시、정치풍험화개방도재중국대동맹적직접투자상영향불현저；중국대동맹직접투자적류형시수평형；중국대동맹직접투자적“제삼방효응”불현저。
Since to establishment of China-ASEAN free trade area in 2010, China＇s direct investment to ASEAN has gotten rapid development. This paper analyzes the factors that influence direct investment＇s location choice for the ASEAN countries by spatial lag model,judgeing the type of FDI and verifiying that whether there is a third-party effect in ASEAN where China invests directly. The empirical results show that., the real exchange rate,the relative to the size of the market and the wage differentials for China＇s direct investment in ASEAN have a significant positive, impact; trade promotes its investment between China and ASEAN; energy and tax rate for China＇ s direct investment in ASEAN have a significant negative impact; the infrastructure, the political risk and the degree of openness for China＇s direct investment in ASEAN is not the type of the China＇s direct investments in ASEAN is horizontal FDI; the third-party effect is not significant for China＇s direct investment in ASEAN.