CAJ | 학술논문

本文利用2005-2013年中国上市公司对外直接投资的数据，采用logit模型，实证分析了国有企业和民营企业在对外直接投资区位选择上的不同。研究结果表明：国有企业OFDI倾向于进入自然资源丰富的国家，尤其是发展中国家。而民营企业OFDI区位选择则主要受东道国市场规模和战略资产影响，其中，对发展中国家的投资主要是为了获取市场，而对发达国家的投资主要是为了获取战略资产。此外，二者在区位选择上比较明显的差别是，国有企业OFDI对东道国政治风险并不敏感，甚至倾向于进入政治风险较高的国家，而民营企业OFDI则有很强的风险规避意识，倾向于进入政治稳定的国家。
본문이용2005-2013년중국상시공사대외직접투자적수거，채용logit모형，실증분석료국유기업화민영기업재대외직접투자구위선택상적불동。연구결과표명：국유기업OFDI경향우진입자연자원봉부적국가，우기시발전중국가。이민영기업OFDI구위선택칙주요수동도국시장규모화전략자산영향，기중，대발전중국가적투자주요시위료획취시장，이대발체국가적투자주요시위료획취전략자산。차외，이자재구위선택상비교명현적차별시，국유기업OFDI대동도국정치풍험병불민감，심지경향우진입정치풍험교고적국가，이민영기업OFDI칙유흔강적풍험규피의식，경향우진입정치은정적국가。
Using data of China＇ s listed companies, this paper empirically an- alyzes the differences between the state- owned enterprises and private enterpris- es in terms of their location choice of OFDI. The results show that, in order to respond to the national strategy, the state- owned enterprises＇ OFDI tend to tar- get at countries that are rich in natural resources which are mostly developing countries. Private enterprises＇ OFDI location choice is influenced by the size and strategic assets of the host market. The investment to the developing coun- tries is mainly for the market consideration, while the investment to the devel- oped countries is mainly to obtain the strategic assets. In addition, state- owned enterprises＇ OFDI is not sensitive to the political risks of the host country, even tending to enter countries of high political risks, while private enterprises＇ OFDI has a strong sense of risk aversion, and tends to enter politically stable countries.