CAJ | 학술논문

文章聚焦于民营企业对外直接投资决策的内部影响因素，通过匹配温州市商务局的民营企业对外直接投资信息和《中国工业企业数据库》中温州民营企业的微观数据发现，对外直接投资的民营企业和非对外直接投资的民营企业存在较大的内部差异。进一步地，通过构建二值选择模型进行的实证研究发现，企业规模和出口倾向是民营企业对发达国家（地区）和发展中国家（地区）进行对外直接投资决策的共同正向影响因素；而在民营企业对发展中国家（地区）的对外直接投资决策中，生产率和技术能力也是正向影响因素，企业内部管理效率则是负向影响因素。这种差井产生的原因在于，民营企业对发达国家（地区）和发展中国家（地区）进行对外直接投资的动机不同。
문장취초우민영기업대외직접투자결책적내부영향인소，통과필배온주시상무국적민영기업대외직접투자신식화《중국공업기업수거고》중온주민영기업적미관수거발현，대외직접투자적민영기업화비대외직접투자적민영기업존재교대적내부차이。진일보지，통과구건이치선택모형진행적실증연구발현，기업규모화출구경향시민영기업대발체국가（지구）화발전중국가（지구）진행대외직접투자결책적공동정향영향인소；이재민영기업대발전중국가（지구）적대외직접투자결책중，생산솔화기술능력야시정향영향인소，기업내부관리효솔칙시부향영향인소。저충차정산생적원인재우，민영기업대발체국가（지구）화발전중국가（지구）진행대외직접투자적동궤불동。
In this paper, we have focused on the internal factors influencing private enterprises＇ decision concerning foreign direct investment. Through comparing the information about private enterprises＇ foreign direct investment from Wenzhou Com- merce Bureau and Wenzhou private enterprises＇ micro-level data from ＂China Industrial Enterprises Database＂ , we have found that there exists great internal difference between private enterprises which have launched direct foreign investment and the private enterprises which have not. Furthermore, through the empirical research using the constructed binary choice model for empirical research, we have found that the firm size and export tendency are common positive factors influencing private enterprises＇ direct foreign investment to the developed and developing countries. Productivity and technology capability are also positive factors influ- encing private enterprises＇ direct foreign investment to developing countries, while the internal management efficiency is a nega- tive factor. This difference is due to the different motives between private enterprises＇ direct foreign investment to developed coun- tries and developing countries.