中国企业对外直接投资的区位选择研究

【作者】 张娟；

【导师】 戴炳然；

【作者基本信息】 复旦大学 ， 世界经济， 2007， 博士

【摘要】 区位选择是企业对外直接投资过程中的重要问题，但是其理论体系还不完善。本文尝试以价值链的视角建立研究框架，重新考察企业对外直接投资区位选择的动机、区位、产业、主体等问题。价值链各环节的附加值不同，相应地，定位于各环节的企业的竞争优势不同，它们在全球的选址也受到这一定位的影响。资源禀赋在地理上的分布不均、专业化分工和业务外包使得价值链环节出现空间分化，呈现大区域离散、小地域集聚的特征，从而大多以地方产业集群的形式存在。因此，价值链研究吸收了产业集群这个空间地理概念。空间集聚、集群是企业选址的重要影响因素，也分别是国际直接投资的区位理论与价值链理论的研究领域，并因此将二者联系在一起。产业集群之间的等级体系由全球价值链各价值环节的等级体系决定。企业嵌入产业集群可以加速创新，获得竞争优势。外国直接投资的集聚特征使得企业通过嵌入集群，借助集群的升级实现在价值链上的攀升成为可能。近年来，我国企业对外直接投资的步伐引起学术界和企业界的广泛关注。定性研究与定量研究表明，中国企业位于全球价值链的中低端，其跨国经营管理的研究和实践处于起步阶段，大多数企业尚未识别自己的竞争优势，并在价值链上准确定位，导致对外投资的战略不明确；区位选择具有一定的盲目性，地区分布过于集中、不利于在全球配置资源和提高企业的竞争优势；对外投资以低附加值的行业为主，不能有效带动国内产业结构升级和拉动出口贸易；投资主体大多不注重企业间的合作与竞争关系，不能有效利用集聚效应提高企业在价值链上的定位。结合理论基础、实证研究，借鉴发达国家和发展中国家／地区企业对外直接投资研究的成果，本文指出中国企业根据其竞争优势确定的价值链战略模式决定了中国多层次对外直接投资的格局。基本上来说，对外直接投资都具有开拓市场的效果，从而有利于企业拓展营销渠道和提高品牌知名度，因此这类投资应面向出口国或市场容量大的国家。技术寻求型对外直接投资主要是为了利用投资窗口获取高新技术，打破技术上的垄断和封锁，发展技术密集型行业，尤其是高新技术产业等高附加值产业，决定了这类投资应主要面向发达国家。寻求低成本的价值链低端模式决定了要素成本比较低的国家是这类投资的首选区位，对劳动密集型产业尤其是这样。企业在全球按照资源丰富程度布局的同时，应该考虑集聚效应带来的比较优势。以大型企业集团的形式进行海外投资的方式在国有企业之外的适用性有限。鉴于我国对外投资主体的多元化，一些中小企业更适于采用集群式对外直接投资的方式。集群式对外投资包括两种方式：复制母国的集群，母国集群内企业在先导企业对外投资的示范效应下采取跟随战略；集群内的个别企业对外投资，嵌入国外类似集群。因此，本文提出中国企业通过在价值链上准确定位，嵌入集群以培育和提高竞争优势的构想，为我国企业对外直接投资的区位选择提供一种思路。更多还原

【Abstract】 Location choice is an important issue in outward FDI (ODI), but there’s no perfecttheory about it. This paper tried to build a research framework from the perspective of valuechain, and rethink the motivation, location, industry and investors about the location choice ofODI. The value added of the segments in value chain is different from each other, then thecompetitive advantage is different for the companies located on the segments, accordingly,their spatial location choice is affected. The unequal endowments distribution throughout theworld, specialization and outsourcing contributed to the spatial fragment of value chain thatcharacterized as "scatter in the whole and agglomerate in the subareas", and mostly thesegments existed as local industrial clusters. Therefore, the spatial concept of industrialcluster was introduced into value chain research. Industrial agglomeration and cluster are alsothe important factors influencing location choice. They fell in the scope of both ODI locationchoice research and value chain research, then connected the two theories with each other.The hierarchy between industrial clusters is determined by the hierarchy between thesegments of value chain. The innovation will be accelerated and the competitive advantagewill be strengthened for companies by embedding in industrial clusters. The characters of FDIagglomeration lead to the embedment and the upgrade of companies in value chain becomesmore possible because of the upgrade of industrial clusters.In recent years, the ODI of Chinese companies attracted the attention from academic andentrepreneurial fields. Qualitative and quantitative researches showed that Chinese companieslocated in the middle and low end of global value chain, and their theoretical research andpractical activites in cross-border operation is at the early stage, many companies were notaware of their competitive advantage and located themselves accordingly which lead to theunclear ODI strategies; Location choices were blind to some extent: The companies pooled insome areas which will not facilitate companies to make use of global resources and strengthentheir competitive advantage; The ODI focused on low value added industry and couldn’tpromote the upgrade of industrial structure at home and boost export; The investors mostlydidn’t pay attention to the cooperation and competition among companies, and couldn’t takeadvantage of agglomeration effects to upgrade in value chain.This paper pointed out that the value chain strategies connected with competitiveadvantage determined the multi-modal ODI for Chinese companies based on the theoreticalframework, positive analysis and the research on foreign companies’ location choices. Ingeneral, ODI will open up new market, extend marketing channel and raise the fame of brands, so they should locate in export countries or the ones with big market size.Technique-searching ODI aimed at acquiring advanced technology and breaking thetechnique monopoly and blockage, developing the technology-intensive industry, especiallyindustries highly value added, e.g. new high-tech industry, so they should locate in developedcountries. The low end value chain strategy determined companies should invest in countrieswith lower cost factors. It’s the case especially for labor-intensive industry.Chinese companies should consider the comparative advantage brought forth byagglomeration effects when they invest in the world according to the factor endowmentabundance. As an efficient ODI investor, the applicable range of big corporation group islimited outside state-owned enterprises. Small and medium-sized companies are more suitableto adopt the clustering ODI mode because of the multified investors in China. The clusteringODI mode has two forms: duplicate industrial clusters in home country, which meanscompanies in industrial clusters follow the leader to invest in foreign countries; individualcompanies in home country invest abroad and embed in local industrial clusters in hostcountries. Therefore, this paper advanced the idea that Chinese companies locate themselvesclearly on the value chain segment and embed in industrial clusters to cultivate and raisecompetitive advantages, which showed a solution for Chinese companies’ ODI locationchoice.更多还原