【作者】 臧宇；

【导师】 柴忠东；

【作者基本信息】 南京大学 ， 国际贸易学， 2012， 硕士

【摘要】 近些年来,新兴市场国家的对外直接投资出现了迅猛增长,越来越多的跨国企业从新兴市场国家走出来并在世界舞台占据了重要的地位,新兴市场国家跨国企业呈现出了与以往发展中国家跨国企业所不同的“加速国际化”现象。国际生产折衷理论强调企业只有在具有所有权优势(O)、内部化优势(I)和区位优势(L)的情况下才能开展对外直接投资,而新兴市场国家的跨国企业与发达国家相比显然不具有明显的所有权优势。笔者基于要素禀赋理论与区位优势、国际生产折衷理论、投资发展周期理论、投资诱发要素组合理论和“钻石理论”,对Dunning的OLI范式进行了全新的诠释,将OLI范式扩展至H-OLI(其中“H”代表"Home Country-Specific Advantage "),提出了本文观点,认为在新兴市场国家跨国企业国际化过程中母国因素的推动作用与东道国因素的拉动作用同为重要,母国特定环境对新兴市场国家对外直接投资产生了十分重要的影响,母国的特定环境同样是跨国企业初始竞争力的形成来源。实证部分,本文借助Peng (2006)的Y模型,从资源、制度和产业三方面视角选取了推动新兴市场国家企业国际化的母国特定因素。通过回归分析等方法得出结论：经济发展状况、贸易开放度、同业竞争、居民收入水平、劳动力成本、对能源的需求情况以及政府支持性政策对新兴市场国家的对外直接投资表现出显著的正向推动作用。而代表一国技术创新能力的专利申请数、代表一国股票市场发展状况的股票市场资本化率在回归中表现的并不显著,这说明了目前新兴市场国家的技术创新能力与股票市场的发展并没有构成企业走向海外的推动力,但也正是在这种情况下推动了“制度规避型”对外直接投资的大发展。最后针对实证分析的结果为我国对外直接投资更好的发展提出了相应的政策建议。更多还原

【Abstract】 OFDI (outward foreign direct investment) from the emerging market has experienced a significant rise in resent years, more and more MNCs from the emerging market are beginning to play an important role worldwide. OFDI from developing and transition economies accounted for just over6%of the OFDI flow of the world in1980, but its share grew to29%in2010. The rapid expansion of OFDI from the emerging market is unconventional. And it has attracted many scholars’ attention. The OLI framework highlight that firms start their overseas activity in terms of ownership specific advantages, internalization advantages and location specific advantages. But obviously firms from the emerging market do not prossess the ownership specific advantage. In this paper, based on factor endowments theory, OLI framework, IDP theory,the combined theory of investment influencing factors and diamond theory, we argue that it’s the home country-specific upgraded the L advantage of the home country which in turn helped create O advantages of their firms. In order to stress the push factors from the home country, we suggest that adjust the OLI framework to H-OLI framework.In the empirical study of this paper, We choose the home country push factors based on the Y model which is brought up by Peng in2006.The preliminary findings reveal that there is a positive relation between OFDI and local demands, inward FDI, export, labor cost and the support from the government policies. Nevertheless, there is no correlation between OFDI and the technology level and the stock market capitalization to GDP. It tells us that the low technical innovation ability and the imperfect stock market of the emerging market did not help to improve OFDI, but it did improve outward FDI from the emerging market to escape the institutional misalignment. Some suggestions are made in the last.更多还原