【摘要】：自1998年中央提出了“走出去”的發(fā)展戰(zhàn)略開(kāi)始，國(guó)家鼓勵(lì)和支持有比較優(yōu)勢(shì)的各種所有制企業(yè)進(jìn)行對(duì)外投資,審批標(biāo)準(zhǔn)和程序得到降低與簡(jiǎn)化,從此我國(guó)逐漸走上了從引資大國(guó)轉(zhuǎn)變?yōu)橥顿Y大國(guó)的道路。為此,越來(lái)越多的國(guó)內(nèi)外學(xué)者將中國(guó)對(duì)外直接投資的各類(lèi)問(wèn)題作為了熱點(diǎn)進(jìn)行研究,涌現(xiàn)出了大量成果頗豐的研究結(jié)論。隨著我國(guó)對(duì)外直接投資的不斷增加,從官方公布的投資數(shù)據(jù)上可以看出,中國(guó)近年來(lái)對(duì)外直接投資具有向服務(wù)業(yè)不斷積聚的特點(diǎn)。然而,在現(xiàn)有的文獻(xiàn)中,對(duì)于此類(lèi)現(xiàn)象背后存在著何種原因并未做出明確的回答,并且,在已有文獻(xiàn)中對(duì)于東道國(guó)服務(wù)業(yè)的發(fā)展對(duì)于中國(guó)對(duì)外直接投資的影響研究為數(shù)不多。 因此,本文在大量翻閱國(guó)內(nèi)外已有的關(guān)于對(duì)外直接投資研究文獻(xiàn)的基礎(chǔ)上,將重點(diǎn)分析東道國(guó)服務(wù)業(yè)發(fā)展對(duì)于我國(guó)對(duì)外直接投資的影響方式,并且將其細(xì)分為東道國(guó)服務(wù)業(yè)附加值與東道國(guó)服務(wù)貿(mào)易總額兩部分,分別研究其對(duì)于中國(guó)對(duì)外直接投資的吸引程度。并且,有針對(duì)性地從中國(guó)對(duì)外直接投資的170個(gè)國(guó)家(地區(qū))總體范圍內(nèi),細(xì)分出發(fā)達(dá)國(guó)家以及發(fā)展中及欠發(fā)達(dá)國(guó)家兩類(lèi),對(duì)總體及細(xì)分國(guó)家類(lèi)別的不同樣本進(jìn)行了相應(yīng)的靜態(tài)及動(dòng)態(tài)面板模型回歸分析。 首先,本文分析了至2003年以來(lái),中國(guó)對(duì)外直接投資向服務(wù)業(yè)集聚的特點(diǎn)：在流量方面,從2006年開(kāi)始,服務(wù)業(yè)的投資就占了中國(guó)OFDI流量的半壁江山,2006-2011年服務(wù)業(yè)占比不斷上升,這一年均比例高達(dá)67.1%,尤以2008年比例占到81.5%為最高；其中,租賃和商務(wù)服務(wù)業(yè)、金融業(yè)以及批發(fā)和零售業(yè)三大部門(mén)占比最多,且一直以來(lái)就是中國(guó)跨國(guó)企業(yè)對(duì)外直接投資的重點(diǎn)部門(mén)。在存量方面,這六年來(lái)投向服務(wù)業(yè)的資金年均占比達(dá)到73%,其中增長(zhǎng)得最快且占比最大的部門(mén)也是租賃和商務(wù)服務(wù)業(yè)。在投資的境外企業(yè)分布方面,2008-2011年的四年中,服務(wù)業(yè)的年均占比也達(dá)到了47.8%,其中批發(fā)和零售業(yè)、租賃和商務(wù)服務(wù)業(yè)、交通運(yùn)輸倉(cāng)儲(chǔ)和郵政業(yè)是占比前三的部門(mén)。本文認(rèn)為,這種對(duì)外直接投資向服務(wù)業(yè)的迅速膨脹的現(xiàn)象背后必定存在著與東道國(guó)服務(wù)業(yè)發(fā)展的某種關(guān)聯(lián),并通過(guò)某種渠道吸引著中國(guó)的對(duì)外直接投資。 接著,本文在綜述了現(xiàn)有文獻(xiàn)對(duì)于服務(wù)業(yè)具體部門(mén)投資以及向服務(wù)業(yè)投機(jī)動(dòng)機(jī)的基礎(chǔ)上,創(chuàng)新性地提出了東道國(guó)服務(wù)業(yè)附加值和東道國(guó)服務(wù)貿(mào)易額兩種吸引方式,并詳細(xì)分析兩者如何吸引中國(guó)的對(duì)外直接投資。一方面,由于現(xiàn)代服務(wù)業(yè)普遍具有較高的附加值,且投入成本相對(duì)低廉,擁有的服務(wù)經(jīng)驗(yàn)及管理技能可以較好的移植于國(guó)外投資的企業(yè),高額利潤(rùn)是吸引跨國(guó)公司爭(zhēng)先投資的源動(dòng)力,也是企業(yè)生存的基礎(chǔ)和競(jìng)爭(zhēng)的目標(biāo)。另外,由于一些服務(wù)產(chǎn)品現(xiàn)今仍是難以貿(mào)易的,這就使得跨國(guó)公司只能采用對(duì)外直接投資的辦法來(lái)獲得海外的市場(chǎng)利潤(rùn)。故當(dāng)東道國(guó)服務(wù)業(yè)具有高額的附加值利潤(rùn)時(shí),將吸引母國(guó)對(duì)該國(guó)的直接投資。另一方面,東道國(guó)服務(wù)貿(mào)易越發(fā)達(dá),兩國(guó)之間的商業(yè)聯(lián)系就越密切,對(duì)于日后兩國(guó)間的貨物或服務(wù)貿(mào)易聯(lián)系將更加便捷,投資的貿(mào)易促進(jìn)效應(yīng)越明顯,這對(duì)于母國(guó)貿(mào)易的可持續(xù)發(fā)展具有強(qiáng)大的吸引力,從而擴(kuò)大母國(guó)對(duì)其的直接投資。故本文在上述分析的框架下,提出了相應(yīng)的假設(shè),即：東道國(guó)服務(wù)業(yè)的高附加值對(duì)于中國(guó)對(duì)其的直接投資具有正向影響：東道國(guó)服務(wù)貿(mào)易越發(fā)達(dá),將越吸引中國(guó)的直接投資。同時(shí),在基于學(xué)者之前研究成果的基礎(chǔ)上,本文也將考慮針對(duì)市場(chǎng)追求型、自然資源追求型及戰(zhàn)略性資源追求型直接投資動(dòng)機(jī)的影響因素,以便于同前人的研究結(jié)合起來(lái)。 最后,在基于以上相應(yīng)現(xiàn)狀和理論分析的基礎(chǔ)上,采用我國(guó)2003-2010年對(duì)世界170個(gè)國(guó)家(地區(qū))對(duì)外直接投資額的面板數(shù)據(jù),重點(diǎn)從東道國(guó)的服務(wù)業(yè)附加值及服務(wù)貿(mào)易額兩個(gè)角度研究對(duì)我國(guó)對(duì)外直接投資的影響程度,同時(shí)將東道國(guó)人均國(guó)內(nèi)生產(chǎn)總值、自然資源稟賦、高技術(shù)出口額、專(zhuān)利申請(qǐng)數(shù)量、通貨膨脹率以及國(guó)家間的地理距離作為控制變量,運(yùn)用靜態(tài)和動(dòng)態(tài)面板回歸模型進(jìn)行相應(yīng)的計(jì)量分析。通過(guò)相應(yīng)的檢驗(yàn)分析,在東道國(guó)服務(wù)業(yè)發(fā)展方面得出以下結(jié)論：第一,在靜態(tài)上,中國(guó)對(duì)外直接投資是偏好于東道國(guó)(地區(qū))服務(wù)業(yè)發(fā)展的,東道國(guó)的服務(wù)業(yè)附加值及服務(wù)貿(mào)易額兩個(gè)變量與OFDI均呈現(xiàn)出顯著正相關(guān)的關(guān)系,以表明中國(guó)企業(yè)對(duì)于東道國(guó)服務(wù)業(yè)的利潤(rùn)追求、貿(mào)易促進(jìn)型直接投資的機(jī)制是存在的,符合本文的假設(shè),并且該效應(yīng)在發(fā)達(dá)國(guó)家中的促進(jìn)作用更為巨大。第二,在動(dòng)態(tài)上,對(duì)外直接投資本身具有明顯的動(dòng)態(tài)連續(xù)性,即便這樣,東道國(guó)服務(wù)業(yè)的發(fā)展仍將明顯吸引中國(guó)的對(duì)外直接投資,當(dāng)其服務(wù)業(yè)附加值和服務(wù)貿(mào)易額均增加1%時(shí),中國(guó)對(duì)其直接投資額將相應(yīng)提高0.465%,同樣,該促進(jìn)效應(yīng)對(duì)于投向發(fā)達(dá)國(guó)家的資金更具吸引力。 本文的創(chuàng)新之處在于：第一,從東道國(guó)的服務(wù)業(yè)發(fā)展視角來(lái)審視其對(duì)于中國(guó)對(duì)外直接投資的影響,將其分為服務(wù)業(yè)附加值和服務(wù)貿(mào)易額兩個(gè)角度。第二,得出具有創(chuàng)新性的結(jié)論,即東道國(guó)服務(wù)業(yè)發(fā)展是促進(jìn)中國(guó)對(duì)外直接投資的決定性因素之一,且該促進(jìn)作用會(huì)因東道國(guó)的經(jīng)濟(jì)發(fā)展水平層次而不同。第三,在計(jì)量方法的應(yīng)用上,將動(dòng)態(tài)和靜態(tài)的面板模型結(jié)合使用,增加了回歸的穩(wěn)健性及可比性。 當(dāng)然,本文雖創(chuàng)新性地從東道國(guó)服務(wù)業(yè)發(fā)展角度穩(wěn)健地研究了其對(duì)中國(guó)對(duì)外直接投資的影響,但在理論上該聯(lián)系仍有不足的地方。同樣,本文的視角及方法具有一定的新穎性,但也需要日后的逐步完善。相信隨著中國(guó)對(duì)外直接投資的繼續(xù)發(fā)展與研究的深入,對(duì)于東道國(guó)服務(wù)業(yè)發(fā)展這一視角定會(huì)有更全面的討論。
[Abstract]:Since the development strategy of the "Get out of here." has been put forward in the middle of 1998, the State encourages and supports various types of ownership enterprises with comparative advantages to carry out foreign investment, and the approval standards and procedures are reduced and simplified, from which the country has gradually embarked on a way to transform from a large country to an investment country. For this reason, more and more domestic and foreign scholars have studied the various problems of China's foreign direct investment as the hot spot, and a lot of results have emerged. With the continuous increase of foreign direct investment in our country, it can be seen from the official published investment data that the foreign direct investment in China has the characteristic of increasing the service industry in recent years. However, in the existing literature, there is no clear answer to the reasons behind such phenomena, and there are few studies on the impact of the development of the host country's service industry on China's foreign direct investment. Therefore, on the basis of a large number of recent literature on foreign direct investment, this paper will focus on the influence of the development of the host country's service industry on China's foreign direct investment It is divided into two parts of the value-added value of the host country service industry and the total amount of the host country's service trade, and the attraction of the foreign direct investment to China is studied separately Degree. And, in the overall scope of 170 countries (regions) of China's foreign direct investment, it is divided into two categories: the developed countries, the development and the less developed countries, and the corresponding static and dynamic panel model regression points are carried out for different samples of the general and sub-divided country categories. First of all, this paper analyzes the characteristics of China's foreign direct investment to the service industry since 2003. In terms of the flow, the investment in the service industry accounts for half of the China's ODI flow in 2006-2011, and the service industry in 2006-2011 is increasing, the average annual rate is as high as 67. 1%, especially in 2008, with the highest proportion of 81.5%; in which, the three sectors of the leasing and business service industry, the financial industry and the wholesale and retail industry account for the most, and have always been the heavy foreign direct investment of the Chinese multinational enterprises Point-of-the-art. In terms of stock, the average annual rate of investment in services for the six years is 73 per cent, of which the fastest-growing sector and the largest sector are leasing and business In the four-year period of 2008-2011, the average annual percentage of service industry reached 47.8%, of which wholesale and retail, leasing and business services, transport and storage and postal services account for the previous three years. This paper holds that the rapid expansion of the foreign direct investment to the service industry must have some kind of association with the development of the host country's service industry and attract the external direct investment of China through some kind of channel. Then, on the basis of summarizing the investment of the existing literature on the specific sectors of the service industry and the incentive to the service industry, this article innovatively puts forward the value-added value of the service industry of the host country and the trade volume of the host country. The way to attract and analyze how to attract Chinese to China On the one hand, because modern service industry generally has higher added value, and the investment cost is relatively low, the service experience and management skill of the company can be better transplanted to the foreign investment enterprises, and the high profit is to attract the transnational corporations to compete for the first time The power of the source is also the basis of the enterprise's existence. The goal of competition is that, as a result of the fact that some of the service products are still difficult to trade today, it makes it possible for transnational corporations to have access to foreign direct investment only Market profit. So when the host country's service industry has high value-added profit, it will attract the home country to the country On the other hand, the more developed the service trade of the host country, the closer the commercial ties between the two countries, the more convenient the trade links between the goods or services between the two countries, the more obvious the trade facilitation effect of the investment, which has a strong effect on the sustainable development of the home country trade The big attraction, thus expanding the home country to it Therefore, under the framework of the above-mentioned analysis, this paper puts forward the corresponding hypothesis that the high added value of the host country's service industry has a positive impact on China's direct investment: the more developed the service trade of the host country, the more attractive China will be. At the same time, based on the research results of the scholars, this paper will also consider the influencing factors of the direct investment motivation for the market-seeking, natural-resource-seeking and strategic-resource-seeking-type, so as to be in the same way as the previous research. In the end, on the basis of the above corresponding present situation and the theoretical analysis, the foreign direct investment of 170 countries (regions) of the world is adopted in China in 2003-2010. The panel data of the fund shall focus on the impact of the foreign direct investment from the two aspects of the value added and the service trade volume of the service industry of the host country, and at the same time, the host country's per capita gross domestic product, natural resources endowment and high-technology exports The static and dynamic panel regression model is used as the control variable for the number of patent applications, the rate of inflation and the geographical distance between the countries as control variables. According to the corresponding inspection and analysis, the following conclusions are drawn in the development of the host country's service industry: first, in the static state, China's foreign direct investment is preferred in the host country (region ) In the development of the service industry, the value-added value of the service industry of the host country and the trade volume of the service trade have a significant positive correlation with the ODI, so as to show that the Chinese enterprises are in the pursuit of the profit of the host country service industry, and the mechanism of the direct investment of the trade promotion type is existing, in accordance with the assumptions herein, and the effect is promoted in developed countries Second, in the dynamic, the direct investment of the host country has obvious dynamic continuity, even if so, the development of the host country service industry will obviously attract the foreign direct investment of China, and its service industry value-added and service trade When the amount is increased by 1%, China's direct investment will be increased by 0.465%, and the effect will also be for the developed countries. The innovation of this paper is that the first part, from the view of the service industry development of the host country, examines its influence on China's foreign direct investment, and divides it into service value added value and Second, it is concluded that the development of the host country's service industry is one of the decisive factors to promote China's foreign direct investment, and the promotion will be due to the economy of the host country Third, in the application of the measurement method, the dynamic and static panel model is used in combination, and the return time is increased. The robustness and comparability of China's foreign direct investment are studied in a steady way from the development of the host country's service industry, but in theory In the same way, the view and method of this paper have some novelty. But it also needs to be gradually improved in the future. It is believed that with the continued development and research of China's foreign direct investment, the development of the host country's service industry
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F719;F832.6

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