摘 要

制造业是我国传统的优势产业，近年来在政策和市场需求推动下，我国成为制造业产值第一的制造大国。《2015年度中国对外直接投资统计公报》资料显示：中国对外直接投资流量流向制造业的比重大幅增长，2015年流向制造业199.9亿美元，同比增长108.5%，仅次于租赁和商务服务业与金融业。因此浅析制造业对外直接投资区位选择影响因素，并对制造业企业对外投资区位选择提出建设性建议十分重要。

本文从投资规模、区位分布及特征等方面概述我国制造业对外直接投资现状，归纳制造业对外直接投资区位选择动机及影响因素，并对其影响因素作实证回归分析，在此基础上，尝试性地从企业和国家两层面对制造业对外直接投资区位选择提出相关建议，具有一定理论与实践意义。

本文研究结果表明东道国技术水平、东道国自然资源禀赋、汇率水平、双边贸易规模、东道国市场规模与我国制造业对外直接投资流量存在较强的相关性，制造业企业在对外投资区位选择时应着重考虑这些因素；随着经济全球化发展、人民生活水平不断提高，经济自由度、东道国工资水平、基础设施建设对区位选择目前影响不显著。

本文特点在于针对制造业单一行业，而不是我国整体对外直接投资情况；选用面板数据模型，采用最小二乘法进行回归分析，客观科学找出我国制造业对外直接投资区位选择的影响因素。

关键词：制造业；对外直接投资；区位选择；影响因素

Abstract

Manufacturing industry is a traditional advantage industry in China. Recently ,with the promotion of the policy and market demand, China has become a large manufacturing country ,which has the most manufacturing output in the world.lt;2015 Statistical Bulletin of China’s Outward Foreign Direct Investmentgt; indicates, The proportion of China's foreign direct investment flows to the manufacturing sector increased sharply. The Manufacturing sector received $19.99 billion, with a year-on-year increase of 108.5%, second only to leasing and business services, and the financial services. Therefore, it is very important to analyze the influencing factors of FDI location selection, and put forward constructive suggestions for manufacturing enterprises to choose the location of FDI.

This paper summarizes China's manufacturing industry current situation of FDI by the investment scale, geographical distribution and it’s characteristics ,concludes motivation and influencing factors of manufacturing FDI location selection ,and makes an empirical analysis of influencing factors .On this basis, this paper tries to put forward related suggestions of manufacturing industry FDI location selection from the enterprise and the nation. This has important significance in theory and practice.

The results of the empirical analysis show that the technology level of host country, natural resources endowment of the host country, the exchange rate , the scale of bilateral trade, the market scale of the host country are greatly related to China's manufacturing industry FDI. Manufacturing enterprises should emphatically consider these factors. With the development of economic globalization and quality of life ,the index of economic freedom, the wage level of host country and the infrastructure construction are insignificant to location selection .

The feature of this paper focuses on manufacturing industry, rather than China's overall FDI. This paper uses panel data model, chooses least square method(OLS) and carries out the influencing factors of manufacturing FDI location selection objectively and scientifically.

Key words: manufacturing industry; foreign direct investment; location selection; influencing factors

目 录

第1章 绪论 1

1．1 选题目的及意义 1

1．2 国内外的研究现状 1

1．3 研究方法和研究思路 2

第2章 我国制造业对外直接投资区位选择的理论基础 4

2．1 垄断优势理论 4

2．2 内部化理论 4

2．3 国际生产折衷理论 5

2．4 小规模技术理论 5

2．5 小结 5

第3章 当前我国制造业对外直接投资概况 6

3．1 投资规模 6

3．2 行业分布 6

3．3 区位分布及特征 7

3．4 区位选择现存问题 9

第4章 我国制造业对外直接投资区位选择的动机 11

4．1 寻求市场 11

4．2 寻求技术 11

4．3 寻求资源 12

4．4 战略联盟 12

第5章 我国制造业对外直接投资区位选择的影响因素 13

5．1 企业自身因素 13

5．2 母国推动因素 14

5．3 东道国引力因素 15

5．4 其他影响因素 17

第6章 我国制造业对外直接投资区位选择的实证分析 18

6．1 变量选取及数据来源 18

6．2 模型构建与回归分析 19

6．3 实证结果分析 25

第7章 优化我国制造业对外直接投资区位选择的建议 26

7．1 企业层面的建议 26

7．2 国家层面的建议 27

参考文献 30

附 录 31

致 谢 35