中文摘要：

借助京津冀、长三角和珠三角三大经济圈的城市层面数据，本文研究了外资区位选择因素的动态演变规律。研究发现，早期阶段，优惠的引资政策、低廉的劳动力成本、市场规模对于三大经济圈吸收FDI都有决定作用。近年来，政策的优惠已经不是决定这三大经济圈吸收外资的主要因素，集聚效应和基础设施，尤其是邮电通讯设施的作用更为重要。但是，用地成本过高都不同程度地抑制了三大经济圈外资流入。研究还发现：长三角和京津冀地区外资由劳动密集型逐渐向知识、技术密集型转变，但是珠三角地区依旧是劳动密集型外资占主导。

英文摘要：

With the development of China＇s domestic economy, the operating environment of multinational enterprises is changing as well; therefore, the determinants of FDI are not static all the time. Based on the cities data of Jing-jin-ji Region, the Yangtze River Delta and the Pearl River Delta, this paper tries to explore the dynamic evolution of FDI＇s location. The results show that, at the early stages, preferential policies, low labor costs and the size of the market are crucial for all the three economic regions to attract FDI. However, preferential policies lost their decisive roles in attracting FDI in recent years, ＂agglomeration effect＂ and infrastructure, especially postal and telecommunications facilities are foremost for FDI location. However, high costs in land using inhibit FDI inflow for the three economic regions in different degrees. Moreover, the results also reveal that FDI in Jingjin-ji Region and the Yangtze River Delta is changing from a labor-intensive feature to a knowledge-intensive and technology-intensive transformation gradually, while FDI is still labor-intensive in Pearl River Delta region.