文章运用中国上市企业2000-2011年对外直接投资的数据分析企业自身特征如何影响企业对外直接投资行为。实证结果表明,企业盈利水平、企业规模、全要素生产率、技术水平对企业采取对外直接投资有显著的正影响,国有份额与企业境外投资行为呈负相关,劳动密集度对其行为选择的影响不显著。这一结果有助于我们从微观视角认识中国企业对外直接投资行为,进而为中国“走出去”战略的实施提供参考。
Using the data of Chinese listed companies in 2000-2011, this paper analyzes how firm characteristics affect their outward foreign direct investment behaviors. The empirical results show that corporate profit level, firm size, total factor productivity, and technical level have a significant positive impact on Chinese outward FDI, but the state- owned share of the enterprises and their overseas investment behaviors are negatively correlated, and the effect of labor intensity is not significant. The results help to understand China's foreign direct investment behaviors from a micro perspective, and provide some references for the Chinese "going out" strategy.