中文摘要：

为了揭示中国企业对外直接投资选择的决策机制，在控制了样本自选择偏误效应的条件下，文章将企业对外直接投资分解为“走出去”战略选择和市场进入博弈两个阶段，分别建立结构二元选择模型和静态离散博弈模型。研究发现，我国上市公司的“走出去”战略取决于企业的财务状况、盈利能力、企业规模、股权国际化程度和境外业务量等因素；将企业的市场进入进行博弈分析发现国企和民企对后续企业的进入均具有积极影响，且中国企业对外投资并不存在获得东道国自然资源的动机。

英文摘要：

In order to reveal the decision-making mechanism of Chinese Foreign Direct in- vestment choices, this paper breaks down the process of OFDI to two stages of ＂going global＂ strategy selection and market entry game under the condition of controlling sample self-selection bias effect, the paper establishes the structural binary choice model and static discrete game model to make a study. It finds that Chinese listed companies＇ ＂going global＂ strategy depends on the financial position, profitability, firm size, degree of internationalization of equity and outside tralfic and other factors. In addition, the OFDI enterprises＇ selection of host country market is not only affected by the investment environment of the host country and bilateral trade agreements, but also affected by the demonstration effect of the OFDI of owned enterprises and private enterprises. Chinese enterprises＇ foreign investment does not exist the motivation for the natural resources of host countries.