中文摘要：

根据1985—2007年间中国29个省、市、自治区的面板数据资料，将整个时间分为3个阶段，利用6个一级投资环境评价指标以及19个二级投资环境评价指标，对中国投资环境的变化进行空间、动态地分析。结果显示，中国投资环境在人力资源、开放化和产业化方面的发展很大，政策与法律环境在逐步完善，东部与中西部的投资环境差异逐渐缩小。

英文摘要：

Using twenty -nine provincial panel data from 1985 to 2007 that is separated by three periods, this paper examines the effect of six primary factors and nineteen secondary factors on investment environment across China through principal component analysis, factor analysis and cluster analysis. The results show that the human resources, openness and industrialization environment are quickly improved, while the policy and legal environments are gradually improved. The results also reveal that the investment environment difference between the eastern and central/western area is reduced.