中文摘要：

走出去战略是构建中国开放型经济新格局的重要举措。文章基于中国要素市场化进程较为滞后这一特征事实,构建Heckman两阶段模型;基于工业企业样本数据,利用MLE法对要素市场扭曲对企业对外直接投资的影响进行实证分析。研究结果表明,要素市场扭曲程度越高,企业对外直接投资倾向及其强度越高;分内外资属性看,相对内资企业,要素市场扭曲显著提高了三资企业对外直接投资倾向及其强度;分所有制性质看,要素市场扭曲提高了国有企业对外直接投资倾向及其强度,针对民营企业的估计结果与之相反;分地区看,要素市场扭曲提高了东部地区企业对外直接投资倾向及其强度;分行业属性看,要素市场扭曲提高了劳动密集型企业和资本密集型企业的对外直接投资倾向及其强度,对技术密集型企业对外直接投资倾向及其强度则产生了不利影响。据此,需推进要素市场的市场化进程,促进企业对外直接投资可持续增长。

英文摘要：

Going out strategy is an important measure to construct the new pattern of open economy in China .Based on the fact that the process of China＆#39;s factor market is lagging behind , this article constructs the Heckman two stage model , based on the sample data of industrial enterprises , and analyzes the influence of the factor market distortion on the outward direct investment by MLE method .The results show that：the de-gree of factor market distortion is higher , the tendency and intensity of outward direct investment are higher;in view of the capital attribute , relative to domestic enterprises , factor market distortion has significantly in-creased the tendency and intensity of outward direct investment of joint -venture enterprises; in view of the nature of ownership , the factor market distortion enhances the tendency and intensity of outward direct invest-ment of state-owned enterprises , the estimate results of private enterprises is the contrary;in view of the re-gion, the factor market distortion has increased the tendency and intensity of outward direct investment for the enterprises in the east;in view of the industry attribute , the factor market distortion improves the tendency and intensity of outward direct investment for the labor intensive enterprises and capital intensive enterprises , which has a negative impact on the tendency and intensity of outward direct investment for the technology in -tensive enterprises .