中文摘要：

通过对56家珠三角企业的调查,发现区位条件、政策法律、生产成本、基础设施水平和产业配套能力是影响企业发展的5个最主要的投资环境因素。基于此,文章构建了珠三角区域投资环境的评价指标体系,并采用层次分析法,分别针对珠三角劳动密集型产业和技术密集型产业的投资环境变化进行研究,结果显示：对劳动密集型产业而言,投资环境是有所弱化;对技术密集型产业而言,投资环境是有所改善。同时,从生产成本、区位条件、优惠政策和产业配套等方面对影响珠三角投资环境变化的原因进行了分析。最后,提出了推动产业升级、产业转移、加强＂三旧＂改造、实现区域一体化等改善投资环境和促进产业发展的建议。

英文摘要：

Based on the investigation and in-depth interviews with 56 enterprise CEOs and managers in the Pearl River Delta（PRD）, this paper addresses that location, policies and laws, production costs, infrastructure and the supporting capacity of industry are five determining factors that influence the development of enterprises. By establishing the index evaluation system, this paper makes use of Analytic Hierarchy Process method to analyze the investment environment changes of the labor-intensive industries and the tech-intensive industries. The result shows that the investment environment now is more favorable to technology-intensive industries rather than labor-intensive industries. Meanwhile, we make a further analysis on the reasons influencing investment environment for the PRD in production costs, location, policies and laws and the supporting capacity of industry and so on. Finally, in order to improve the investment environment in the PRD, we suggest that the government should speed-up industrial upgrading and encourage the industry transfer; redevelop the old factories, old villages and old towns to release more land; and foster regional integration.