中文摘要：

基于知识外溢的理论视角，以2004～2012年对美国的直接投资项目为样本，考察进行逆向投资的中国跨国企业的选址行为，重点检验集聚效应对选址决策的影响。研究够果表明，母国企业集聚效应和当地产业集聚效应都是影响中国企业区位选择的重要因素，母国企业集聚效应的吸引力高于产业集聚效应的吸引力。在兼并投资模式下，母国企业集聚效应弱化，而当地产业集聚效应增强；与非国有企业相比，国有企业对母国企业集聚效应的响应程度较低。研究结论揭示了集聚效应对中国企业区位决策影响的一般性、非对称性和异质性。

英文摘要：

Based on the knowledge spillover perspective, using a database of Chinese subsidiaries invested in the United States during 2004~2012, this paper investigates location behavior of upstream Chinese OFDI and focuses on examining the impacts of agglomeration economies on location decision. The empirical results indicate that high country-of-origin and/or high local industrial agglomeration are among determinants of attracting Chinese subsidiaries, and the marginal effect of same country-of-origin activities is larger than that of local industrial activities. Subsidiaries with M＆A mode exhibit a weaker preference for country-of-origin agglomeration and a stronger preference for local industrial agglomeration than those with Greenfield mode do. Meanwhile, state-owned subsidiaries are less likely to seek country-of-origin agglomeration effect than private subsidiaries do. The above findings reveal the generalization, asymmetry and heterogeneity of agglomeration effect in location choice of Chinese OFDI.