中文摘要：

文章利用2007-2009年中国对103个国家或地区的直接投资数据进行面板分析,考察了现有研究理论与经验假说对中国对外直接投资的适用性。结果表明：这三年来中国对外直接投资以市场导向型为主,特别表现为追随开放程度较高的国家或地区。虚拟变量验证解释了目前中国对外投资主要以对发展中国家投资的＂南-南＂型为主,同时,也表现出以市场追寻为目的的北美和欧洲市场的快速增长。而汇率、通货膨胀率、投资保护制度、自然资源禀赋与距离等不是影响中国对外直接投资的主要因素。最后,在实证分析的基础上从政府和企业两方面提出了相应的政策建议。

英文摘要：

This paper conducts a panel analysis based on the data of China＇s OFDI in 103 countries or regions during 2007-2009,and results show that over the past three years,China＇s OFDI was mainly market-oriented,particularly reflecting the fact that OFDI prefers countries or regions with high openness.The dummy variables verify that the current OFDI mainly flows to the developing countries and is mainly of ＂South-South＂ type.Meanwhile,it also shows the rapid growth of China＇s OFDI in North America and Europe.Exchange rate,inflation rate,investment protection,natural resource endowments and distance are not the major factors that affect China＇s OFDI.Finally,some policy recommendations to the government and enterprises are put forward.