The Location of China’s Outward Foreign Direct Investment:TOFDI vs. HOFDIChinese Full Text

Wang Fangfang Zhao Yongliang

Abstract: Through the model of firm heterogeneity,this paper focuses on dividing OFDI into trade deriving type（TOFDI） and horizontal type（HOFDI）,and examines the locational distribution of OFDI based on 10126 samples.The results show that trade and investment costs are the threshold variables in the both type of OFDI;the higher the productivity level,the more likely the firms taking HOFDI;the location of TOFDI tends to Asia,and HOFDI in favor of Africa,Latin America and Oceania,but in Europe and North America making no obvious differences.This paper finds that TOFDI is more sensitive to institutional settings（in favor of low-risk market）;in the location with higher fixed costs,firms are more inclined to give up direct TOFDI but in favor of indirect trade services OFDI;it also finds that the risk sensitivity of central enterprises（especially the institutional risk） are lower than the local businesses.This study suggests that the government needs to guide firms to circumvent the risks through OFDI geographic diversification,and enhance risk awareness and interest-oriented of central enterprises OFDI.

Keywords：

贸易引致型OFDI; 企业异质性; 区位分布; 多元态模型;

DOI：
10.13516/j.cnki.wes.2013.07.006
Series：
Subject：
Classification Code：
F832.6;F224

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The Location of China’s Outward Foreign Direct Investment:TOFDI vs. HOFDIChinese Full Text

Wang Fangfang Zhao Yongliang

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