中国企业对印度直接投资的决定因素研究

摘要/Abstract

摘要： 随着印度经济的快速发展，印度已成为全球最有吸引力的投资热土之一，也是“一带一路”沿线重要国家，有巨大的投资市场。从深化中印产业产能合作和实现产业与技术转移的角度来看，中国企业对印度直接投资潜力巨大。通过考察中国企业对印度直接投资现状及特征，本文构建直接投资决定因素模型，分析中国企业对印度直接投资的决定因素。结果表明，中印经贸合作存在“印度人口红利与外国直接投资关系悖论”：从长期来看，印度人口红利对中国企业对印度直接投资影响很小；由于印度对外国直接投资的技术转让政策和“安全审查”，印度的科研投入对中国企业对印度直接投资的影响也很小。因此，印度市场规模、印度的研发投入和中国对印度的出口是影响中国对印度直接投资的主要因素，中国与印度的贸易摩擦对中国对印度直接投资产生影响。

关键词: 中国企业, 对外直接投资, 印度, 决定因素

Abstract: With the rapid economic development, India has become one of the most attractive investment hotspots in the world，and is an important country along the“Belt and Road”, which has a huge investment market. From the perspective of deepening Sino-Indian industrial capacity cooperation and realizing technological transfer, Chinese enterprises have great potential for direct investment in India. By investigating the status and characteristics of Chinese enterprises′ direct investment in India, the paper builds a determinant model of direct investment and empirically analyzes the determinants of Chinese enterprises′ direct investment in India. The results show that there is a “paradox on the relationship between Indian demographic dividend and foreign direct investment”: in the long run, India′s demographic dividend has little impact on Chinese enterprises′ direct investment in India; due to India′s technology transfer policy and “Safety Review” on foreign direct investment, India′s input in scientific research has little impact on Chinese companies′ direct investment in India. Therefore, the size of the India market, the R&D investment of India and the export of China to India are the main factors that affect China′s direct investment in India. The trade frictions between China and India have an impact on China′s direct investment in India.

Key words: Chinese enterprises, OFDI, India, determinants

龚秀国，谢向伟 . 中国企业对印度直接投资的决定因素研究[J]. 商业研究.

GONG Xiu-guo, XIE Xiang-wei. Research on the Determinants of Chinese Enterprises′ Direct Investment in India[J]. 商业研究.

参考文献

注释： ①“中企在印度掀起投资热潮去年投资额为2015年6倍多”［EB /OL］［2017-08-11］．人民网http://finance.people.com.cn/n1/2017/0215/c1004-29081439.html. ②数据来源：《中国对外直接投资统计公报2015》，印度商工部，印度商工部工业政策和促进总局，http://www.dipp.nic.in. 参考文献：［1］Tsai, P an-Long.Determinants of f oreign direct investment and its impact on economics growth［J］．Journal o f Economic Development, 1994,19 (1):137-163. ［2］Loree, D.and Guisinger, S. Policy and non-Policy Determinants of U.S.Foreign Direct Investment［J］．Journal of International Business Studies,1995,26(2):281-299. ［3］Garibaldi, P., Mora, N., Sahay, R. & Z., Jero min. What moves cap ital to transition Economies, IM F Staff Pa per s, V ol 48, Special Issue, Internatio nal M onetary Found,2001. ［4］Nunnenkamp, P.& J.Spatz. Determinants of FD I in developing countries: has globaliz ation changed the rules of the game?［J］．Transnacional Corpor ations, 2002,11(2)1-34. ［5］Campos, A., Nauro F.& K., Yuko. Why does FDI go where it goes ? New evidence from the transition economies, IM F W or king Paper, WP/03/ 228,2003. ［6］Dunning, J. Toward an eclectic theory of international p rod uction: some emp irical tests［J］．Journal of Internatio nal Business studie s, 1980,11:9-13. ［7］Johansson, J. and L., V ahlne. The internationalization process of the firm: a model o f knowledge development and increasing foreign market commitments［J］．Journal of Internatio nal Business S tudies, 1997,8(1):23-32. ［8］项本武.东道国特征与中国对外直接投资的实证研究［J］．数量经济技术经济研究,2009,26(7):33-46. ［9］Globerman, S. and D., Shapiro. Global Foreign Direct Investment Flows:The Role of Governance Infrastructure［J］．World Development, 2002,30(11):1909-1919. ［10］Barrell, R.& N., Pain. Trade restraints and Japanese direct investment flows［J］．Eu-ropean Economic Review,1999,43:29-45. ［11］Summary, R.and L.summary. The political economy of United States foreign direct investment in developing countries:anempirical analysis［J］．Quarterly Journal of Business and Economics,1995,34(3):80-93. ［12］龚秀国.“一带一路”建设对华贸易效应的实证分析［J］．四川大学学报(哲学社会科学版),2017(4):97-107.

[1]	章志华, 唐礼智, 孙林. 双向FDI协调发展、市场分割与绿色全要素生产率[J]. 商业研究, 2023, 65(5): 81-.
[2]	李增刚, 王典. 对外直接投资能否提升劳动收入份额？[J]. 商业研究, 2023, 65(4): 65-.
[3]	金靖宸. 基于比较优势动机的中国制造业对“一带一路”沿线国家直接投资区位选择研究[J]. 商业研究, 2023, 65(1): 68-.
[4]	程凯，杨逢珉 . 经济“脱实向虚”抑制了企业出口产品质量吗？[J]. 商业研究, 2020, 62(7): 15-25.
[5]	周健. 中国在亚洲失去人口红利优势了吗？ ——基于与东南亚部分国家和印度的比较分析 [J]. 商业研究, 2020, 62(6): 32-39.
[6]	陈伟，卢秀容. 东道国制度质量对中国农业ODI的影响[J]. 商业研究, 2020, 62(10): 10-20.
[7]	李建军1,2，胡宗义3，邓羽佳4. 中国对“一带一路”沿线国家直接投资区位选择 ——基于制度质量视角的经验研究 [J]. 商业研究, 2019, 61(8): 55-62.
[8]	李新剑1,2 . 中国企业海外并购合法性问题的历史演变 ——身份落差与群体认知的共演[J]. 商业研究, 2019, 61(3): 133-138.
[9]	陈培如1，冼国明2. 中国对外直接投资的就业效应 ——基于扩展边际与集约边际视角的分析[J]. 商业研究, 2018, 60(6): 161-169.
[10]	黎绍凯1，张广来2，张杨勋1. 东道国投资风险、国家距离与我国OFDI布局选择 ——基于“一带一路”沿线国家的经验证据 [J]. 商业研究, 2018, 60(12): 39-48.
[11]	侯文平1，苏锦红2. 中国对外直接投资区位选择影响因素研究 [J]. 商业研究, 2018, 60(1): 79-86.
[12]	包富华1,3，朱美宁2,3. 中国旅游业对外直接投资特征及其关联因素分析[J]. 商业研究, 2017, 59(7): 173-177.
[13]	符磊，任红，叶思雨 . 交易费用对我国对外直接投资的影响 ——基于我国31个省市2007-2015年面板数据的分析[J]. 商业研究, 2017, 59(12): 82-89.
[14]	魏占军1，杨宏恩2. 中国对外直接投资与能源进口 ——我国企业OFDI动机假设的实证检验[J]. 商业研究, 2017, 59(11): 82-87.