A Study On The Location Choice Of Chinese Enterprises' OFDI

With the advance of global integration,outward foreign direct investment and foreign direct investment in the world have been developing rapidly.In particular,since the international financial crisis and the European sovereign debt crisis,emerging economies have gradually become the main force to promote economic globalization.Outward foreign direct investment has also become an important measure for the "new normal" China's sound and rapid economic development.Therefore,in order to actively promote and implement China's"one side along the way" economic development strategy,from the theoretical and practical aspects,to study how enterprises can achieve internationalization,and what the determination the Chinese enterprises to go out of the determinants.And the impact of corporate outward foreign direct investment of the factors of location selection and other issues have important theoretical and practical significance.In theory,in order to reveal the decision-making mechanism of the location choice of Chinese enterprises' outward foreign direct investment foreign,this paper divides the enterprise's outward foreign direct investment decision into how to "go out" and "where to go",respectively,on the enterprise "going out" strategy of discrete choice behavior and market entry into the discrete game activities of the two decision-making mechanism for theoretical research.In the empirical analysis,658 outward foreign direct investment businesses from 2005 to 2014 were used as samples,and the binary discrete selection model and the static discrete game model were established under the condition of controlling the sample self-selection bias effect.The theoretical analysis results carry out empirical tests.The study shows that the strategy of "going out" of listed companies depends on the financial status,profitability,scale of enterprises,the degree of internationalization of equity and the volume of overseas business.In addition,the host country market choice of outward foreign investment enterprises is not only affected by the host country investment environment.And bilateral trade agreements and other factors,and state-owned enterprises and private enterprises have a demonstration effect on Chinese enterprises in outward foreign direct investment;the same time,the choice of outward foreign investment enterprises to host market is the game into the game nash equilibrium;in particular,there is no incentive to obtain the natural resources of the host country.