| Outward foreign direct investment from developing countries becomes important economic phenomenon in today's world. As these phenomena can not be explained by the traditional investment theory, foreign and domestic scholars try to explain outward foreign direct investment from developing countries in comparative technological advantage or technology accumulation. In recent years, the development of institutional study has provided us with a new perspective and analytical framework.This paper takes the theory of developing countries'outward foreign direct investment as starting point, the theory of Investment Development Path as standing point, expand its scope in economic determinants of OFDI, takes the level of economic development, foreign direct investment, the level of exports into the research framework. On this basis, the study takes the institutional determinants into consideration, analyzes the role of the institutional environment and policy support in developing countries' outward foreign direct investment.This paper uses a panel data sample of 36 countries and the period 1984 to 2008, divides the sample by the level of economic development, investigates the role of different determinants of outward foreign direct investment in the various countries with different stages of development, reveal the law of different determinants of OFDI. The results show that economic determinants of OFDI have a significant increasing impact on the different developing stages countries, institutional environment in developing countries has significant impact on their OFDI with both positive and negative incentive, some factor of institutional environment in developed countries have significant impact on their OFDI with negative incentive only, Policy support in all the countries has a positive impact on OFDI, but significance inconsistencies. At the end, the study makes several policy recommendations:improve the level of economic development and the quality of foreign direct investment, enhance levels of export products, optimize the system environment, and construct foreign direct investment promotion system. |
