| Nowadays,China has become the second largest exporter of outward direct investment(ODI)in the world,and the ASEAN region has become the region that receives the most ODI from China except China’s Hong Kong.However,there are many countries in the ASEAN region,which have great differences in governance environment,development level,resource reserve and other aspects.What impact will these factors have on China’s location choice for ASEAN ODI?What are the determinants of China’s ODI towards ASEAN? This paper discusses the above problems from two aspects of social governance and resource endowment.Throughout the existing research,mostly from the government governance,natural resources,economic level and other single dimensions of ODI location selection issues are analyzed,not only the index selection is relatively single,but also lack of consideration of the interaction between various factors.Based on this,through combing and summarizing the literature,this paper expands the factors of government governance to the factors of social governance composed of eight dimensions,and subdivides the resource endowment into four dimensions of factor endowment.It expounds the mechanism of social governance and resource endowment on the location selection of China to ASEAN ODI from multiple dimensions.Different from most empirical analysis using annual data of China’s macro ODI to study location selection,this paper uses 446 micro enterprise level China ASEAN ODI transaction data as research samples,and uses conditional logit model to analyze the impact of social governance and resource endowment on China’s ODI location selection,as well as the interaction between the two types of factors.The empirical results show that: in general,social governance and resource endowment have a significant impact on China’s location choice for ASEAN ODI.In specific factors,unlike China’s ODI in other regions,China’sODI facing ASEAN pays little attention to freedom of speech in social governance factors,and there is no obvious tax avoidance motivation.It prefers ASEAN countries with high administrative efficiency,perfect supervision and rule of law,and good corruption control.In resource endowment factors,China’s ODI prefers traditional labor and natural resource factors In addition,attention has also been paid to capital and technological elements,but there are problems that only focus on the current market situation and lack of attention to the future market potential and technological growth potential.In the consideration of interaction items,there are interaction effects between social governance and natural resource elements,and substitution effects with capital elements,which reflect the combination of social governance factors and different resource endowments,It will also have different impacts on China’s ODI to ASEAN.In the analysis of industrial effect,capital-intensive industries pay more attention to social governance factors than labor-intensive industries,and have a preference for factors.Capital-intensive industries have a preference for technical factors,while labor-intensive industries maintain a high preference for labor factors.Finally,based on the empirical conclusion,this paper puts forward countermeasures and suggestions on the location choice of China’s ODI facing ASEAN from the two levels of government and enterprises,in order to provide some reference for China’s ODI location choice in emerging markets such as ASEAN. |
