| As the main way of participating in international division of labor and opening to the outside world, Foreign Direct Investment(FDI) is an important link of sustaining the development of the world economy. With the development of China’s “going out” strategy, China’s FDI has obtained remarkable achievement on the scale and number of investment countries. However, the investment structure of geographical distribution shows that the small investment is the main style; large-scale investment is highly concentrated in a few countries and regions. Under the “New Normal”, it is particularly important to make reasonable layout of China’s OFDI location selection, optimize their motives and location advantage of host country and maximize the foreign direct investment to achieve win-win development to cope with the complicated and changeable international and domestic environment.On the basis, this paper reveals the characteristics of China’s foreign direct investment in the new period and its development trend by the analytical frame of International direct investment location choice theory from the perspective of investment motivation of home country. On the one hand, this paper empirically research on the influence factors of location choice of China’s OFDI to capture the characteristics of location selection of China’s OFDI; On the other hand, this paper empirically research on the effect of China’s OFDI on import and export trade and reverse technology spillovers to answer whether China’s OFDI location choice lead to a win-win development. Finally, propose the measures of location choice of China’s OFDI and “going out” strategy at present based on the two hands of research. Through the empirical analysis, this paper obtains the following conclusions:First, it is shown that market seeking model is the main investment motives of China’s OFDI under the diversified investment motives. The main investment motives of China’s OFDI are divided into the technology-seeking in developed economies technology, the market-seeking in emerging economies and developing countries and the resource-seeking in countries with abundant resources. The market-seeking is the main investment motive both OFDI flow and stock and the share of technology-seeking and resource-seeking gradually increased. From 2003 to 2012, the proportion of OFDI flow and stock of market-seeking decreased from 87.9% and 92.2% in 2003 to 71.0% and 77.4%. However, the proportion of OFDI flow and stock of technology-seeking increased from 6.5% and 3.0% in 2003 to11.8% and 10.0% in 2012, the proportion of OFDI flow and stock of resource-seeking increased from 5.6% and 4.8% in 2003 to17.3% and 12.6% in 2012.Second, China’s foreign direct investment are forming unique development path under the diversified investment motives. The development history of OFDI over the world experienced the “multipolarity” development process after the Second World War to the 1990 s. After the 21 st century, China’s OFDI began to become a rising star in the size and location choice. In the late 1970 s, China began to appear the thought of opening to the outside world. In August 1979, the policy of “going abroad to do business” pulled open the prelude of China’s OFDI. In March 2000, the strategy of “going out” accelerated the pace of China’s OFDI. China’s mode of opening economy has achieved remarkable results on the side of overall size, industry structure and location choice with 30 years development under the diversified investment motives. From 2003 to 2012, the OFDI flow and stock respectively increased 47.9%, 34.0%. The OFDI flow reached 87.8 billion dollar in 2012 and became the third largest foreign direct investor in the world. It is described that the industry structure gradually moves from the heavy industry with low value-added, intensive labor and low profit to the services with high added value, intensive technology and high profit, rendering service the good trend of international direct investment. The number of OFDI flow and stock countries expanded from 99 and 129 in 2003 to 153 and 177 in 2012, which covering 77.4% and 81.0% of countries in the world.Third, the location choice of China’s OFDI in different countries and regions shows different preferences in institution under the diversified investment motives. The institutional of host countries is the important factors of influencing the decision of OFDI. This paper investigates the effects of the politics, economic and legal institutional factors of host countries on the investment choice and investment scale of Chinese technology-seeking, market-seeking and resource-seeking OFDI from the perspective of the investment motivations of home country and the institutional quality of host countries, the two-stage Heckman selection model and the modified investment gravity model are employed for the empirical study based on the non-financial OFDI data from 142 host countries over the period of 2003 to 2012. Our findings suggest that: The scale of China’s OFDI prefers to advantageous institutional environment, but the choice of China’s OFDI prefers to disadvantageous institutional environment. Diversified investment motivations of home countries had a significant and different institutional preference on the location choice of China’s OFDI. In other word, the expansion of China’s technology-seeking OFDI scale hardly depend on the advantageous institutional environment, but the market and resource-seeking OFDI are the contrary, such as political stability and absence of violence, government effectiveness, regulatory quality and control of corruption.Fourth, the location choice of China’s OFDI in different countries and regions shows different trade effects under the diversified investment motives. Import and export is the important carrier of international trade, and the effect of OFDI location choice on import and export trade is the first and direct feedback. Therefore, from the perspective of investment motivation of home country, this paper empirically examines the effect of China’s OFDI on import and export with multinational panel data from 2003 to 2012 of 106 hosting countries by the expanded investment gravity model from the overall samples and three kinds of motivations. The results show that creative effects of the location choice of China’s OFDI on import and export remarkably exist. In other words, technology-seeking OFDI has significantly creative effect on import, while market-seeking has significantly creative effect on export, and resource-seeking OFDI has significantly creative effect on import and export.Fifth, the location choice of China’s OFDI in different countries and regions shows different reverse technology spillovers effects under the diversified investment motives. Technology is the continuous source of economic development and reverse technology spillover effect is the deepest level of the feedback about the effects of OFDI. Therefore, from the perspective of investment motivation of home country, based on the mechanism analysis of China’s OFDI reverse technology spillover effect, using the international panel data of OFDI stock with 76 countries as well as regions and 29 provincial panel data from 2003 to 2012, this paper examines the OFDI reverse technology spillover effect on TFP and regional difference from three kinds of investment motivations, including technology-seeking, resource-seeking and market-seeking by expanded CH model and instrument variables methods. It is concluded that OFDI reverse technology spillovers effects on the growth of TFP in central regions is significantly positive. Under the drive of diversified investment motives, the positive OFDI reverse technology spillovers effect mainly comes from market-seeking OFDI from emerging economies and developing countries under the present stage of “going out” strategy.By the research on the influence factors, trade effects reverse technology overflows effects of China’s OFDI location choice, it is verified that the theory of international direct investment location choice is applied in the developing countries. With the analytical framework of relevant problems, the beneficial policy about China’s OFDI location choice and the strategy of “going out” are obtained. Under the “new normal”, as adjustment of highly concentrated investment structure, the reasonable matching their investment motives with the investment risk of host country system to optimize the investment is the guarantee to realize win-win development strategy of “going out” path. At the same time, as the increase of investment and trade protectionism, adjusting investment motivation by consolidating and strengthening the market-seeking model OFDI under the lead of comparative advantage, taking more attention on resources-seeking OFDI, intensifying the technology-seeking OFDI, trying to transfer the traditional market-seeking OFDI to the technology-seeking OFDI is the guarantee to realize win-win development strategy of “going out”.With the status improvement of China’s OFDI in the world, the research about China’s OFDI location choice will continue to get the attention of scholars both at home and abroad, and the research can be carried out from several aspects in the future: efficiency-seeking OFDI location choice; more strict and meticulous research conclusion will be obtained with the micro data and suitable method; the effect of the difference of the investment subject and industry on China’s OFDI location choice; the possible change of institution preference of China’s OFDI location choice under the adjustment of investment structure; the effect of technology absorption efficiency on China’s OFDI reverse technology overflows effect; the effect of China’s OFDI location choice on industry development and employment of home country. |
