A Study On The Effect Of Ownership Differences On Foreign Direct Investment Of Enterprises

Foreign direct investment is one of the most important ways for our country to participate in the world economy.Under the guidance of the national "going out" strategy,the foreign direct investment of Chinese enterprises is cha racterized by enlargement of scale,extension and deepening of degree.By the end of 2016,China's net foreign direct investment(FDI)has set a historical highest value of 196 billion 150 million US dollars,which continues to hold the second largest in t he world,meanwhile China's investment stocks and flows are respectively ranked sixth and second in the world.It suggested that China is gradually shifting from a capital-importing country to a capital-exporting country.The special economic system of "public ownership as the main body and the common development of multiple ownership economy" has led to the initial stage of the development of foreign direct investment.The state-owned enterprises have been dominated by the ownership advantage,but in recent years,the proportion of non-stateowned enterprises,especially the private enterprises in foreign direct investment has been increasing in the number of foreign direct investment enterprises or the stoc k of foreign direct investment.Non-state-owned enterprises is increasingly becoming the main force of the foreign direct investment of Chinese enterprises.and private enterprises has increasingly become a main force of foreign direct investment.Different ownership enterprises have different characteri stics in the foreign direct investment behavior.Then what differences exist in the foreign direct investment of different ownership enterprises in China,and how the ownership difference affects the enterprises' foreign direct investment behavior,that is a subject worth probing into.This paper matches the 2003-2009 "Foreign Direct Investment Enterprises" with "Industrial Database" to obtain unbalanced panel data.Based on the perspective of ownership,we use the Logit model to examine the impact of owner ship differences on enterprises' s foreign direct investment motivation and location choice as well as its influence factors.In terms of investment drivers,the empirical results show that financing conditions are the main factors affecting foreign direct investment of ownership.State-owned enterprises consider national strategies and use financing facilities and policy support,thus their investment incentives tend to be resource-based.Under the dual pressure of domestic overproduction and financing cons traints,private enterprises' s investment fields tend to be commerce and trade services which is market-based investment incentives obviously.In the same time,foreign direct investment is mainly driven by strategic resource seeking.In terms of location selection,we classifies the host country into high-developing countries,middle-developing countries,and low-developing countries according to the level of HDI index,to test the impact of ownership on the location of corporate investment.The result dis play that ownership also affects the choice of corporate investment location.The high natural resource reserves of middle-developed countries have created huge attraction for state-owned enterprises.Meanwhile the private enterprises more willing to inve st in the middle development countries because of its relatively mild market competition and low entrance threshold make.Similarly foreign enterprises have no location preference.Based on the above research,the paper puts forward some countermeasures an d suggestions from the aspects of strengthening the government service,perfecting the financial service system,speeding up the transformation of the investment type and strengthening the capacity building of the enterprises themselves.The research on the difference of foreign investment motivation and location selection of various ownership enterprises in China has a certain theoretical and practical value for optimizing foreign direct investment in different ownership enterprises in China.The dissertation researches on the causes of foreign investment in different ownership enterprises in China.