Study On The Influencing Factors Of The Spatial Distribution Of Hong Kong,Macao And Taiwan's Direct Investment In The Pearl River-Xijiang River Economic Belt

The degree of economic and trade exchanges between the four regions reflects the degree of contact and interaction between the regional economy of China's mainland and the economy of the separate customs area.As an important part of their economy and trade,Hong Kong,Macao and Taiwan's direct investment(referred to as Hong Kong,Macao and Taiwan's investment)should be attached more importance to its positive role in promoting economic and social development and technological innovation in the mainland of China.Therefore,this reality requires relevant researchers to take the Hong Kong,Macao and Taiwan's investment into consideration when discussing the development status of the China's mainland economic zones.Hong Kong,Macao and Taiwan's Investment follows the same operation rules of Foreign Direct Investment(FDI)in investment practice,but there are both commonness and difference in Investment motivation and internal driving mechanism compared with FDI.There have been abundant studies on FDI,which have laid an important theoretical foundation and research framework for the research on Hong Kong,Macao and Taiwan's investment.However,Hong Kong,Macao and Taiwan's investment is still relatively insufficient.Among them,the external characteristics and internal mechanism of spatial layout need to be studied urgently.Based on the above analysis,this paper,supported by the "location theory","agglomeration economy theory","comparative advantage theory" and "scale economy theory",takes the manufacturing enterprises from Hong Kong,Macao and Taiwan located in 19 prefecture-level cities of the Pearl River-Xi jiang River Economic Belt from 2003 to 2016 as the research object.Firstly,the sample of manufacturing enterprises from Hong Kong,Macao and Taiwan is described and classified.Secondly,using the Nearest Neighbor Index(NNI),Kernel density estimates,Moran index(Moran'I)correction model and panel(PCSE),generalized least squares method(FGLS)and spatial error model(SEM)and space dubin model(SDM),we analyze the quantitative relationship between the spatial distribution and influencing factors of Hong Kong,Macao and Taiwan's investment in the Pearl River-Xi jiang River Economic Belt.This paper discusses the influencing factors about the spatial distribution of Hong Kong,Macao and Taiwan's investment from institutional and non-institutional perspectives.Finally,based on the above analysis,this paper puts forward the main conclusions obtained from this study and the experience enlightenment,in order to provide some ideas for the development and optimization of the Pearl River-Xi jiang River Economic Belt.At the same time,this paper puts forward the direction and important questions that need to be further discussed in the future.The research findings of this paper are as follows:(1)The overall spatial layout characteristics of Hong Kong,Macao and Taiwan's investment(enterprises)are "Guangdong 'intensive',Yunnan,Guizhou and Guangxi 'sparse'";(2)Hong Kong,Macao and Taiwan's investment(enterprises)form a single core cluster pattern supported by "metropolitan circle-central city" in space,and there is no significant heterogeneity in spatial cluster characteristics of different types of manufacturing industry;(3)The overall spatial distribution of in Hong Kong,Macao and Taiwan's investment is the result of the comprehensive effect of four factors,namely,the overall spatial distribution of Hong Kong,Macao and Taiwan's investment is the result of the comprehensive effect of factors such as the dependence of foreign direct investment and industrial structure.Labor,capital and technology intensive industries are the most sensitive to export dependence,foreign capital dependence and foreign capital dependence,showing significant positive correlation.