Savings,Corporate Governance,Financial Structure and Outward Foreign Direct Investment:A Cross-Country Empirical Study
基于41国1995-2003年面板数据，研究发现储蓄、经济发展和贸易开放度显著正向影响一国的对外直接投资水平，且中国OFDI模式与其他国家无显著差异。
As an important way of the internationalization of Chinese enterprise,China's outward foreign direct investment(OFDI)has grown rapidly in recent years.Is there any significant difference between China's OFDI and the pattern of other countries around the world,especially in savings,corporate governance and financial structure which consist of the sources of cheap financial capital for China's enterprises? Based on a panel data of 41 main countries during 1995～2003,regression results indicate that a country's OFDI level is significantly and positively affected by its savings,economic development and trade openness.China's OFDI does not show any difference from other countries in either the average pattern or the effect of savings,economic development and trade openness.The policy implications are as following:China's OFDI is consistent with the average economic pattern of other countries,and further engine of China's OFDI should mainly rely on its economic development measured by GDP per capita.