The Determinants of Round—tripping FDI in China
研究中国返程投资FDI的决定因素，发现制度性因素（如差别待遇和资本管制）是根本原因，其中汇率影响最大，其次为资本管制、房价和税收。
Based on the outstanding performance of FDI in China in the financial crisis after the two tax systems into one reform,the paper focus on an interesting Chinese issue;round-tripping FDI.By employing an excess-profit model and VECM empirical model,the authors analyze the determinants of round-tripping FDI and then conclude that the institutions,i.e.the realizable discriminate treatment and capital regulation are the basic determinants.Among tax,exchange rate,housing price and capital regulation,which all play a role,but in terms of incidence,exchange rate is the most important determinant and capital regulation,housing price,tax decrease in turn.