中国银行业对外直接投资区位选择探究(合并版).doc

我国银行业对外直接投资的区位选择探究 摘要： 银行业进行海外直接投资是当今跨国银行发展的大势所趋。2006年，中国银监会发出“鼓励中资银行走出去”的政策指令，明确对中国商业银行进行国际化经营给予政策支持。加快我国银行业海外扩张，首当其冲的是海外经营的区位选择问题，即我国商业银行要去哪个国家（地区）投资。本文采用规范分析与实证分析相结合的方法论证。实证研究部分采用面板数据，选取2003—2010年五大国有商业银行在17个样本国的商业存在为因变量，选取母国与东道国的双边贸易额、母国对东道国的投资额、东道国的人均GDP、东道国的金融开放度以及母国与东道国的地理距离为解释变量，回归检验中分别通过混合效应与随机效应结果对我国银行业OFDI区位选择的决定因素进行实证检验，发现这几个因素对中国银行业海外投资有不同程度的影响。最后结合我国银行业对外直接投资的概况，提出银行业OFDI区位选择的政策建议。 It is a tendence for those transnational banks to make overseas investment.In 2006, a policy aimed to encourage the Chinese banks to go global was put forward by the CBRC, making clear that the Chinese commercial banks supports to the international operations. Location choice is the first question we have to ask when doing overseas expansion,I.e.where do we choose to invest? This passage combine the Normative Analysis and positive analysis. We adopt the panel data in practical research, Take the 5 State-owned banks 17 sample business existences from the year 2003 to 20102 as pendent variable, and the bilateral trade , geographic distance between the home country and the host country , ,home country;s investment to the host country , hosts GDP, and financial openness as the explanatory variable. During the Regression examination, we had an empirical test to test the deciding factor of the OFDI with the cocktail effects and stochastic effects. And we find that those factors have different levels of influence to the overseas investment of chinas banking industry. Finally, combining the general situation of OFDI， we put forward some suggestions. 关键词：跨国银行 对外直接投资 区位选择 面板数据 Key words，transnational banks , FDI, location choice, panel sate 在经济全球化、金融自由化的今天，西方发达国家纷纷加快银行业对外直接投资的步伐。我国作为世界第二大经济体，在国际银行业中的竞争力和影响力却相当有限。区位选择直接关系到跨国银行优势的发挥, 影响到投资国的整个国际生产布局, 进而影响到投资国跨国银行对外直接投资活动的收益与成败。因此，银行业对外直接投资的区位选择逐渐成为理论界学者关注的焦点。 Nowadays, under the situation of globalization and financial freedom, western countries fasten their pace to invest overseas.though china is a second largest country in