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국가 하부단위의 제도 환경과 대외직접투자 : 중국 성 단위 패널자료를 통한 분석

Sub-national Institutional Environments and Outward Foreign direct Investment: Evidence from province-level panel data in China

한병섭
아태지역연구센터 (The Asia-Pacific Research Center)|2015.05|중소연구|제39권 제1호|pp. 173-203|DOI 10.21196/aprc.39.1.201505.005

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참고문헌

키워드

제도중국ChinaInstitution시장화Marketization대외직접투자Outward foreign direct investment하부지역Sub-national

초록

본 연구는 중국 하부지역단위 수준에서의 제도발전 수준이 대외직접투자 실행에 미치는 영향에 대해서 분석했다. 연구대상 기간은 2002년부터 2011년 말까지며, 연구대상 지역은 31개 성·시·자치구이다. 각 지역의 제도발전 수준은 시장화지수로 일컬어지는 NERI Index를 사용해서 측정했다. 분석에 사용된 자료가 패널이고, 종속변수가 대외투자 실행 건수이기 때문에 패널 포아송 모형을 통해 실증분석했다. 분석 결과, 중국 각 하부지역 단위의 전반적인 시장화 수준이 높을수록대외투자가 상대적으로 더 많이 발생하는 것으로 나타났다. 시장화 요인들의 영향력을 하부 구성 항목별로 살펴본 결과, 정부의 개입도가 상대적으로 낮은 지역, 국유기업보다는 비국유기업의 경제활동 비중이 높은 지역, 그리고 지적재산권 등과 같은 법 제도가 상대적으로 발달한 지역의 경우, 대외투자가 상대적으로 더 많이 발생하는 것으로 나타났다. 기타 변수들 중에서는 시장의 규모가 큰 지역 그리고 임금 수준이 상대적으로 높은 지역의 경우에 대외직접투자가 더 많이 발생하는것으로 나타났다.

Abstract

This study investigated the relationship between sub-national institutional environments and outward foreign direct investment in China. The research period is from 2002 to 2011 and 31 cities, provinces and autonomous regions are analyzed. The level of institutional development is measured with the NERI index. Because the dependent variable is the number of outward foreign direct investment of each region, we analyzed it with the Panel Poisson regression model. Empirical analysis results show that the region with a higher degree of overall marketization made more outward foreign direct investments. We also analyzed the effects of sub-factors of the NERI index and found that the relatively more outward foreign direct investment is made in the region where government intervention is relatively low, the share of economic activity of private firms is relatively high, and law system such as protection of intellectual property rights is relatively developed. For other independent variables, market size and wage level of regions have significantly positive effects on outward foreign direct investment.

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