本研究主要探討自2003年至2009年間影響中國對外直接投資(OFDI)的因素。實證結果發現中國對全球的OFDI主要受到地主國的GDP、周圍市場潛力、空間效應、燃料出口以及擁有共同語言等因素所影響。並且發現中國OFDI決策存在重要的第三國效應(third-country effects)。整體而言，中國對全球的OFDI類型為複合垂直式的投資模式，中國對已開發國家的OFDI類型亦為複合垂直式，但對開發中國家的OFDI則是著重於周圍的市場潛力或鄰近區域龐大的第三國市場。依區域分類，中國對亞太區、非洲及歐洲國家的OFDI類型屬複合垂直式的投資行為，而對美洲國家的OFDI類型屬水平式的投資行為。再者，對於如石油、鋼鐵和煤礦等資源的對外投資模式，中國較傾向到開發中或非洲國家進行投資。

The study investigates the determinants and motivations of China's outward FDI (OFDI) stock with a spatial gravity model over the period from 2003 to 2009. Empirical results first show that the key determinants including GDP, Surrounding-market potential, spatial effects, fuel exports and common language have a significant impact to China's OFDI. In most specifications, the spatial lag is statistically significant as well. This implies that the third-country effects matter. Secondly, the results further reveal China’s OFDI are of being complex-vertical type in the worldwide. Third, we find that China’s investment in African and other developing countries mainly focus on natural resources such as oil. Finally, the market-seeking and resource-seeking motivations are two key factors to drive China’s OFDI.

一、 中文文獻
陳契盈， 「由專利資料分析我國之研發產出及其關聯」 ，碩士論文，國立中央大學，中壢 (2000)。
二、 英文文獻
Anderson, J. E. (1979). A Theoretical Foundation for the Gravity Equation. American Economic Review, 69(1), 106-116.
Anderson, J. E., & Wincoop, E. v. (2003). Gravity with Gravitas: A Solution to the Border Puzzle. American Economic Review, 93(1), 170-192.
Anselin, L. (1988). Spatial Econometrics: Methods and Models. Kluwer Academic Publishers, Boston, MA.
Antonucci, D., & Manzocchi, S. (2006). Does Turkey Have a Special Trade Relation with the EU? A Gravity Model Approach. Economics Systems, 30(1), 157-169.
Benassy-Queŕe, A. e., Fontagńe, L., & Lahŕeche-Ŕevil, A. (2001). Exchange-Rate Strategies in the Competition for Attracting Foreign Direct Investment. Journal of the Japanese and International Economies, 15(2), 178-198.
Baltagi, B. H., Egger, P., & Pfaffermayr, M. (2007). Estimating Models of Complex FDI: Are there third-country effects? Journal of Econometrics, 140(1), 260-281.
Bergstrand, J. H. (1985). The Gravity Equation in International Trade: Some Microeconomic Foundations and Empirical Evidence. Review of Economics and Statistics, 67(3), 474-481.
Bergstrand, J. H. (1989). The Generalized Gravity Equation, Monopolistic Competition, and the Factor-Proportions Theory in International Trade. The Review of Economics and Statistics., 71(1), 43-153.
Bergstrand, J. H., & Egger, P. (2004). Distance, trade, and FDI: A Hausman-Taylor SUR approach. Journal of Applied Econometrics, 103(1), 101-118.
Blonigen, B., Davies, R., Waddell, G., & Naughton, H. (2007). FDI in space: Spatial Autoregressive Relationships in Foreign Direct Investment. European Economic Review, 51(5), 1303-1325.
Blonigen, B. A., Davies, R. B., Naughton, H. T., & Waddell, G. R. (2008). Spacey parents: Spatial Autoregressive Patterns in Inbound FDI. In S. Brakman & H. Garretsen (Eds.), Foreign Direct Investment and the Multinational Enterprise. Cambridge, MA: MIT Press.
Buckley, P. J., & Casson., M. (1976). The Future of the Multinational Enterprise. New York: Holmes and Meier.
Chang, S.-C. (2009). Horizontal and Vertical Intra-industry Trade and Firm's Investment Strategies: Evidence from the IT Industry in the Asian, EU and US Markets. Global Economic Review, 38(1), 63-76.
Chang, S.-C., & Lai, F.-T. (2011). Intra- and Inter-Continental Service Trade in the Travel and Tourism Industry, Tourism Economics (forthcoming).
Chen, C., Chang, L., & Zhang, Y. (1995). The Role of Foreign Direct Investment in China' s POST-1978 Economic Development. World Development, 23(4), 691-703.
Chen, H., & Chen, T.-J. (1998). Network Linkages and Location Choice in Foreign Direct Investment. Journal of International Business Studies, 29(3), 445-467.
Chen, T.-J., & Ku, Y.-H. (2000). The Effect of Foreign Direct Investmen on Firm Growth: The Case of Taiwan's Manufacturers. Japan and the World Economy, 12(2), 153-172.
Cheng, L. K., & Ma, Z. (2007). China's Outward FDI: Past and Future, Working Paper.
Cheung, Y.-W., & Qian, X. (2009). Empirics of China's Outward Direct Investment. Pacific Economic Review, 14(3), 312-341.
China Ministry of Commerce. (2009). Statistical Bulletin of China’s Outward Foreign Direct Investments. September 2010.
Cushman, D. (1988). Exchange-rate uncertainty and Foreign Direct Investment in the United States. Review of World Economics, 124(2), 322-336.
Czinkota, M. R., & Ronkainen, I. A. (1998). International Marketing. Harcourt Brace College Publishers: US.
Deardorff, V. A. (1998). Determinants of Bilateral Trade: Does Gravity Work in a Neoclassical World? In Jeffrey A. Frankel (ed.), The Regionalization of Economy. Chicago: Univerty of Chicago Press.
Dunning, J. H. (1977). Trade, Location of Economic Activity and the MNE: a Search for an Eclectic Approach, in Ohlin, B. et al. (Eds), The International Allocation of Economic Activity, Proceedings of a Noble Symposium Held in Stockholm. Macmillan, London.
Dunning, J. H. (1988). The Eclectic Paradigm of International Production:A Restatement and Some Possible Extensions. Journal of International Business Studies, 19(1), 1-31.
Eaton, J., & Kortum, S. (2002). Technology, Geography, and Trade. Econometrica, 70(5), 1741–1779.
Ekholm, K., Forslid, R., & Markusen, J. R. (2007). Export-platform Foreign Direct Investment. Journal of the European Economic Association, 5(4), 776-795.
Fidrmuc, J. (2009). Gravity Models in Integrated Panels. Empirical Economics, 37(2), 435-446.
Francois, J. (2001). The Next WTO Round: North-South Stakes in New Market Access Negotiations. Adelaide: Centre for International Economic Studies.
Garretsen, H., & Peeters, J. (2009). FDI and the Relevance of Spatial Linkages: Do Third-Country Effects matter for Dutch FDI? Review of World Economics, 145(2), 319-338.
Grunfeld, L. A., & Moxnes, A. (2003). The Intangible Globalization: Explaining the Patterns of International Trade in Services. Discussion Paper 657. Norwegian Institute of International Affairs, Oslo.
Greenwood, J., & Yorukoglu, M. (1997). 1974. Carnegie-Rochester Conference Series on Public Policy, 46, 49-95.
Grosse, R., & Trevino, L. J. (1988). Foreign Direct Investment in the United States: An Analysis by Country of Origin. Journal of International Business Studies, 27(1), 139-155.
Head, K., & Mayer, T. (2004). Market Potential and the Location of Japanese Investment in the European Union. Review of Economics and Statistics, 86(4), 959-972.
Head, K., Ries, J., & Swenson, D. (1995). Agglomeration Benefits and Location Choice: Evidence from Japanese Manufacturing Investments in the United States. Journal of International Economics, 38(3-4), 223-247.
Hejazi, W. (2009). Does China Receive more Regional FDI than Gravity would suggest? European Management Journal, 27(5), 327-335.
Helpman, E. (1984). A Simple Theory of International Trade with Multinational Corporations. Journal of Political Economy, 92(3), 451-471.
Hymer, S. H. (1960). The International Operations of National Firms: A Study of Direct Foreign Investment. Ph. D. Thesis, MIT: Published by MIT Press under Same Title in 1976.
Jan, F., & Jarko, F. (2009). Foreign Languages and Trade. CEPR Discussion Papers 7228.
Karemera, D., Oguledo, V. I., & Davis, B. (2000). A Gravity Model Analysis of International Migration to North America. Applied Economics 32(1), 1745-1755.
Kimura, F., & Lee, H. H. (2006). Gravity Equation in International Trade in Services. Review of World Economics , 142(1), 92-121.
Kindleberger, C. P. (1969). American Business Abroad: Six Lectures on Direct Investment. New Haven, Yale University Press.
Kojima, K. (1978). Direct Foreign Investment: A Japanese Model of Multinational Business Operations. Croom Helm, London.
Lall, S. (1983). The New Multinationals: The Spread of Third World Enterprises. Chichester; NY: Wiley.
Lejour, A., & de Paiva Verheijden, J. W. (2007). The Tradability of Services within Canada and the European Union. The Service Industries Journal, 27(4), 389-409.
Lennon, C. (2006). Trade in Services and Trade in Goods: Differences and Complementarities. PSE Working Papers 2009, 53.
Linnemann, H. (1966). An Econometric Study of International Trade Flows. North-Holland Publishing Company, Amsterdam.
Loree, D. W., & Guisinger, S. E. (1995). Policy and Non-Policy Determinants of U.S. Equity Foreign Direct Investment. Journal of International Business Studies, 26(2), 281-299.
Makino, C-M., L., & R-S., Y. (2002). Asset-Exploitation Versus Asset-Seeking: Implications for Location Choice of Foreign Direct Investment from Newly Industrialized Economies. Journal of International Business Studies, 33(3), 403-421.
Markusen, J. R. (1984). Multinationals, Multi-Plant Economies, and the Gains from Trade. Journal of International Economics, 16(3-4), 205-266.
Miroshnik, V. (2002). Culture and International Management: A Review. Journal of Management Development, 21(7), 521-544.
Poyhonen, P. (1963). A Tentative Model for the Volume of Trade between Countries. Weltwirtsch. Arch., 90(1), 93-99.
Park, S.-C. (2002). Measuring Tariff Equivalents in Cross-Border Trade in Services. Korea Institute for International Economic Policy Working Paper, 2-15.
Ragazzi, G. (1973). Theories of the Determinants of Direct Foreign investment. IMF Staff papers, 20.
Smith, K. (2002). What is the Knowledge Economy ? Knowledge intensity and distributed knowledge bases. Discussion Paper. United Nations Univeristy, Institute for New Technologies, Maastricht, The Netherlands.
Souza, C. D., & Peretiako, R. (2005). Cultural Impact on Investment Destination choice of US-Multinational Corporations in Australia. Cross Cultural Management: An International Journal, 12(3), 14-31.
Stone, S. F., & Jeon, B. N. (2000). Foreign Direct Investment and Trade in the Asia-Pacific Region: Complementarity, Distance and Regional Economic Integration. Journal of Economic Integration, 15(3), 460-484.
Tinbergen, J. (1962). Shaping the World Economy：Suggestions for an International Economic Policy. The Twentieth Century Fund, New York.
United Nations Conference on Trade and Development. (2010). World Investment Report 2010. July 2010.
Vernon, R. (1966). International Investment and International Trade in the Product Cycle. Quarterly Journal of Economics, 82(2), 190-207.
Veugelers, R. (1991). Locational Determinants and Ranking of Host Countries: An Empirical Assessment. Kyklos, 44(3), 363-382.
Walsh, K. (2008). Trade in Services: Does Gravity Hold? . Journal of World Trade, 42(2), 315-334.
Wells, L. T. (1977). The Internationalisation of Firms from Developing Countries, in Agmon, T. and C. P. Kindleberger. (eds.), Multinationals from Small Countries. Cambridge, MA: MIT Press.
Wells, L. T. (1983). Third World Multinationals: The Rise of Foreign Investment from Developing Countries. Cambridge: The MIT Press.
Winter, S. (1984). Schumpeterian Competition in Alternative Technological Regimes. Ournal of Economic Behaviour and Organization, 5, 287-320.
Yeaple, S. R. (2003). The Complex Integration Strategies of Multinationals and Cross Country Dependencies in the Structure of Foreign Direct Investment. Journal of International Economics, 60(2), 293-314.