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1 论文标题
China’s Outward Direct Investment: Evidence from a New Micro Dataset
2 作者信息
Wei Liao Kevin K. Tsui
3 出处和链接（比如，NBER working paper No.11000）
http://www.hkimr.org/cms/upload/publication_app/pub_full_0_2_324_WP%20No.17_2012%20(Final).pdf
4 摘要
More than seventy percent of China’s outward direct investment (ODI), according to the Ministry of
Commerce statistics, is invested in Hong Kong, the British Virgin Islands, and the Cayman Islands.
Using a unique micro-level dataset collected by the Heritage Foundation that documents individual ODI
transactions, we first show that the official statistics and the Heritage Foundation measure of China’s
ODI are correlated only in the sample of non-haven economies, because the official statistics treat tax
havens as final destinations rather than transit points. On average, a dollar increase in the Heritage
Foundation measure of ODI is associated with less than a fifteen cent increase in the official ODI
among the non-haven economies, and the downward bias is even larger for investment in energy. We
also document that the sharp increase in the official ODI to Hong Kong coincides with the rise in the
Heritage Foundation measure of ODI to OECD countries since 2007. Finally, we show that some of the
well-documented stylized facts about the pattern of China’s ODI are artifacts of the mismeasurement of
the official data. For instance, contrary to previous findings, we find no evidence that China’s ODI is
attracted to host countries with poor governance, and that neither cultural proximity nor geographical
distance is a major determinant of China’s ODI. Furthermore, the Heritage Foundation data suggest
that the resource seeking motive of China’s ODI is at least as strong as the market seeking motive.
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