중국 도시 투자환경이 해외직접투자 유입에 미치는 영향 = The Impact of City-level Investment Climate on Foreign Entry Location Decisions in China

다국어 초록 (Multilingual Abstract)

This study investigated the impact of the city-level investment climate (market size, agglomeration, corporate income tax rates and infrastructure quality) on foreign entry location decisions in China amongst the 160 cities with a population more than 1 million from 1996 to 2015. The result indicated that the market size and agglomeration had significant positive effects and corporate income tax rates had significant negative impact on foreign direct investment inflows within the Chinese cities. We also introduced three variables (length of paved road, water supply, electricity supply) for measuring the infrastructure quality of Chinese cities. Our results showed that water supply had a significant positive effect, whereas length of paved road and electricity supply had no significant effects on FDI inflows.
Furthermore, this study divided the long sample period into three sub periods—1996 to 2000, 2001 to 2007, 2008 to 2015— and undertook additional analysis on the relationship between the investment climate and foreign direct investment inflows. The results indicated that in the first period(1996-2000), corporate income tax rates had significant negative impact on foreign direct investment inflows, while the effects of market size, agglomeration, infrastructure quality were not significant. In the second period(2001-2007), market size, corporate income tax rates, length of paved road, water supply had significant effects on foreign direct investment inflows. In the third period, market size, agglomeration, water supply had significant positive effects on FDI inflows. We discuss the implications of these findings for researchers and practitioners and suggest future research directions.

국문 초록 (Abstract)

본 연구는 1996년부터 2015년까지 중국의 100만 이상의 인구를 보유한 160개 도시들을 대상으로 도시 투자환경의 특성과 해외직접투자 유입건수 간 관계를 분석하였다. 실증분석 결과에 따르면, 도시의 투자환경을 구성하는 시장규모, 집적도, 기업소득세율이 중국 내 도시 해외직접투자 유입에 유의한 효과를 나타내었다. 인프라 발달 수준의 경우, 포장도로 길이와 전기 공급량은 해외직접투자 유입에 유의한 효과를 미치지 않는 가운데, 물 공급량은 유의한 정(+)의 효과를 나타내었다. 또한 시기별 분석을 통해 1996년-2000년, 2001년-2007년, 2008년-2015년의 세 시기를 대상으로 시장규모, 집적도, 기업소득세율, 인프라 요인들이 해외직접투자 유입에 주는 영향을 면밀히 살펴보았다. 분석 결과에 따르면, 1996년-2000년 기간에는 도시의 기업소득세율이 해외투자유입에 통계적으로 유의한 부(-)의 영향을 미치는 반면, 시장규모, 집적도 인프라 발달 수준은 해외투자유입에 영향을 미치지 못하였다. 2001년-2007년 기간에는 시장규모, 기업소득세율, 포장도로 길이, 물 공급량이 유의한 영향을 미치는 것으로 나타났다. 마지막으로 2008년-2015년 기간에는 시장규모, 집적도, 물 공급량이 해외직접투자 유입에 통계적으로 유의한 정(+)의 효과를 나타냈다.

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