중국의 도시별 외국인투자 입지 결정요인 공간적 분석

Spatial Analysis of Foreign Direct Investment in Chinese Cities

The determinants of foreign investment in Chinese cities are analyzed by year from 2011 to 2014 by using regression models. As a result of the empirical analysis, fixed assets investment indicating the agglomeration of the economy was found to have a statistically significant positive effect on foreign investment in all years under study and models. The average wage variable and per capita GRDP variables have statistically significant positive effect on foreign investment in general. It can be inferred that foreign investors do not consider the competitiveness of labor costs when investing in China, but rather consider the purchasing power of cities with high wage levels and per capita GRDP. This seems to be due to the fact that foreign investors in China have shifted from a manufacturing focus to the service industry and considered market factors in their decision of investment location. As for institutional factors, the designation of special economic zones or coastal open cities and national economic and technological development areas showed a statistically significant positive effect on foreign investment, while the other dummy variables such as Pearl River Delta, Yangtze River Delta and Bohai Rim Region did not have a statistically significant effect.