关键词: 投资经验 , 序贯投资 , 区位选择 , 条件Logit模型

Abstract:

This paper breaks through the traditional static analysis methods and firstly tests the influence of previous experience on the location choice of Chinas OFDI firms from dynamic and sequential perspective. Through the subdivision of previous experience by sources and the distinction of sequential investment into two situations, this paper adopts the conditional Logit model and uses the matched data of Chinas OFDI firms during 2000-2010 to make the empirical specification. The results indicate that on the one hand firms would rely on the previous experience from others to entry the sequential market and this “herd effect” is more evident in the single investment firms; On the other hand, for the multiple investment firms, the effects of experience to the location choice in descending order is as follows: selfexperience has far greater effects than the experience from others, the selfexperience from the same market has greater effects than the selfexperience from the similar markets, and the others experience from the same industry also has greater effect than the experience from different industries.

Key words: investment experience , sequential investment , location choice , conditional Logit model