Abstract: This paper changes the traditional behavior oriented-research respective, attempts to constructs the purpose driven research about China's OFDI through the establishment of mixed panel model, and analyses the role of two kind of internal forces (market driving and natural resources driving) in China's OFDI. The result indicates that China's OFDI has obvious market seeking and resources seeing features. The absolute and relative market size of host country significantly influence China's OFDI, and compared to developed host countries, the natural resources from developing host country has significant attraction for China's OFDI. In the control variable, bilateral trade connection, the host country market openness and mild inflation also have positive affect on OFDI, finally the political risk from host country is negatively related with OFDI.

摘要： ：本文改变了以往对于对外直接投资动因采用行为导向的研究思路，而试图从对外直接投资的目的导向入手，以中国OFDI为例，通过建立混合面板模型，分析了市场驱动和自然资源驱动两种内在力量在中国OFDI中的作用。通过研究发现，中国OFDI具有明显的市场寻求和资源寻求特征，中国OFDI受东道国绝对和相对市场规模的影响显著，且相对于发达东道国家，发展中东道国的资源对于中国OFDI具有显著的吸引力。此外在控制变量中，双边贸易联系、东道国市场开放程度以及温和的通胀都与OFDI也存在积极的正向关系，最后东道国政治风险与OFDI呈现负相关关系。