Abstract: 　　　This article compare the effect between cost of international trade and institutional environment on FDI location using 120 city data. We find that foreign companies heavily dependending on international market, domestic transport costs affect the FDI location significantly; foreign companies to enjoy national treatment in protection of property rights and other aspects, is not sensitive to the level of protection of property rights, contract execution efficiency, and the degree of government intervention . This conclusion has nothing to do with the sample selection, and are not subject to the variable impact of infrastructure, market size, foreign agglomeration and economic geography.

摘要： 　　　本文使用世界银行城市数据定量比较了国际贸易成本与产权保护水平、契约执行效率、政府干预程度等制度环境对FDI区位选择的影响。研究发现外企高度依赖国际市场，国际贸易成本显著影响了FDI区位选择；融资的便利和母国政府的支持，推行纵向一体化导致其产业链有闭合趋势等因素，使外企对当地制度环境并不敏感。本文分析表明，有必要进行全国性运输改革以提升中西部内陆地区对FDI的吸引力。