Abstract: Abstract: With the rapid development of China’s outward foreign direct investment ,the study on driving mechanism has been significant.Based on the “Strategy tripod” this paper studies driving mechanism of China’s outward foreign direct investment.Using a firm-level micro-data of Chinese listed companies in manufacturing industry, we consider three different levels of analysis variables-firm, industry and country . The result shows that China’s OFDI is positive influenced by such characteristics as scale and R&D inputs of the company, competition and technology intensity of the industry. There are three main conclusions: First, company resources, especially technical skills are the basis for outward direct investment; Second, scale of the company has a positive impact on the degree of internationalization .The scale economy can compensate the ownership disadvantage faced by “going out” companies; Third, outward direct investment is influenced by industrial characteristics. Those industries with high competition and technology intensity can go out fastly than other industries.

Key words: &ldquo, Strategy tripod&rdquo

摘要： 摘 要：随着中国对外直接投资的快速发展，对其动力机制的研究具有重要意义。本文基于“战略三角”的分析框架，利用117家中国制造业上市公司2007-2011年对外直接投资的微观数据，通过建立计数模型，实证检验中国对外直接投资的动力机制。结果表明，投资企业规模、企业R&D投入、产业竞争程度、产业技术密集度对中国企业对外直接投资有积极显著影响。结论主要有三点：一是企业的资源，尤其是技术能力是企业对外直接投资的基础；二是企业规模对企业国际化程度有积极影响，规模优势可以有效弥补企业“走出去”的所有权劣势；三是企业对外直接投资受行业特征的影响，竞争激烈的行业和技术密集度较高的行业对外直接投资进程高于其它行业。

关键词: &ldquo, 战略三角&rdquo