Factor endowment， institutional distance and location choice of China's outward mining investment
HONG Shuifeng1， 2， DENG Yating1
(1.School of Economics and Management， China University of Geosciences， Wuhan 430074， China； 2.Regional Economic and Investment Environment Research Center， China University of Geosciences， Wuhan 430074， China)
Abstract：In the current complicated and volatile international situation， the difficulty and cost of China's outward mining investment are increasing. Focusing on overseas investment and mergers and acquisitions in the mining area， therefore， it is of great significance to investigate the location choice of China's outward mining investment from the perspective of factor endowment and institutional distance. Based on the data of China's outward mining investment in 50 countries from 2005 to 2020， the Poisson pseudo maximum likelihood (PPML) estimation method is adopted to analyze the impacts of factor endowment and institutional distance on the location choice of China's outward mining investment. The results show that natural resources endowment， labor endowment and institutional distance all have significant positive effects on outward mining investment. The impact of institutional distance on outward mining investment is asymmetric， and when making location choices enterprises prefer countries with better institutional environment. After 2014， the impact of overall resources endowment of host countries on outward mining investment weakens， while the impact of labor endowment on outward mining investment increases. There are complementary effects between discourse and accountability， level of rule of law， corruption control and natural resources endowment， while substitution effects exist between regulatory quality， level of rule of Law and labor endowment.
2023, Vol. 57 
