中国对日直接投资影响因素的研究

Abstract:This paper studies influencial factors of China’s ODI in Japan，and empirically tests these factors through co-integration analysis and error correction model. The results show that the rapid growth of the domestic economic scale significantly promoted the ability of China’s ODI in Japan;there was a substitute effect between China’s ODI in Japan and China’s exports to Japan;the appreciation of the RMB has increased China’s ODI in Japan;Japan’s direct investment in China as a technology spillover channel also contributed to the growth of China’s ODI in Japan，while the influence coefficient is very small;for Chinese capital and financial market still have a high degree of regulation，the effect of interest rate differential between these two countries was weak.

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