중국 석유 산업 해외직접투자의 영향요인에 대한 분석

Abstract

China has become a net-importing country since 1993, the ratio of Dependence on foreign trade increases annually, and the Oil demand exceeds supply greatly, thus the OFDI of oil has become an effective method to ensure the safety of China's oil supply. Through the difficult course of more than a decade, the OFDI of China Petroleum Enterprise has achieved remarkable result, but there is still a big gap compared with the long and well developed transnational petroleum companies. The paper focuses on the influencing factors. Firstly, it analyses the background and current situation of China's Oil Industry OFDI, then considering the literature study and the character of the oil Industry itself, the paper analyses the influencing factors from aspects of the host country, the investor and others. Based on data from 1993 to 2012, this paper examines the effect of the per capital GDP, the exchange rate, the import volume of oil, the profit of oil mining and the international oil price on China's oil Industry OFDI. From the result of the empirical result, we could find that the per capital GDP and the international oil price have made positive and significant effect on the China's oil OFDI, while the oil dependence, the Foreign Funds and Gross Fixed Capital Formation made negative and significant effect. showing that China's oil Industry OFDI is resource-oriented, the investment returns is quite low. At the end of this study, this paper gives some advice to improve the investment basing on an overall consideration of macro level in country and micro level in companies. The policy has the following main aspects: macro policy support, the government should develop the financing and insurance service, build Policy system and develop bilateral trade relations to support our oil companies. Meanwhile, pay attention to management efficiency, enhance its own competitiveness and compete with the international oil market.

Key Words: Oil Industry, influencing factors, Empirical analysis.