本文建構中國大陸企業對外投資的政策分析架構，並運用一般化最小平 方法，檢證中國大陸企業海外投資的動機與策略。研究時間為2003 年至 2010 年，對象包括128 個國家。實證結果顯示：中國大陸企業海外投資的動 機符合政策目標，並呈現差異化現象，即鎖定先進國家的市場、戰略資產與 技術，而開發中國家則為天然資源。同時，中國大陸政府還給予開發中國家 外援，降低其企業在當地的政治風險。換言之，中國大陸對外投資政策與制 度具有影響力。

The aim of this study is to apply the policy analysis approach with Chinese characteristics, and to adopt the generalized least squares（GLS） method to examine the motivations and strategies of the Chinese outward foreign direct investment（OFDI）in 128 foreign countries（regions） during 2003-2010. The primary findings are that the Chinese OFDI motives are in line with its state policy objectives and also appear to contain differentiation strategies. It means that the Chinese OFDI aimed at the markets, strategic assets and technology in the advanced countries; while looking for natural resources in developing countries. In addition, the Chinese government applied the official development assistance（ODA）to the developing countries in order to reduce local political risks for its OFDI. In general, the Chinese state policies and institutions have influences on its OFDI abroad.