Abstract

Since the 21st century, with China's reform and opening up, China has welcomed the rapid development and growth brought by the opening up of its economy, and China's investment strategy has slowly shifted to the international market. The trade and foreign direct investment between China and ASEAN have also received much attention in academia, with rich academic achievements in recent years. However, few studies have studied the impact factors and investment performance of enterprise heterogeneity on the location selection of direct foreign investment of Chinese enterprises from the perspective of micro-level enterprise data, with even fewer academic research focused on China-ASEAN studies.

Based on the above background, this paper will focus on the discussion and analysis of enterprise location investment decisions by taking enterprise heterogeneity factors and host country factors as cross-factors. First of all, this paper analyzes the various characteristics using the published data of China's investment in ASEAN from 2004 to 2013. In the empirical regression part of the paper, it combines the enterprise heterogeneity factors and the host country location factors into the Logit model to explore how the host country factors affect the investment decisions of enterprises in ASEAN. Therefore, this paper tests the grouping regression and corporate regulatory effect of the ten ASEAN countries, and finds that the corporate factor and the host country factor offset each other to a certain extent. This paper further expands the feasibility of the research on ASEAN location investment based on the theory of enterprise heterogeneity, and also provides a supplementary perspective for the relationship between enterprise heterogeneity and location selection strategy.

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