Productivity Heterogeneity，Host Country Factors，and Location Selection of Corporate OFDI ........................... ................................................................................................................................... JIN Z
（1.Changzhou Institute of Technology，Changzhou，Jiangsu213000，China；2.Nanjing Normal University，Nanjing，
Jiangsu210046，China）
Abstract：In addition to considering the factors of host country involved in traditional location theory，concerning location selection of multinational enterprises，we must also pay attention to the differences in heterogeneity factors such as enterprise productivity. However，consensus about the relation between host country factors and firm productivity in making the decision of location selection of corporate OFDI has not yet been reached，especially the role of productivity in the decision- making of location selection is vague and even disagreeable. After theoretical analysis and using the data of 1，891 overseas investment projects of 590 listed companies，the authors find that Chinese listed enterprises prefer to invest in countries or regions that have large market scale，higher salary，richer resources，higher level of industrial technology，shorter cultural distance，longer institutional distance，and better bilateral political relation；cost of accession is not the main factors they considered；the impact of geographic factors has been weakened；and the productivity of enterprises and the factors of host countries are complementary and alternative. The productivity of enterprises actually weakens the decisive value of the host country factors，which makes the multinational enterprises to overcome the constraint of host country factors，and makes them to consider more on their internal resources. And this will make some host countries that previously not attractive enough to become a destination of OFDI.
Key words：enterprise heterogeneity；host country factor；location selection；regulation effect
doi：10.14089/j.cnki.cn11-3664/f.2019.09.010引用格式：陈慧，杨宁.社会网络视角下在线品牌社群价值共创机制研究[J].中国流通经济，2019（9）：103-113.