摘 要：在中国吸引外商直接投资的活动中，美国一直扮演着举足轻重的角色。作为中国重要的投资来源国，美国一直处于我国吸引外资的前列。同时，最早进入中国进行较大规模投资活动的也是美国企业。美国在华直接投资不仅给中国带来了现代化建设所需的资金，而且在促进中国产业结构调整，繁荣经济，促进中美关系发展等方面发挥了巨大作用。

　　　本文试图探讨美国对华直接投资影响因素的内在规律，构造适合分析美国对华直接投资影响因素的框架。首先根据相关的对外直接投资的经典理论和崔新健的DS模型对美国对华直接投资的性质进行了判断，确定美国对华直接投资的流量是由需求方因素所决定，即是由我国的区位因素所决定。在对区位因素和美国对华直接投资有了一个比较全面的了解过后，就进入了实证分析部分。本文根据以往对此的研究，选取了其中最重要的几个因素进行实证分析，包括中美贸易开放程度、市场变量、基础设施、经济集聚效应和优惠政策。

　　　最后分析得出结论：中美贸易开放程度和市场变量在美国对华直接投资中起到了重要的促进作用，基础设施、经济集聚效应也对美国对华直接投资起到了一定的作用，另外我国一系列的优惠政策在吸引美国对华直接投资方面也起到了重要的作用。文章最后提出了一些合理的政策建议，希望这些政策的实施能够提高我国吸引美资的竞争力。

关键词：美国；对华直接投资；决定因素

ABSTRACT：America plays an important role in the inflow of foreign direct investment in China．After China’s policy of reform and opening up to the outside world, America is the earliest country in entering into China and investing much capital in China．American direct investment in China not only bring funds for Chine’s development to modernization，but also promote adjustment of China’s industrial structure，boom China’s economy, and improve Sino-US relations and so on．

　　　This paper tried to explore the inherent principle for the factors which affect FDI from

America to China and constructed the model suitable for analyzing the above factors.

　　　According to some connected classical theories and model of DS made by cuixinjian．We were sure that FDI from America to China Was decided by demand-side factor. After we had a comprehension about location factors and FDI from America，we would enter into the empirical study．In this sector, model．We choose some important factors including sizable market、industrial conglomeration、infrastructure、favorable policy and so on.

　　　The results for American investors regarded the sizable market as the important factors. significant．American investors were more sensitive to the change of exchange rate．in addition，Favorable policies promoted the investment from America to some extent．At last，we gave some policies，I hoped those policies could be helpful for upgrade Our competence abilities on attracting FDI from America．

Keywords: America；Direct investment in China；Determinants