In the context of the establishment of China-ASEAN Free Trade Area, the FDI from China to ASEAN is increasing rapidly. This paper makes an empirical research to examine determinants of FDI from China to ASEAN using panel data from 2005-2009 and FGLS method. The result shows ASEAN＇s market scales, infrastructure conditions, China＇s exports to ASEAN are positive and significant determinants of China＇s FDI to ASEAN, while ASEAN＇s exchange rates （direct quotation）, wages, taxes are negative and significant determinants. Empirical results are consistent with theories and expectations, indicating that market-seeking and elliciency-seeking are the motivations of China＇s FDI in ASEAN. Based on the results of empirical research, this paper proposes suggestions to promote China＇s direct investment in ASEAN.%在中国-东盟自由贸易区成立的背景下，中国对东盟的直接投资快速增长。本文采用快速广义最小二乘法（FGLS），利用2005—2009年的面板数据，对中国对东盟直接投资的决定性因素进行了实证性研究。研究表明，东盟各国的市场规模、基础设施状况、中国对东盟的出口均是中国对东盟直接投资显著的正相关影响因素；而东盟各国的汇率（直接标价法）、工资、税收均是显著的负相关的影响因素。研究结果与相关理论和研究预期一致，表明市场寻求动机和效率寻求动机是中国对东盟直接投资的动机。根据研究结果，本文提出建议以促进中国对东盟的直接投资。
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