本文在系统总结发展中国家对外直接投资的基础上,提出了发展中国家FDI的三种模式:学习型、竞争策略型和市场势力型,分别代表着从低级阶段到高级阶段的发展演进过程。实证分析表明,大多数发展中国家的对外直接投资已度过了初期的学习型FDI阶段,正处于学习型与竞争策略型FDI的混合阶段,极少数发展中国家的跨国公司正酝酿进入更为高级的市场势力型FDI阶段。 Based on a systematic review of FDI in developing countries, this paper presents three models of FDI in developing countries: learning, competitive strategies and market forces, which represent the evolution from low to high level respectively. Empirical analysis shows that in most developing countries, OFDI has passed through the initial stage of learning FDI and is in the mix stage of learning and competitive strategy FDI. Very few TNCs in developing countries are brewing into more Advanced market forces FDI stage.