双边关系影响中国对外直接投资的路径分析——基于中国与代表性国家的分析视角
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摘要
在新时代中国全方位对外开放格局下,准确把握双边关系对中国对外直接投资的影响,有助于中国企业在"走出去"的过程中有的放矢。根据清华大学提供的中国与代表性国家的双边关系值,结合中国对外直接投资动机,构建双边关系与中国对外直接投资的计量经济模型,实证检验前者对后者的影响。研究发现,中国对外直接投资规模与双边关系正相关,即双边关系质量的提升有助于中国对外直接投资的增加;中国对外直接投资的市场寻求动机明显;东道国资本丰裕度与中国对外直接投资呈负向关系。
In the context of China's all-round opening-up in the new era, an accurate understanding of the impact of bilateral relations on China's OFDI would help Chinese enterprises aim at a specific target in the process of "going out". Based on the value of bilateral relations between China and representative countries provided by Tsinghua University and the motivation of China's OFDI, the econometric model of bilateral relations and China's OFDI is constructed to empirically test the influence of the former on the latter.The results show that the scale of China's OFDI is positively correlated with bilateral relations, the improvement of the quality of bilateral relations is conducive to the increase China's OFDI; the market seeking motive of China's OFDI is obvious; the capital abundance of the host country has a negative effect on China's OFDI.
In the context of China's all-round opening-up in the new era, an accurate understanding of the impact of bilateral relations on China's OFDI would help Chinese enterprises aim at a specific target in the process of "going out". Based on the value of bilateral relations between China and representative countries provided by Tsinghua University and the motivation of China's OFDI, the econometric model of bilateral relations and China's OFDI is constructed to empirically test the influence of the former on the latter.The results show that the scale of China's OFDI is positively correlated with bilateral relations, the improvement of the quality of bilateral relations is conducive to the increase China's OFDI; the market seeking motive of China's OFDI is obvious; the capital abundance of the host country has a negative effect on China's OFDI.
引文
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[2]高飞.中国的“西进”战略与中美俄中亚博弈[J].外交评论(外交学院学报), 2013,(05):39-50.
[3]Schneider F, Frey B S. Economic and political determinants of foreign direct investment[J]. World Development, 1985,13(2):161-175.
[4]杨连星,刘晓光,张杰.双边政治关系如何影响对外直接投资——基于二元边际和投资成败视角[J].中国工业经济, 2016,(11):56-72.
[5]Jensen N M. Democratic Governance and Multinational Corporations:Political Regimes and Inflows of Foreign Direct Investment[J]. International Organization, 2003,57(3):587-616.
[6]Bandelj N. Embedded Economies:Social Relations as Determinants of Foreign Direct Investment in Central and Eastern Europe*[J].Social Forces, 2002,81(2):411-444.
[7]Desbordes R, Vicard V. Foreign direct investment and bilateral investment treaties:An international political perspective[J]. Journal of Comparative Economics, 2009,37(3):372-386.
[8]Mourao P R. What is China seeking from Africa? An analysis of the economic and political determinants of Chinese Outward Foreign Direct Investment based on Stochastic Frontier Models[J]. China Economic Review, 2018,48:258-268.
[9]郭宏.公共政策与中国企业的跨国投资[J].外交评论(外交学院学报), 2012,(04):81-96.
[10]潘镇,金中坤.双边政治关系、东道国制度风险与中国对外直接投资[J].财贸经济, 2015,(06):85-97.
[11]刘晓光,杨连星.双边政治关系、东道国制度环境与对外直接投资[J].金融研究, 2016,(12):17-31.
[12]王永中,赵奇锋.风险偏好、投资动机与中国对外直接投资:基于面板数据的分析[J].金融评论, 2016,(04):1-17.
[13]王毅.构建以合作共赢为核心的新型国际关系[J].国际问题研究, 2015,(3):1-6.
[14]傅钧文,周琢,徐建炜.国际经济学国际理论前沿全球价值链与失衡[M].上海:上海社会科学院出版社, 2017.
[15]Kolstad I, Wiig A. What determines Chinese outward FDI?[J].Journal of World Business, 2012,47(1):26-34.
[16]顾雪松,韩立岩,周伊敏.产业结构差异与对外直接投资的出口效应——“中国-东道国”视角的理论与实证[J].经济研究,2016,(04):102-115.