东道国制度环境对中国OFDI的影响研究——基于“一带一路”倡议
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摘要
本研究通过随机效应模型构建中国与"一带一路"沿线国家对外直接投资(OFDI)、中国与东道国政治制度差异、双边投资协定(BIT)之间关系的理论模型。本文创新性地将BIT作为调节变量进行研究,选取中国对"一带一路"沿线50个国家5年的(2012-2016年)OFDI样本数据进行随机效应模型实证分析,研究表明:中国与东道国之间的制度差异对"一带一路"沿线国家OFDI产生抑制作用,但通过签订双边投资协定,可以有效地弱化这种抑制作用。本文建议中国企业在对"一带一路"沿线国家进行投资时,应及时辨别中国与东道国之间的制度差异,并尽早签订高效、全面的双边投资协定,对本国投资行为进行有效保护,做到利益最大化。
In this study,a random effects model is used to construct a theoretical model of the relationships between China and countries along the Belt and Road(B&R) in OFDI and the connection between China and host countries in differences of political systems and bilateral investment treaty(BIT).This paper innovatively studies the BIT as a moderator variable,selects China's OFDI in 50 countries along the B&R within five years(2012-2016) as sample data,and conduct an empirical research through the random effects model.The research shows that the institutional difference between China and the host country had an inhibitory effect on the OFDI of countries along the B&R,but the effect can be effectively weakened by the signing of the BIT.It is suggested that when investing in countries along the B&R,Chinese enterprises should timely identify the institutional differences between China and the host country,and reach efficient and comprehensive BITs as soon as possible to protect their investment behaviors and maximize their interests.
In this study,a random effects model is used to construct a theoretical model of the relationships between China and countries along the Belt and Road(B&R) in OFDI and the connection between China and host countries in differences of political systems and bilateral investment treaty(BIT).This paper innovatively studies the BIT as a moderator variable,selects China's OFDI in 50 countries along the B&R within five years(2012-2016) as sample data,and conduct an empirical research through the random effects model.The research shows that the institutional difference between China and the host country had an inhibitory effect on the OFDI of countries along the B&R,but the effect can be effectively weakened by the signing of the BIT.It is suggested that when investing in countries along the B&R,Chinese enterprises should timely identify the institutional differences between China and the host country,and reach efficient and comprehensive BITs as soon as possible to protect their investment behaviors and maximize their interests.
引文
[1] 刘敏,金山,李雨培.母国投资动机、东道国制度与企业对外直接投资区位选择[J].经济问题探索,2016,(8):100-112.
[2] 杨宏恩,孟庆强,王晶.双边投资协定对中国对外直接投资的影响:基于投资协定异质性的视角[J].管理世界,2016,(4):24-36.
[3] 张述存.“一带一路”战略下优化中国对外直接投资布局的思路与对策[J].管理世界,2017,(4):1-9.
[4] 王建,张宏.东道国政府治理与中国对外直接投资关系研究——基于东道国面板数据的实证分析[J].亚太经济,2011,(1):127-132.
[5] 贾霄锋,马千惠.经济新常态下我国商会融入“一带一路”战略探析[J].重庆理工大学学报(社会科学),2017,(2):50-55.
[6] Busse M,Hefeker C .Political risk,institutions and foreign direct investment[J].European Journal of Political Economy,2007,23(2):397-415.
[2] 杨宏恩,孟庆强,王晶.双边投资协定对中国对外直接投资的影响:基于投资协定异质性的视角[J].管理世界,2016,(4):24-36.
[3] 张述存.“一带一路”战略下优化中国对外直接投资布局的思路与对策[J].管理世界,2017,(4):1-9.
[4] 王建,张宏.东道国政府治理与中国对外直接投资关系研究——基于东道国面板数据的实证分析[J].亚太经济,2011,(1):127-132.
[5] 贾霄锋,马千惠.经济新常态下我国商会融入“一带一路”战略探析[J].重庆理工大学学报(社会科学),2017,(2):50-55.
[6] Busse M,Hefeker C .Political risk,institutions and foreign direct investment[J].European Journal of Political Economy,2007,23(2):397-415.