中国企业对外直接投资与对外间接投资的互动关系研究

Research on the Interaction Between Foreign Direct Investment and Foreign Portfolio Investment of China’s Enterprises

文章采用2007~2018年中国上市公司对外直接投资、对外间接投资与世界银行东道国匹配数据,运用面板联立方程模型,实证检验了中国企业对外直接投资和对外间接投资之间的互动关系,结果表明:直接投资对间接投资表现为较强的促进作用,当东道国经济发展程度较高、投资环境较好时,企业对外直接投资增加将带动其对外间接投资增长;而间接投资对直接投资则有微弱的抑制作用,特别是当东道国汇率上升时,企业基于套汇动机的对外间接投资增加,却由于购买力下降导致其对外直接投资减少.此外,投资方式以及产权性质在一定程度上会影响中国企业对外直接投资与对外间接投资之间的相互作用关系.

Based on the matching data of foreign direct investment(FDI)and foreign portfolio investment(FPI)of China’s listed companies and the host countries of the World Bank from2007 to 2018,this paper empirically examines the interaction between FDI and FPI of China’s enterprises by means of the panel data simultaneous equation model.The results show that FDI plays a strong role in promoting FPI.When the host country enjoys higher degree of economic development and better investment environment,the increase in the enterprises’FDI will drive the growth of their FPI.However,FPI exerts a weak inhibitory effect on FDI,especially when the exchange rate of the host country rises,the enterprise’s FPI which is based on arbitrage motivation increases,but its FDI decreases due to the decline of purchasing power.In addition,the way of investment and the nature of property rights will affect the interaction between FDI and FPI of China’s enterprises to some extent.