双边投资协定、制度环境和企业对外直接投资区位选择

Bilateral Investment Treaties,Institutional Environment and Outward FDI Location Choices of Firms——An Empirical Study of Chinese Listed Firms

双边投资协定是两国政府为了促进和保护双边投资签署的协议。作为特定的联系两国的双边制度因素,双边投资协定给企业提供了不同于国家制度环境的保护,因而对企业的投资区位决策产生影响。本文建立了关于双边投资协定、东道国制度环境与母国制度对发展中国家企业对外投资区位选择作用的研究框架。基于中国上市公司2003年至2009年对外直接投资的数据,本文有三点发现:首先,双边投资协定能够促进企业到签约国投资;其次,双边投资协定能够替补东道国制度的缺位,对于促进企业到制度环境较差的签约国投资的作用更大;此外,双边投资协定还能够弥补母国制度支持的不均衡性,对于帮助非国有企业到签约国投资有着显著的积极作用。

Bilateral Investment Treaty（BIT） is a bilateral agreement signed by two countries to promote and protect bilateral investments. As a specific bilateral institutional link of the home and host countries, BIT provides different protections from that of the institutional environments, thus exerting an influence on the FDI location strategies of the multinational firms. This study builds a framework of bilateral investment treaties, institutional environments of the home and host countries and outward FDI location choices of emerging market multinational firms. Using data of Chinese listed firms from 2003 to 2009, this paper shows that, （I） BITs encourage and promote investments of firms from one of the signatory countries to the other; （II） BITs have more effect in promoting firms to locate in signatory countries with a worse institutional environment; （III） BITs can help firms overcome the drawbacks of the institutions of home country and play a significant role in promoting non-SOEs to invest in signatory countries.