中国企业OFDI研究:基于制度质量和政府参与的视角

The Research of Chinese OFDI——Based on the Perspective of Institutional Quality and Government Involvement

在分析传统对外直接投资决定理论基础上,揭示了母国制度因素和政府作用对于发展中国家和转型经济体OFDI的重要作用.以中国企业OFDI为例,建立计量经济学模型,检验和分析了中国制度质量和政府参与两类变量与OFDI之间的长期均衡关系.研究发现:表征制度质量的法律与秩序、政府稳定性、官僚体系质量及腐败等四个基本因素和表征政府参与的所有权程度与政府政策两个变量均对中国企业OFDI产生了显著正向影响,控制变量中的经济增长对OFDI有的影响是正向的,汇率和出口依存度对OFDI的影响是负向的.据此,提出要通过加强对国家经济风险的评估预警系统建设、建立健全双边和多边投资保护体系等来化解国家经济风险的不利影响.

Based on the analysis of traditional foreign direct investment decision theory, this paper revealed the impor- tant effect of motherland institutional factor and government involvement of the developing countries and transition economies on OFD1. Taking China enterprise OFDI as an example, after establishing econometrics model, this paper tested and analyzed the long-term equilibrium relationship between Chinese institutional quality, government involvement and OFDI. The study shows that characterization institutional quality（including law and order, government stability, the bureaucratic system quality and corruption and so on） and government involvement（including the ownership of the government and government policies） produce significantly positive influence on the Chinese enterprise OFDI, the control variable such as economic growth has posi- tive influence on OFDI, exchange rate and the export dependence are negative with OFDI. Accordingly, this paper puts forward strengthening the assessment of the risks, constructing early warning system, establishing the bilateral and muhilateral invest- ment protection system to solve the national economy such as the risk of adverse effect.