中国对外直接投资的所有制差异及其东道国效应——以“一带一路”沿线国家为例

The Ownership Differences of China's Foreign Direct Investment and Its Host Country Effect——Taking the countries along the One Belt and One Road as an example

基于资本密集型和劳动密集型行业的两部门模型,刻画了中国不同所有制类型资本进入"一带一路"沿线国家时的差异化行为逻辑。实证结果表明:中国对外直接投资能够显著促进"一带一路"沿线国家的发展,前提条件是要素价格正确反映要素的相对稀缺程度。现实中,政府对"一带一路"倡议的大力支持一定程度上降低了资本的相对价格,诱使中国资本尤其是国有资本偏向进入资本密集型行业,导致中国对外直接投资对沿线国家的收入增进效应、就业改善效应、制度进步效应逐渐下降甚至消失,该结论在控制沿线国家发展阶段以及进行分样本检验时依然稳健。

Based on the two-sector model of capital-intensive industries and labor-intensive industries;this paper portrays the logic of differentiated behavior when Chinese state-owned-companies and private enterprises choose which industry to enter. The research shows that China's foreign direct investment can significantly promote the development of countries along the One Belt and One Road,but the precondition is that the factor price correctly reflects the relative scarcity of the factor.In reali- ty,the government's strong support for the Belt and Road Initiative has reduced the relative price of capital to a certain extent, which induced Chinese capital,especially state-owned capital to move into capital-intensive industries,and the result is that the effect of income growth,employment improvement and institutional"progress have gradually declined or even-disappeared. This conclusion is still stable when controlling the development stage of countries along the route and conducting sub-sample tests.