双边投资协定(BIT)对中国OFDI区位选择的影响

The Influence of Bilateral Investment Treaties on Location Choice of China's Outward Foreign Direct Investment

双边投资协定(BIT)通过两国间政策安排的方式,降低了跨国投资者的投资门槛与风险,促进了中国OFDI的发展。但由于双边投资协定(BIT)签署国之间客观存在的发展水平与制度环境差距,其对中国OFDI影响的方式及程度可能存在明显的国别差异。利用2005—2012年中国对57个发展中国家的OFDI数据,通过面板校正标准差模(Panel-Corrected Standard Error,PCSE)考察了双边投资协定(BIT)与中国OFDI区位选择的关系。从检验结果看:双边投资协定对中国OFDI具有促进作用,而且这种促进作用对低制度环境国家更加明显。

The Bilateral Investment Treaties,through the way of policy arrangement between two countries,reduce the investment threshold and risks of investors,and promotes the development of China＇s Outward Foreign Direct Investment.But because the gap of development level and institutional environment really exists among the signatories of bilateral investment treaty（BIT）,the national differences may obviously exist in the way and degree of its influence on China＇s OFD.This paper,using the panel data covering 57 developing countries during 2005-2012 by PCSE model method,explores the relationship between the bilateral investment treaties and China＇s OFDI location choice.The results indicate that：the BITs promote China＇s OFDI,and this influence is more significant in low institutional countries.