双边投资协定有助于美国的对外直接投资吗？--基于能源行业的实证研究

Do Bilateral Investment Treaties Increase America's Foreign Direct Investment?——An Empirical Evidence from Energy Industry

双边投资协定是两国政府层面所签订的具有法律约束效力的文本安排,其目的在于保护和促进两国间的双边直接投资,对对外直接投资产生了重要影响。本文基于美国2006年至2013年间能源行业的面板数据,通过分析得出如下结论:第一,双边投资协定对美国能源行业的对外直接投资存在着促进作用;第二,双边投资协定对处于不同区域的国家对外直接投资的效果存在着差异;第三,东道国吸引对外直接投资仍然需要立足于本国的制度环境建设和法治水平的提高,单纯依靠双边投资协定的签订来吸引对外直接投资的效果有限。

Based on the panel data of United States listed companies in energy industry from 2006 to 2013, this paper provides national level and industrial level analysis, gets the conclusions as followed： firstly, in U. S. energy industry, BITs increase the flow of FDI throughout the world; secondly, among different regions in the world, the promotion effects of BIT on FDI varies; thirdly, host country has to focus on its own investment environment building and increases its rule of law. Totally relying on BIT to attract FDI, the effect is limited.