制度因素、双边投资协定与中国对外直接投资区位选择——基于“一带一路”沿线国家面板数据

Institutional Factors,Bilateral Investment Treaties and China's OFDI Location Selection——Based on the Panel Data of Countries along "The Belt and Road"

本文利用2009-2015年中国与46个"一带一路"沿线国家和103个非"一带一路"沿线国家面板数据,运用双重差分法检验得出"一带一路"倡议显著促进了中国对沿线国家直接投资,此外研究中国对"一带一路"沿线国家直接投资区位选择的决定因素发现:中国对"一带一路"沿线国家直接投资具有显著的市场寻求动机;在制度环境良好的前提下,东道国低成本劳动力资源和自然资源显著促进中国OFDI;双边投资协定的签订显著促进中国对沿线制度较差国家直接投资。

By using the Panel data of 46 countries along " The Belt and Road" and another 103 countries in 2009-2015 and using the double differential method to test,we find that " The Belt and Road" Initiative significantly promotes China's OFDI in countries along it. At the same time,research on the determining factors of China's location choice of OFDI in the countries along " The Belt and Road" states that China's OFDI in the countries along " The Belt and Road" has a significant market seeking motive; Under the background of good institutional environment,low-cost labor resources and natural resources in the host countries significantly promote China's OFDI; Bilateral Investment Treaties significantly promote China's OFDI in the countries with worse institutions.