制度成本与OFDI的贸易效应——基于中国省级面板数据的实证研究

The Institutional Cost and the Trade Effect of OFDI——Empirical Research Based on Chinese Provincial Panel Data

从母国制度成本入手,将OFDI(Outward Foreign Direct Investment)投资动机、反向溢出理论与制度成本纳入到统一的分析框架内,探讨制度成本对OFDI投资动机、反向溢出的具体影响机制与效应.采用中国省级面板数据实证研究发现:在控制地区市场化程度之后,OFDI对母国的贸易效应不再为正,而是转为显著的负面效应;OFDI对母国的反向溢出及其贸易效应具有显著的"制度门槛"特征;OFDI对母国的贸易效应依赖于母国制度环境,地区市场化程度越高,OFDI对地区贸易的促进效应越强.降低制度成本对于促进对外开放与国内经贸的良性互动至关重要.

The specific impact mechanism and effecthow the institutional costs influence OFDI investment motive, reverse spillover effect and how the institutional cost influence the trade effect of OFDI are discussed through combi-ning the OFDI investment motivation theory, reverse spillover theory and institutional environment into a unified analysis framework from the angel of home country institutional environment. Furthermore, an empirical test on the above mechanism is analyzed by using China;s provinces panel data from 2003 to 2010. The estimation results show that the trade effect of OFDI f is no longer positive, or even to turn into a significant negative effect under the condi-tion of controlling the degree of marketization. It is shown that the home country ;s reverse spillover effect and the trade effect of OFDI have the significant effect of ＂ institution threshold＂ characteristic. The trade effect of OFDI on the home country is implemented by the local institutional quality improved. There will be a remarkable increase of trade effect of OFDI with the improvement of regional marketization. It is also shown that the improvement of the re-gional institutional quality is the key to promote the positive interaction between the opening and the domestic econ-omy.