“一带一路”背景下东道国金融发展与我国企业对外直接投资——来自东盟国家的经验证据

Financial Development of Host Country and Chinese Enterprise's Outward Direct Investment Under the “One Belt and On Road”Initiative:——Evidence from ASEAN

东道国金融发展水平对一国企业的对外直接投资(OFDI)具有重要影响,而且还可能取决于该国自身的经济发展水平。基于东盟十国2003—2015年的面板数据,通过利用面板固定效应模型和混合回归进行实证分析,在综合考虑2008年次贷危机、2001年我国企业"走出去"战略以及2013年提出的"一带一路"倡议等方面对实证结果影响的基础上,解答了东道国金融机构发展、金融市场发展对我国OFDI的影响效应。研究结果表明,东道国金融发展对我国OFDI存量和流量的影响存在显著差异,这与该国的经济发展水平密切相关,金融危机冲击、国内有利的政策则推动了我国企业的对外直接投资。

Financial development in host country has a vital important influence on one＇s outward foreign direct investment（ OFDI）,which depends on the level of its economic development. Using a panel data for 10 countries over the period 2003 —2015 in ASEAN and the estimators of fixed effect and mixed regression,this paper examined the relationship between financial development in host country and China＇s OFDI,and also pay more attention to the effects of the subprime crisis in 2008, ＂ Go-global＂ Strategy in 2001 and the＂One Belt and On Road＂Initiative was put forward in 2013 on the OFDI of China＇s enterprises. The results of regression suggest that financial institution and market development of host country has a significant different impact on the OFDI of China＇s enterprises,which depend on its economic development,financial crisis and favorable policy at home can push China＇s OFDI advance.