国际投资协定中可持续发展条款对双边投资的影响

The Effect of the Sustainable Development Language in International Investment Agreements on the Bilateral Direct Investment

文章通过对国际投资协定中可持续发展和负责任的商业行为条款的评分,检验协定中该类条款的设定对双边外商直接投资流向的影响,实证结果表明:双边投资协定中可持续发展和负责任的商业行为条款的设定没有对外商直接投资流量产生影响;但区域贸易协定中可持续发展和负责任的商业行为条款的设定则促进了双边外商直接投资的流动。不同类型国际投资协定中可持续发展和负责任的商业行为条款设定对外商直接投资流入、流出具有异质性影响,"北-北"型区域贸易协定中可持续发展和负责任的商业行为条款的设定对投资来源国的投资流出、东道国外商直接投资流入产生了正向影响;"南-北"型双边投资协定中可持续发展和负责任的商业行为条款的设定则降低了投资来源国的投资流出和东道国外商直接投资的流入;而东道国制度质量的提升能够提高区域贸易协定中可持续发展和负责任的商业行为条款对外商直接投资双边流动的正向影响效应。

Based on the assessment of the language on sustainable development agenda and promoting responsible business conduct in the international investment agreements,the paper explores the effects of the sustainable development language in international investment agreements on the bilateral direct investment.The empirical results suggest that the language on sustainable development agenda and promoting responsible business conduct in the bilateral investment agreements has no effect on bilateral direct investment flow,while the language in the regional trade agreements promotes bilateral direct investment flow.The language in the international investment agreements has heterogenious effect on bilateral direct investment inflow and outflow.The language in"North-North"regional trade agreements promotes bilateral direct investment inflow and outflow,while the language in"NorthSouth"bilateral investment agreements depresses bilateral direct investment inflow and outflow.The improvement of the quality of host country will further enhance the positive effects of the language in the regional trade agreement on investment.