中国对“一带一路”沿线国家投资的动因研究

A Study on the Motives of China’s Investment in the “Belt and Road” Countries

基于2005-2015年中国对“一带一路”沿线国家的直接投资数据和二阶段引力模型,在合理地处理了样本选择偏误的同时,从广延边际(区位选择)和集约边际(投资规模)两个方面考察了对外投资的动因。检验发现:中国对“一带一路”沿线国家的投资具有市场寻求型、资源寻求型和成本节约型动机,且倾向于流入制度环境较好的国家和地区,但未能发现具有战略资产寻求型动机。该研究结论立足于中国对外开放的新格局,为推动中国对“一带一路”沿线国家的投资提供理论参考。

Based on the direct investment data and the two-stage gravity model of China along the “The Belt and Road” area in the past 2005-2015 years,dealing with the sample selection bias,we investigated the motives of China's OFDI from two aspects:extensive margin and intensive margin.The test shows that China's investment in the countries along the Belt and Road has market seeking,resource seeking and cost saving motivation,and tends to flow into countries and regions with better institutional environment,but it fails to find technology seeking motivation.The conclusion of the study is based on the new pattern of China's opening up and provides a theoretical reference for promoting China's investment in the countries along the “Belt and Road”.