东道国营商环境对中国对外直接投资的影响

The Impact of Host Country’s Business Environment on China’s Outward Foreign Direct Investment

在评述和改进既有研究不足的基础上,简要论述了东道国营商环境影响中国对外直接投资理论和机制。基于2010-2017年的非平衡面板数据,实证研究了东道国营商环境对中国对外直接投资的影响,研究结果表明:东道国营商环境与中国对外直接投资显著正相关。稳健性检验结果显示,该结果不受代理变量、模型设定和计量方法等特定条件的约束,且东道国营商环境与中国对外直接投资存在前因后果的因果关系;但获得电力、登记财产和跨境贸易这三项与中国对外直接投资是无显著相关性的。基于研究结论,从投资目的地选择、投资共赢方式和政府作为这三个方面提出了简要的建议。

Based on review and improvement of the existing research,this paper briefly discusses the influence of host country’ s business environment on China’ s outward foreign direct investment (OFDI) with theory and mechanism. Drawing on the un-balanced panel data from 2010 to 2017,we conduct an empirical study on the impact of host country’ s business environment on China’ s OFDI. The results show that host country’ s business environment significantly positively correlates with China’ s OFDI. The results of the robustness test show that the result is not subject to specific conditions such as proxy variables,model setting and measurement methods,and the causal relationship between host country’ s business environment and China’ s OFDI has been confirmed. However,the three items of electricity,registered property and cross-border trade do not significantly correlate to China’ s OFDI. With the conclusions,three brief suggestions on investment destination selection,win-win ways of investment and government action are proposed.