“一带一路”倡议提高中国对外直接投资效率了吗?

Has "the Belt and Road" Initiative Improved China’s OFDI Efficiency?

从降低投资偏离和偏离不确定性两方面提出传导机制,基于随机前沿引力模型测度中国对156个国家(地区)实际投资效率,运用DID-PSM方法考察"一带一路"倡议对中国对外直接投资效率影响。研究发现:"一带一路"倡议可以显著促进中国对外投资效率,而且这种促进效应具有即时性,但时间动态优化效应不明显;"一带一路"倡议的投资促进效应具有区域异质性,倡议对"一路"地区投资效率促进效应比"一带"地区投资效率促进效应更优,对东南亚、南亚和中亚地区投资效率促进效应优于对西亚、北非和中东欧地区。

Aimed to study whether and to what extent "the Belt and Road" Initiative(BRI) can improve China's OFDI efficiency,this study firstly proposes the transmission mechanism from two perspectives of reducing investment deviation and investment uncertainty,and then evaluates the investment efficiency using the stochastic frontier gravity model(SFGM) based on 2001-2016 panel data of 156 countries (regions),investigates the effects of BRI on investment efficiency using the DID-PSM method.Findings are as follows:the BRI can significantly promote China's OFDI efficiency,and the promotion effect is instant but not dynamically optimized.What's more,the BRI's investment promotion effect has regional heterogeneity,and the promotion effect in "One Road Area"(ORA) is better than that in "One Belt Area"(OBA).Furthermore,the BRI's investment efficiency promote effect is better in Southeast Asia,South Asia and Central Asia than that in West Asia,North Africa,Central and Eastern Europe Area.