营商环境如何影响中国企业对“一带一路”沿线国家直接投资

How Business Environment Affects Chinese Enterprises’ OFDI to Countries along “the Belt and Road”

本文基于2007~2017年中国企业对"一带一路"沿线49个代表性国家的对外直接投资(OFDI)数据,运用可行广义最小二乘法(FGLS)进行实证检验,考察了东道国营商环境总体情况以及子类指标对中国企业OFDI的影响,并进一步基于投资动机的视角,探究"一带一路"沿线国家营商环境对中国不同投资动机型OFDI的影响效果差异。研究结果表明:中国企业倾向于投资营商环境总体情况较差的"一带一路"沿线国家;便捷的开办企业和获得施工许可等东道国商业监管程序对中国企业OFDI具有正向影响,健全的获得信贷、执行合同等法律制度以及强有力的投资者保护对中国企业OFDI具有负向影响;市场寻求型OFDI和战略资产寻求型OFDI倾向于总体营商环境较好的东道国,而资源寻求型OFDI倾向于总体营商环境较差的东道国;不同投资动机型OFDI对营商环境子类指标具有异质性偏好。基于实证结果,本文从企业和政府层面提出了促进中国与"一带一路"沿线国家深化投资领域对话合作的政策建议。

This paper studies the impact of business environment by using the data of China’s OFDI to 49 countries along "the Belt and Road" from 2007 to 2017 based on FGLS panel data regression estimation methods. It further studies the different impact of business environment on China’s OFDI from the perspective of investment motivation. The results show that Chinese enterprises generally tend to invest in countries with worse business environment along the "Belt and Road". Specifically, some indicators such as convenient procedures regarding starting business and acquiring construction permits have a positive impact on China’s OFDI, while others such as sound legal systems concerning obtaining credit, protecting investors and enforcing contracts have a negative impact on China’s OFDI. There is a positive relationship between the business environment and China’s OFDI with the motivation to seek foreign market and strategic assets, but a negative relationship between the business environment and China’s OFDI with the motivation to seek natural resources. Different investment-motivated OFDI has heterogeneous preference for indicators of the business environment.Therefore, based on the empirical results, the paper puts forward some policy suggestions from the perspective of the enterprises and the government to promote the deepening of dialogue and cooperation in the field of investment between China and countries along "the Belt and Road".