制度距离、双边投资协定与我国OFDI区位选择——基于动态面板模型和面板门限模型的实证研究

Institutional Distance,Bilateral Investment Treaty and Location Choice of Chinese OFDI——Empirical study based on dynamic panel model and panel threshold model

企业对外直接投资(OFDI)活动中,以国家明文颁布的法规呈现的正式制度距离和以社会风俗与道德规范等刻画的非正式制度距离都是不可或缺的因素。双边投资协定对企业的OFDI有着鼓励和保护作用,调节制度距离对OFDI的影响效应。本文基于外来者劣势和制度逃离视角,选取68个投资东道国和地区2003-2017年的跨国动态面板数据,运用系统GMM估计法检验制度距离、双边投资协定对我国OFDI区位选择的影响效应;运用面板门限模型考察制度距离、双边投资协定对我国OFDI区位选择特征。研究结果表明:正式和非正式制度距离均对我国OFDI具有阻碍作用,相较于没有双边投资协定,有双边投资协定的阻碍要小;正式制度距离对我国OFDI的影响存在非线性特征,且双边投资协定在一定制度距离区间内才会发挥作用;我国的OFDI更多关注东道国的经济潜能,不太关注经济规模,重视OFDI的经济成本,在地理空间上具有“近邻效应”。

In outward foreign direct investment of enterprises, formal institutional distance which is represented as laws and regulations issued by the country or informal institutional distance which is depicted as social customs and moral rules are indispensable factors. Bilatejral investment treaty can encourage and protect corporate OFDI, and adjust influence of institutional distance on OFDI. Based on liability of foreignness and institutional escape, the essay selected the transnational dynamic panel data of 68 investment host countries and areas from 2003 to 2017 and used system GMM estimation method to examine influence of institutional distance and bilateral investment treaty on location choice of Chinese OFDI. Moreover, it investigated characteristics of institutional distance and bilateral investment treaty in location choice of Chinese OFDI by use of panel threshold model. The research results indicated that both formal and informal institutional distance could hinder Chinese OFDI, and compared with having no bilateral investment treaty, the obstruction was less when there was bilateral investment treaty;influence of formal institutional distance on Chinese OFDI had nonlinear characteristics, and bilateral investment treaty could play a role within a certain range of institutional distance;moreover. Chinese OFDI concerned economic potentials of host countries and economic cost of ODFI hut economic scale, and had “neighborhood effect” in space.