制度距离抑制了中国对“一带一路”沿线国家投资吗

Does the Institutional Distance Inhibit China’s Investment in the Countries along the Belt and Road

文章运用2005~2016年中国对“一带一路”沿线国家投资数据,实证检验了双边制度距离对中国OFDI的影响。研究表明:中国对“一带一路”沿线国家投资整体上呈现“制度接近”特征;制度距离对OFDI不仅具有显著的直接抑制作用,还能在一定程度上弱化市场寻求动机对OFDI的促进作用;不同方向的制度距离对OFDI的影响有所差异,负向制度距离的影响并不明显,而正向制度距离明显阻碍了OFDI。进一步运用门限效应模型分析发现,制度距离对OFDI的影响存在自身的单一门限效应,未跨越门限值时,制度距离对OFDI的影响不显著;跨越门限值后,制度距离对OFDI表现出显著的抑制作用。

Based on the data of China’s investment in the countries along the Belt and Road from 2005 to 2016,this paper empirically examines the impact of bilateral institutional distance on China’s OFDI.The research results indicate that China’s investment in the countries along the Belt and Road shows the feature of“institutional proximity”as a whole.In addition,institutional distance not only has a significant direct inhibitory effect on OFDI,but also weakens the promotion effect of the market seeking motivation on OFDI to a certain extent.Besides,the influences of institutional distances in different directions on OFDI are various.The effect of the negative institutional distance is not obvious while the positive institutional distance significantly hinders OFDI.Further analysis with the application of threshold effect model reveals that there is a single threshold effect of institutional distance on OFDI.When the threshold is not crossed,the influence of institutional distance on OFDI is not obvious.But after it is crossed,institutional distance will exert a significant inhibitory effect on OFDI.