中国对外直接投资的政策演变与效果实证

The Policy Evolution and Empirical Study of China’s Outward Foreign Direct Investment

对外开放推动了中国对外直接投资的发展,回顾和梳理中国对外开放中的对外直接投资发展相关政策,充分体现出相关政策和管理机制方面从"谨慎"到"鼓励"、从"严格"到"简化"、从"起步"到"完善"的演进性变化过程。实践和实证表明,中国对外直接投资政策经历了并且正在经历着一个自我完善的过程,特别是"一带一路"为中国企业对外直接投资提供政策指引,其政策效果也在不断被检验。回归结果表明:外汇管理体制和对外投资审批制度的放松、相关支持服务体系的发展与完善以及对外投资中环境保护政策的引导,对中国企业对外直接投资均有显著促进作用,总体政策效果明显,说明实施鼓励推动中国"走出去"的政策效果与政策制定和完善的初衷相符合。

Opening-up to the outside world is becoming more and more obvious to promote the development of China’s OFDI. Reviewing and sorting out the relevant policies and management mechanisms on OFDI fully reflects its evolutionary process from "discretion" to "encourage", "strict" to "simplification" and "starting" to "perfecting". Practice and empirical evidence demonstrate that China’s outward foreign direct investment policy has experienced and is undergoing a process of self-improvement, which policy effects are constantly being tested, especially the Belt and Road Initiative provides policy guidelines for Chinese enterprises. The regression results show that it has significantly promoted OFDI of Chinese enterprises to deregulate the foreign exchange management system and foreign investment approval system, to develop and improve the support service system and to guideenvironmental protection policies. The overall policy effect also clearly shows that the policy effect of encouraging enterprises to "go global" is consistent with the original intention of policy formulation and improvement.