中国OFDI区位选择影响因素的实证分析——基于“一带一路”沿线61个国家的面板数据

An Empirical Analysis of the Factors Influencing the Location Selection of OFDI in China——Based on the Panel Data of 61 Countries along the “Belt and Road”

通过收集2006-2016年"一带一路"沿线61个国家的面板数据,构建了固定效应模型,分析影响中国OFDI的主要因素。实证结果表明:东道国国内市场规模大小与中国OFDI呈正相关关系,中国的OFDI倾向国内市场规模较大的国家;东道国的基础设施越完善,越能吸引来自中国的OFDI。同时,人力资本的高低也会对中国OFDI产生显著的影响;东道国的自然资源越丰裕越有利于吸引来自中国的OFDI。从我国企业深度参与"一带一路"OFDI的角度建议:合理增加投资力度,推进基础设施建设;劳动力密集型产业升级转移;加强能源战略合作。

The authors study the panel data about 61 countries along the line from 2006 to 2016 by building fixed-effects model and analyze the main factors affecting China’s OFDI.The empirical results show that the size of the domestic market of the host country is positively correlated with China’s OFDI and China’s OFDI tends to be larger in the domestic market. The better the infrastructure of the host country is, the more OFDI from China will be attracted.The level of human capital will have a significant impact on China’s OFDI. The more abundant the natural resources of the host country are, the more favorable it will be to attract China’s OFDI. Finally, from the perspective of China enterprises’ deep participation in the "Belt and Road" OFDI, the authors propose policies and recommendations on increasing rational investment, promoting infrastructure construction,upgrading and transferring labor-intensive industries, strengthening energy strategic cooperation.