“一带一路”沿线国家制度质量对中国OFDI的影响

The Impact of the “Belt and Road” Countries’ Institutional Quality on China’s OFDI

东道国的制度质量可能会对中国企业外向直接投资起到抑制或促进作用。本文基于2005—2017年中国在“一带一路”沿线60个国家的对外直接投资数据,运用GMM方法分析了沿线国家制度质量对中国OFDI的影响。研究结果显示:东道国制度质量与中国在沿线直接投资正相关,且中国在沿线投资具有市场寻求动机和资源寻求动机,但是中国企业并没有为了寻求资源而放松对东道国制度质量的要求,而是尽量选择腐败控制好、政府效率高以及政治越稳定的国家和地区。此外,中国企业到沿线投资的制度偏好具有地域差异,到亚洲国家投资更加注重东道国的政治稳定,到欧洲国家投资更加注重东道国的法治水平、腐败控制和政府效率。“一带一路”倡议提出后,制度质量对中国在沿线直接投资所导致的影响的显著程度在减弱。

The host countries institutional quality may restrain or promote China s OFDI.Based on the panel data of China s investment in 60 countries along the“Belt and Road”from 2005 to 2017,this paper analyzes the impact of host countries institutional quality on China s OFDI by using GMM model.The results show that the host countries institutional quality is positively related to China s investment along the“Belt and Road”,and China s investment has market-seeking motivation and resource-seeking motivation,but Chinese enterprises do not relax the requirements of the host countries institutional quality to seek resources,but try to choose countries and regions with good control of corruption,high government efficiency and political stability and absence of violence.In addition,there are regional differences in the institutional preferences of China s OFDI.Investment in Asian countries,Chinese enterprises pay more attention to the political stability and absence of violence,and investment in European countries,they pay more attention to the level of rule of law,control of corruption and government efficiency.After the“Belt and Road”strategy was put forward,the significance of the impact of institutional quality on China s OFDI was weakened.