双边投资协定与中国对外直接投资

Bilateral Investment Treaties and China’s Outward Foreign Direct Investment

鉴于已有研究缺少对双边投资协定之间差异性的考虑,文章首先尝试构建了中国双边投资协定异质性指数,然后基于2003~2015年中国对外直接投资的相关数据,采用面板数据模型结合PSM (倾向得分匹配)方法从双边投资协定的整体异质性与具体条款的异质性角度去实证分析双边投资协定对中国对外直接投资的影响。研究结果表明,在"国民待遇"水平较低的历史背景下,中国企业的对外直接投资活动更关注东道国是否提供较高标准的"公平公正待遇"和"最惠国待遇"水平。文章的研究结论为中国未来参与国际投资规则的谈判与构建提供了一定的经验思路与参考依据。

In view of lacking consideration of the differences between bilateral investment treaties( BITs) in the existing research, this paper first attempts to construct the heterogeneity index of China’s BITs. After that, based on the relevant data of China’s outward foreign direct investment( OFDI) from 2003 to 2015, the panel data model combined with PSM( propensity score matching) method is applied to empirically analyze the impact of BITs on China’s OFDI from the perspectives of the overall heterogeneity of BITs and the heterogeneity of specific clauses. The research results show that under the historical background of low level of "national treatment", China’s enterprises pay more attention to whether the host countries provide higher standards of "fair and equitable treatment" and "most-favoured-nation treatment" in their OFDI activities. The conclusion of this paper gives some experience and reference to China when participating in the negotiation and construction of international investment rules in the future.