东道国投资便利化建设对中国企业对外直接投资二元边际的影响

The Impact of Host Countries′ Investment Facilitation on Chinese Firms′ OFDI Binary Margins

在全球多边投资体制缺失和双边投资协定无序发展的背景下,便利化建设能否有效驱动海外投资增长已引发学术界的广泛关注。然而,当前有关东道国投资便利化与母国对外直接投资的研究仅集中于一元规模分析,尚未展开二元边际的结构性讨论。为此,文章基于中国企业对外直接投资追踪数据,详细考察了东道国便利化建设与中国企业对外直接投资二元边际之间的关系。结果表明:第一,东道国便利化建设显著促进了中国对外投资扩展边际的增长,但对集约边际的作用效果并不明显,且克服内生性问题之后,上述研究结论仍然成立。第二,异质性分析表明,投资对经济周期十分敏感,世界经济的复苏和发展有助于中国资本"走出去"。同时,与能源行业相比,便利化建设更有利于推动运输和房地产行业投资扩展边际的提高。另外,东道国发展阶段的差异和中国投资政策导向的差别也将产生异质化作用,非低收入经济体和政策导向国推进便利化建设对投资扩展边际增长的驱动效应更加明显。第三,进一步的渠道分析表明,便捷的营商环境、透明的政策环境与健全的金融服务是提高投资扩展边际的关键所在。文章的研究对于从东道国便利化发展角度理解企业对外直接投资的结构特征具有一定的参考价值,同时揭示了便利化建设将在推动全球新一轮的投资浪潮中扮演更为重要的角色。

Under the background of the absence of global multilateral investment system and the disorderly development of bilateral investment agreements,whether facilitation can effectively drive the growth of overseas investment has attracted extensive attention of academia. However,the current researches on host country investment facilitation and home country foreign direct investment only focus on one-dimensional scale analysis,and has not yet launched a structural discussion about dual-margin. Therefore,Based on the tracking data of Chinese enterprises’ OFDI,this paper examines the relationship between host country facilitation construction and the dual-margin of Chinese enterprises’ OFDI in details. The results show that the facilitation construction of the host country has significantly promoted the extensive margin growth of China’s OFDI,but its effect on the intensive margin growth is not obvious. And after overcoming the endogenous problem,the above conclusions are still valid. The heterogeneity analysis shows that investment is very sensitive to the economic cycle,and the recovery and development of the world economy is conducive to China’s capital to go abroad. Meanwhile,facilitation construction is more conducive to promoting the extensive margin of investment in transportation and real estate industry. In addition,differences in the development stages of host countries and differences in China’s investment policy orientation will also lead to heterogeneity. The driving effect of facilitation construction in non-low-income economies and policy-oriented countries on the extensive margin is more obvious. Further path analysis shows that convenient business environment,transparent policy environment and sound financial services are key points to improve the extensive margin of investment. Paper has a certain reference value for understanding the structural characteristics of enterprise OFDI from the perspective of host country facilitation development,and reveals that facilitation construction will play a more important role in promoting a new round of global investment wave.