东道国外商投资壁垒与中国对外直接投资

Foreign Investment Barriers of Host Countries and China’s Outward Foreign Direct Investment

文章利用2003~2016年中国对43个国家直接投资的面板数据,实证研究了东道国外商投资壁垒对中国OFDI的影响。结果表明,东道国外商投资壁垒的减少对中国OFDI呈现出显著的促进作用。分国家样本看,外商投资限制的减少对中国OFDI的影响在发达国家和发展中国家之间存在异质性,发展中国家外商投资限制水平的降低能够显著增加中国OFDI规模,而对于发达国家则不显著。分行业看,东道国农业、采矿业和制造业进一步开放的积极作用不明显,而对于零售业、金融服务和商业服务等服务业来说,不断减少投资限制将会显著增加中国OFDI的流入。文章还发现,东道国技术禀赋对其投资限制减少对中国OFDI的积极影响具有显著的调节效应,即具有较低技术禀赋的东道国外商投资限制的减少更能促进中国OFDI的流入。

Based on the panel data of China’s direct investment in 43 countries from 2003 to 2016,this paper empirically studies the impact of the host country’s foreign investment barriers on China’s OFDI.The results show that the reduction of foreign investment barriers in the host country has a significantly positive effect on China’s OFDI.According to the country sample,the impact of the reduction of foreign investment restrictions on China’s OFDI is heterogeneous between developed and developing countries.The reduction of foreign investment restrictions in developing countries can significantly increase the scale of China’s OFDI,but not significant for developed countries.In terms of industries,the positive effects of further opening up of the host country’s agriculture,mining and manufacturing industries are not obvious.For service industries such as retail,financial services and business services,the continuous reduction of investment restrictions will significantly increase the inflow of China’s OFDI.Further,this paper also finds that the host country’s technology endowment has a significant regulatory effect on the positive impact of the reduction of investment restrictions on China’s OFDI,that is,the positive impact of reduced foreign investment restrictions on China’s OFDI is specifically obvious in the host country with lower technology endowments.