中非直接投资效率及其影响因素研究——基于随机前沿引力模型的分析

Efficiency of China-Africa Direct Investment and Its Influencing Factors:Based on Stochastic Frontier Gravity Model

运用随机前沿分析方法,选取2004—2018年中国对49个非洲国家直接投资的相关数据,分析了我国对非洲国家的直接投资效率及其影响因素。研究表明:中国对非洲国家的直接投资效率虽整体水平较低,但近年来均保持着较为稳定的增长,且对不同收入水平国家的投资效率存在差异。东道国经济持续发展、自然资源丰富、地域位置优越以及双边语言相似度高有利于投资效率的提高,但双边距离的拉大与双边投资协定的不对等则会显著降低投资效率。同时,东道主国家的政府支出、公众话语权、政治稳定程度等经济制度和政治制度因素对于投资效率的提高也存在较大影响。为此,我国应努力推进中非合作,加快中非命运共同体建设进程,通过经济、政治和文化方面的交流,为我国企业创设投资环境,最终实现对非投资整体效益的提高。

This paper analyzes the efficiency of China's direct investment and its influencing factors in African countries by using the stochastic frontier analysis method and selecting relevant data of China's direct investment in 49 African countries from 2004 to 2018.Research shows that although the overall level of China's direct investment in Africa is relatively low,it has maintained relatively stable growth in recent years,and there are differences in investment efficiency in countries with different income levels.The host country's sustainable economic development,rich natural resources,superior geographical location and increased bilateral language similarity are conducive to the improvement of investment efficiency,but the increase in bilateral distances and the inequality of bilateral investment agreements will significantly reduce investment efficiency.At the same time,economic and political factors such as government spending,public discourse power,and political stability of the host country also have a greater impact on the improvement of investment efficiency.To this end,China should strive to promote China-Africa cooperation,promote the process of building a China-Africa Community of Destiny,and create an investment environment for Chinese enterprises through economic,political,and cultural exchanges,and ultimately improve the overall efficiency of investment in Africa.