中国企业对外直接投资与"一带一路"沿线国家包容性增长

Foreign Direct Investment of Chinese Enterprises and Inclusive Growth of Countries Along the "Belt and Road"

基于中国全球投资追踪(CGIT)数据库,本文从微观层面考察了中国企业对外直接投资对“一带一路”沿线国家包容性增长的影响。研究发现:中国企业对外直接投资不仅有助于提高沿线国家人均收入水平,还可以改善其内部收入分配格局.进一步研究表明,低收入国家从中国对外直接投资中获益更多,国有企业、基础设施行业、跨国并购模式对外直接投资所产生的包容性增长效应更大,并且“一带一路”倡议明显增强了中国企业对外直接投资的经济增长效应.文章从对外直接投资角度为“一带一路”倡议可以推动沿线国家包容性增长理论提供了经验证据,同时为中国企业对外直接投资高效参与“一带一路”建设提供了一定的启示。

Based on the China Global Investment Tracking(CGIT) database, this paper examines the effects of China’s foreign direct investment on the inclusive growth of countries along the"Belt and Road"at a micro level. The results show that Chinese companies’ foreign direct investment not only helps increase the per capita income of countries along the route, but also improves their internal income distribution pattern. Further research shows that low-income countries benefit more from China’s foreign direct investment, and the inclusive growth effect of foreign direct investment in state-owned enterprises, infrastructure industries, and cross-border M & A models is greater, and the"Belt and Road"initiative has been significantly enhanced the economic growth effect of Chinese enterprises’ foreign direct investment. The paper provides empirical evidence for the economic effects of the"Belt and Road"initiative from the perspective of foreign direct investment, and provides some inspiration for Chinese companies’ direct investment in foreign countries to participate in the"Belt and Road"initiative.