双边投资协定促进中国对外直接投资了吗?——基于多维度的视角

Have Bilateral Investment Treaties Promoted China's OFDI?——Based on Multi-dimensional Perspective

通过构建中国双边投资协定异质性指数,利用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)方法分别基于双边投资协定同质性与异质性两个视角,研究了双边投资协定的生效、更新升级、双边投资协定强度差异以及生效时长等因素对中国对外直接投资流量水平的影响。研究结果表明生效的双边投资显著促进了中国对外直接投资流量;双边投资协定的更新升级会影响中国对外直接投资流量水平;双边投资协定保护标准与待遇水平越高,中国对外直接投资流量规模越大;初次生效的双边投资协定,随着生效时间增加,其对直接投资流量水平的影响越大。

At first,this paper attempts to construct China's bilateral investment treaties heterogeneity index,and then use the relevant data of China's outward foreign direct investment(OFDI)from 2003 to 2015 and the panel data model combined with the PSM(propensity score matching)method,respectively based on the perspective of BITs(bilateral investment treaties)homogeneity and heterogeneity,to study the effect of BITs in force,BITs upgraded,BITs heterogeneity and the duration of BITs in force on the level of China's OFDI.The results show that BITs in force significantly promote China's OFDI flow;BITs upgraded affect China's OFDI flow level;the higher the protection standard and treatment level of BITs,the larger the scale of China's OFDI flow;the effect of the initial BITs in force on China's OFDI flow increases with the time of BITs entry into force.