“一带一路”沿线国家营商环境对中国对外直接投资的影响研究

A Research on Effects of Business Environment of Countries along“The Belt and Road Regions”on China’s OFDI

在深化供给侧改革和推动形成全面开放新格局的宏观经济背景下,越来越多的中国企业开始走出国门。在"一带一路"倡议下,沿线地区逐渐成为中国对外直接投资的重要目的地。然而,该地区沿线国家营商环境状况错综复杂,成为影响我国向其直接投资的关键影响因素。通过对"一带一路"沿线地区的营商环境及其结构进行测度,描述了沿线地区的营商环境分布,并基于国际贸易引力模型的基本原理,运用系统GMM法对一带一路沿线63个国家进行实证分析。研究结果表明:微观与宏观营商环境对于我国向"一带一路"沿线地区的OFDI分布具有重要影响,持续改进相关国家的营商环境条件可以促进我国OFDI的进一步优化布局。

Under the macroeconomic background of deepening supply-side reform and promoting the formation of a new pattern of opening-up,more and more Chinese enterprises begin to go abroad.Affected by the"The Belt and Road Initiative",the countries along the region have gradually become the destination of China’s outward foreign direct investment(Hereafer OFDI).However,the business environment of the countries along the region is complex,which has become a key factor affecting China’s direct investment.Based on the basic principles of the gravity model of international trade,this paper applies the system GMM method to analyze the dynamic panel data of 63 countries along the"The Belt and Road Initiative".The results show that China’s OFDI tends to invest in countries who have a relatively high level of economic development,always trade closely with China and have a better micro and macro business environment.