“一带一路”东道国制度环境与中国企业对外直接绩效研究

Research on the Institutional Environment of the Belt and Road Host Country and the OFDI Performance of Chinese Enterprises

利用2006—2017年中国上市公司在"一带一路"沿线国家的560例OFDI事件为研究样本,实证探究了"一带一路"东道国制度环境对中国企业OFDI绩效的影响,并基于竞争优势视角进一步考察了境外经贸合作区、母国特定优势以及企业年龄的调节效应。研究发现:"一带一路"东道国制度环境在一定程度上会对中国企业OFDI绩效的提升产生负面影响,境外经贸合作区、母国特定优势和企业年龄对上述负面效应具有弱化作用,竞争优势效应在国有与民营企业之间呈现出异质性。研究结论将为中国企业在"一带一路"沿线国家开展高质量海外投资提供参考借鉴。

Taking 560 investment events of Chinese listed enterprises in countries along"the Belt and Road"from 2006 to 2017 as research samples,this paper empirically explores the influence of institutional environment of"the Belt and Road"host country on performance of Chinese enterprises,and analyzes the moderating effects of overseas economic and trade cooperation zone,specific advantages of home country and enterprise age from the perspective of competitive advantages.The results show that"the Belt and Road"host country institutional environment has a negative impact on the investment performance of Chinese enterprises,yet foreign economic and trade cooperation zone,country specific advantage and enterprise age weaken the above negative effects.The effect of competitive advantage shows heterogeneity between state-owned and private enterprises.The research findings will provide countermeasures and suggestions for Chinese enterprises to carry out high-quality location investment in countries along"the Belt and Road".