要素禀赋差异、制度距离与中国对“一带一路”沿线国家OFDI的区位选择

Factor Endowment Differences,Institutional Distance and China’s Location Choice of OFDI for Countries along the“Belt and Road Initiative”

利用2005—2017年中国和"一带一路"沿线国家的数据,实证检验要素禀赋差异、制度距离对中国在"一带一路"沿线国家对外直接投资的影响。研究结果表明:总体来看,相对劳动力差异、人力资本差异和自然资源差异对中国在"一带一路"沿线国家的OFDI呈现抑制作用,有形资本差异和技术差异表现为正向影响,并且制度距离提高了中国对"一带一路"沿线国家直接投资的倾向。异质性分组检验证实了不同层级样本的要素禀赋差异和制度距离对中国OFDI的影响存在制度距离多维性、区域异质性和国别差异性。含交互项的检验结果表明,中国对"一带一路"沿线国家OFDI区位选择会受到要素禀赋差异和制度距离交互作用的影响,其中,制度距离与人力资本差异存在替代关系,与自然资源差异存在互补关系。

Based on the data of China and the countries along the"Belt and Road Initiative"from 2005-2017,this paper empirically examines the influence of the factor endowment differences and the institutional distance on China’s OFDI in the countries along the"Belt and Road Initiative".The results show that compared with labor differences,human capital differences and natural resources differences have an inhibitory effect on China’s OFDI in countries along the"Belt and Road Initiative",tangible capital differences and technological differences show a positive impact,and institutional distance increases China’s tendency to invest directly in countries along"Belt and Road Initiative".In addition,the heterogeneity grouping test confirms that the influence of different levels of samples of the factor endowment differences and institutional distance on China’s OFDI exists institutional distance multidimensionality,regional heterogeneity and national differences.In a word,the results of the interactive terms test shows that China’s location choice of OFDI for countries along the"Belt and Road Initiative"is affected by the interaction between factor endowment differences and institutional distance,in which there is a substitution relationship between institutional distance and human capital difference,and there is a complementary relationship between institutional distance and natural resource difference.