制度距离、“经验效应”与中国OFDI的区位分布--基于“一带一路”沿线国家的经验数据分析

Institutional Distance,“Experience Effect”and the Location Distribution of OFDI in China--Based on the Empirical Data Analysis of the Countries along the“Belt and Road”

为分析制度距离、“经验效应”对我国OFDI区位分布的影响,以我国2005—2017年对38个“一带一路”沿线国家的直接投资为样本进行了实证分析。结果表明:制度距离与我国对“一带一路”沿线国家的直接投资呈显著负相关关系,阻碍了我国对沿线国家的直接投资;直接经验可降低母国投资的额外成本和投资风险,进而显著促进对沿线国家的直接投资;间接经验是一种可“复制”的技术,亦能促进对沿线国家的直接投资;对比来看,直接经验在促进我国对沿线国家直接投资中的作用更强;分组结果显示,间接经验效应作用存在明显的区域异质性,在高收入国家中作用显著,但在低收入国家则不明显。

This paper aimed to analyze the influence of institutional distance and“empirical effect”on the location distribution of OFDI in China,and then made an empirical test based on the samples of China’s direct investment data from 38 countries along the“Belt and Road”(B&R)from 2005 to 2017.The research results showed that,there was a significant negative relationship between institutional distance and China’s direct investment in the countries along the B&R,which had hindered China’s direct investment in the countries along the route.And direct experience could reduce the additional costs and investment risk of the home country’s investment,and further significantly promoted the direct investment in the countries along the route.Besides,indirect experience was a type of reproducible technology,which could also have the promoting effect.In comparison,direct experience had a stronger effect,while indirect effect had obvious regional heterogeneity.Specifically,indirect effect played a stronger role in high-income countries,which was weak in low-income countries.