数字基础设施与中国对外直接投资区位选择

Digital Infrastructure and China’s Foreign Direct Investment Location Selection

数字经济正成为驱动我国经济发展的重要力量。本文将数字经济相关指标引入中国对外直接投资领域,利用互联网用户、互联网服务器、固定宽带、无线通讯4个指标,衡量数字基础设施对中国OFDI在"一带一路"沿线国家区位选择的影响。同时使用面板tobit模型,实证发现"一带一路"沿线国家良好的数字基础设施对于中国OFDI区位选择有显著的正向影响,特别是距离中国较近的亚洲国家,良好的数字基础设施更能吸引来自中国的投资。文中还采用Hansen的非线性面板门限回归模型,将资源禀赋指标及时间作为门限变量,得出2008年是数字基础设施对中国OFDI影响的转折时期,而对于自然资源相对匮乏的东道国,良好的数字基础设施更能有效吸引中国对外直接投资。

Digital economy is becoming an important force driving China’s economic development.This paper introduces the indicators related to digital economy into the field of foreign direct investment in China, and measures the impact of digital infrastructure on the location selection of OFDI in countries along the "Belt and Road" using the four indicators of Internet users, Internet servers, fixed broadband and wireless communication.At the same time, using the panel tobit model, we empirically found that good digital infrastructure in countries along the "Belt and Road" had a significant positive impact on the choice of OFDI location in China, especially in Asian countries closer to China, good digital infrastructure could attract investment from China.The paper also adopts the Hansen nonlinear panel threshold regression model, the resource endowment index and time as the threshold variables, concludes that 2008 is a turning period of the impact of digital infrastructure on China’s OFDI, and for the host country with relatively scarce natural resources, good digital infrastructure could more effectively attract China ’s foreign direct investment.