中国OFDI提升了东道国社会福利吗?——来自“一带一路”沿线国家的证据

Does Chinese OFDI Promote the Social Welfare of the Host Country?——Evidence from the Countries along the Belt and Road

本文考察了中国对外直接投资对"一带一路"沿线国家社会福利的影响。结果表明中国OFDI显著提升了沿线国家社会福利水平,且这一效应主要通过促进其经济增长实现。通过异质性分析发现,沿线国家制度环境影响中国OFDI的经济溢出效应及其社会福利转化效果。受制于沿线国家金融发展水平,中国OFDI的经济溢出效应有限,且表现出"制度接近"特征。同时,沿线国家不同的文化特征对中国OFDI经济溢出效应的社会福利转化效果存在差异。

The paper examines the impact of China’s outward foreign direct investment(OFDI)on the social welfare of countries along"the Belt and Road".The results show that China’s OFDI has significantly improved the social welfare level of countries along"the Belt and Road",and the positive effect is mainly realized by promoting economic growth of the host countries.Furthermore,the institutional environment of the host countries affects the economic spillover effect of China’s OFDI and its social welfare transformation effect.Constrained by the low level of financial development,the economic spillover effects of China’s OFDI are limited,charactering"institutional proximity".Also,the countries with the different cultural characteristics have different social welfare transformation effects on the economic spillover effects of China’s OFDI.