基于异质性投资动因的中国OFDI母国贸易效应分析——以投资东盟和欧盟为例

Analysis on Home Country Trade Effect of China’s OFDI Based on Various Investment Motivations:A Case Study of China’s OFDI in ASEAN and EU

投资与贸易关系密切,对外直接投资(OFDI)能够促进母国贸易发展,不同投资动因结果不同。本文基于2007—2019年中国对东盟和欧盟两个区域的OFDI和货物贸易数据,构建引力模型,探讨中国对上述两个区域投资对母国货物贸易规模和结构产生的影响。研究结果表明,中国在东盟的OFDI带动了国内相关零部件原材料等中间品、生产设备等资本品的出口,以及部分消费品和中间品回流母国;对欧盟的OFDI虽替代了部分对欧盟的出口,但有助于中国获取先进技术、关键设备等战略资产,并显著提升自欧盟进口中、高技术产品的规模。

As investment and trade is closely related,a country’s outward foreign direct investment(OFDI)can promote the trade of the home country and the OFDI motivated by different factors would yield various outcomes.Based on China’s OFDI and trade data with the ASEAN and the EU from 2007 to 2019,the paper adopts the gravity model to discuss how China’s OFDI in the ASEAN and the EU affects the volume and structure of the country’s goods trade.The empirical evidences reveal that China’s OFDI in the ASEAN promotes China’s exports of intermediate goods such as component raw materials and capital goods such as production equipment to the ASEAN countries,as well as advance the imports of some consumer goods and intermediate goods from the ASEAN markets.The results also show that although China’s OFDI in the EU replaces part of its exports to the EU markets,it helps China obtain strategic assets including advanced technology and key equipment,which significantly increases China’s import of medium and high-end tech products from the EU.