中国境外经贸合作区区位选择研究——基于制度风险偏好视角

Research on the Location Choice of China’s Overseas Economic and Trade Cooperation Zone——From the Perspective of Institutional Risk Preference

随着“一带一路”倡议的实施,境外经贸合作作为中国企业“走出去”的重要平台,在中国对外直接投资中的战略地位得到进一步提升。基于已有的对外直接投资相关理论文献,本文利用中国境外经贸合作区2005—2018年相关数据,实证考察了境外经贸合作区的区位决策。研究发现:作为特殊的“走出去”模式,中国境外经贸合作区呈现出显著的制度风险偏好;园区在选址时倾向于较高税率水平以形成园区内外的成本差异;双边投资协定有助于企业规避风险,使得企业能够在制度质量较差的东道国选址建园。

China’s Overseas Economic and Trade Cooperation Zones(OETCZs) are important platforms for Chinese enterprises to “go global”. With the implementation of the Belt and Road initiative, the strategic position of OETCZs in China’s foreign direct investment has been further enhanced. Based on the existing theoretical literature on foreign direct investment, this paper empirically investigated the location choices of OETCZs by using the compiled data of China’s OETCZs from 2005 to 2018. We find that as a special “going global” mode, OETCZs show a significant institutional risk preference. China’s OETCZs prefer higher taxation levels to form a cost advantage within the zones. Furthermore, bilateral investment treaties could help enterprises avoid risks, which enable them to build zones in host countries with relatively poorer institutional quality.