“一带一路”倡议与中国企业OFDI:基于注意力配置视角的机制研究

The Belt and Road Initiative and Outward Foreign Direct Investment of China’s Enterprises: A Study From the Perspective of Attention Allocation

近年来,“一带一路”倡议的政策效应引起广泛关注,而较少研究探讨“一带一路”倡议影响中国企业OFDI的机制机理。文章基于2011~2018年《全球企业绿地投资数据库》,以百度搜索指数作为管理者注意力配置指标,运用双重差分法检验“一带一路”倡议对中国企业OFDI的影响。结论表明:首先,“一带一路”倡议助力中国企业对沿线国家OFDI总量实现逆势增长,且在经过稳健性检验及使用工具变量缓解内生性问题之后,结论仍然成立;其次,“一带一路”倡议的投资促进效应主要体现在对新兴及发展中经济体、海上丝绸之路及与中国邻近沿线国家的投资增长;最后,“一带一路”倡议通过增进管理者对沿线国家的注意力配置,进而促进中国企业OFDI。

In recent years, many scholars have paid attention to the policy effects of the Belt and Road Initiative(BRI), but there are still few studies on how BRI affects outward foreign direct investment(OFDI) of China’s enterprises. Based on the data of Global Enterprise Greenfield Investment Database from 2011 to 2018, this paper adopts DID method to examine the effect of BRI on OFDI of China’s enterprises by using Baidu search index as the attention allocation index of the managers. The conclusions show that: firstly, BRI gives impetus to the increase of the total OFDI of China’s enterprises in the countries along the Belt and Road(B&R), and the conclusion is still valid after passing robustness tests and using instrumental variables to alleviate endogenous problems;secondly, the investment promotion effect of BRI is mainly reflected in the growth of investment in the emerging and developing economies, the Maritime Silk Road, and the countries along B&R which are close to China;finally, BRI promotes OFDI of China’s enterprises through increasing the attention allocation of the managers to the countries along B&R.