中国对外直接投资效率测度及影响因素研究

Research on the Efficiency Measurement and Influencing Factors of China’s Foreign Direct Investment

随着我国经济发展进入新常态,发展模式、发展路径和发展规律都开始发生变化,以往注重数量的粗放型发展模式越来越不适应现阶段发展需求,因此在“双循环”新发展格局的大背景下,更为有效地开展对外直接投资、提高对外直接投资效率,成为当前中国对外投资活动中需要解决的一个重要问题。本文利用2006-2017年中国对外直接投资存量数据,采用随机前沿模型对中国对外直接投资效率进行全面分析,并针对主要国家和地区进行重点分析,同时从东道国的营商环境、政治因素以及中国的对外援助、境外经贸合作区等方面入手,识别和分析影响中国对外直接投资效率的影响因素。

As China’s economic development enters the new normal, the development model, development path and development law begin to change. The traditional extensive development model focusing on quantity in the past is increasingly unable to meet the development needs at this stage. Therefore, under the background of the new development pattern of "double cycle", we should carry out foreign direct investment more effectively and improve the efficiency of foreign direct investment. It has become an important issue to be solved in China’s foreign investment activities. Based on the stock data of China’s foreign direct investment in major countries and regions in the world from 2006 to 2017, this paper uses the time-varying stochastic frontier analysis method to accurately measure and analyze the efficiency of China’s foreign investment, and makes targeted key analysis for major countries and regions. At the same time, it identifies and analyzes the influencing factors affecting the efficiency of China’s foreign direct investment from the aspects of the business environment and political factors of the host country, China’s foreign aid and overseas economic and trade cooperation parks.