来华留学教育对中国企业对外投资的影响研究

Study on the Impact of International Education in China on Chinese Enterprises’Foreign Investment

来华留学教育是中国对外开放与中外合作交流的重要组成部分。本文基于2005—2018年中国企业海外投资数据和来华留学生国别数据,实证研究了来华留学教育对中国企业对外投资的影响。研究发现:第一,来华留学教育能够通过降低企业投资成本、改善投资营商环境、提供人力资本等渠道促进中国企业对外投资。第二,来华留学教育能够显著提高企业对外投资规模,并在一定程度上提升投资成功概率。第三,来华留学教育对中国企业对外投资的影响会因留学生类型和投资企业特征差异产生异质性,其原因与不同类型的投资对双边文化环境、政治环境和人才的需求状况有关。

International education in China is a vital part of China’s level of opening up to the outside world and international cooperation.In this context,based on the enterpriselevel data of Chinese global investment transactions from 2005to 2018together with country-level data of international students in China,we draw the following conclusions:(1)International education in China could significantly promote Chinese enterprises to invest abroad through channels such as cutting the cost of investment,improving the investment and business environment,and enhancing human capital.(2)International education in China could significantly increase the overall scale of foreign investment by enterprises,as well as improving the probability of successful investment by enterprises to a certain extent.(3)The impact of international education in China on foreign investment by Chinese enterprises is heterogeneous due to the characteristic differences of international students and enterprise types,the reasons are related to the different demand of different types of investment for bilateral cultural environment,political environment and talents.