要素禀赋视角下中国对外直接投资的贸易效应研究

Research on the Trade Eff ect of China’s Outward Foreign Direct Investment(OFDI)from the Perspective of Factor Endowment

本文利用2009—2020年“一带一路”沿线49个国家的面板数据,借助贸易引力模型实证检验了要素禀赋视角下中国对外直接投资的贸易效应。通过分析表明,中国OFDI与贸易之间具有互补效应;东道国的要素禀赋促进了与中国之间的贸易,并对OFDI的贸易效应具有正向调节作用,但对于区域和收入水平不同的国家而言,这种影响具有异质性。我国在与“一带一路”沿线国家的合作中,既应考虑投资对贸易的促进作用,又要结合东道国的要素禀赋、市场规模和制度质量情况有针对性地选择。

This paper empirically examines the trade effect of China’s outward foreign direct investment(OFDI)from the perspective of factor endowment with the help of the trade gravity model using the panel data of 49 countries along the“Belt and Road”from 2009 to 2020.The analysis shows that there is a complementary effect between China’s OFDI and trade;the host country’s factor endowment promotes trade with China and has a positive moderating effect on the trade effect of OFDI,but this effect is heterogeneous for countries with different regions and income levels.In cooperation with countries along the“Belt and Road”,China should not only consider the role of investment in promoting trade,but also make targeted choices in light of the host country’s factor endowment,market size,and institutional quality.