制度差异、营商环境与对外直接投资

Institutional Differences,Business Environment and Outward Foreign Direct Investment

基于2006—2020年我国对97个国家和地区进行直接投资的数据,考察制度差异对我国对外直接投资的影响以及营商环境的调节作用,并将制度差异与营商环境的细分因素相结合来讨论投资企业在面临制度差异的情况下,营商环境各子因素的作用。研究结果表明,制度差异与我国对外直接投资呈负相关关系,而东道国较好的营商环境能够有效缓解其负向作用,这种影响对东道国非“一带一路”沿线国家及未与我国签订双边投资协定的国家更为显著。此外,在对东道国营商环境的具体分析中,文章发现保护少数者投资、跨境贸易和破产处理便利度能够有效提升企业投资意愿,而信贷便利度则会因东道国较大的竞争力导致企业投资意愿下降。因此,企业应全面地考察东道国的营商情况,做到合理决策、精准投资。

Based on the data of China’s direct investment in 97 countries and regions from 2006 to 2020,this paper examines the influence of institutional differences on China’s outward foreign direct investment and the reg⁃ulating effect of the business environment,and further combines institutional differences with the subdivision factors of the business environment to explore the role of the sub-factors of the business environment in the face of institu⁃tional differences.The results show that institutional differences are negatively correlated with China’s outward for⁃eign direct investment,a better business environment in the host country can effectively mitigate the negative effect,and this effect is more significant in the host countries that are not the Belt and Road countries and countries that have not signed bilateral investment treaties with China.In addition,in the specific analysis of the business environ⁃ment of the host country,this paper finds that the protection of minority investment,cross-border trade and bank⁃ruptcy handling facilitation can effectively improve the investment intention of enterprises,while the credit facilita⁃tion will reduce the investment intention of enterprises due to the greater competitiveness of the host country.There⁃fore,enterprises should comprehensively investigate the business situation of the host country to make rational deci⁃sions and precise investment.