不完全契约视角下营商环境优化对FDI流入的影响——基于“一带一路”国家的实证检验

Impact of Business Environment Optimization on FDI from the Perspective of Incomplete Contract:An Analysis Based on the Data of Countries along"the Belt and Road"

本文基于不完全契约视角,分析一国营商环境对外商直接投资的影响,并采用1990-2021年“一带一路”沿线72个国家为样本进行实证检验,研究发现,“一带一路”沿线国家良好的营商环境降低了契约不完全,提高了契约执行效率,有助于吸引外商直接投资,这种影响具有异质性,对中低及低收入国家的促进作用最大,中高收入国家次之,高收入国家最小。进一步研究可知,东道国良好的营商环境通过提高国家声誉和降低融资约束吸引更多FDI流入。

Based on the perspective of incomplete contracts,this paper analyzes the impact of a state's business environment on foreign direct investment,and uses 72 countries along the"the Belt and Road"from 1990 to 2021 as samples to conduct an empirical test.The study found that the good business environment of the countries along the"the Belt and Road"reduced the incompleteness of the contract,improved the efficiency of contract implementation,and helped to attract foreign direct investment.This impact has heterogeneity,with the greatest promoting effect on low-and middle-income countries,followed by high-and middle-income countries,and the least promoting effect on high income countries.Further research shows that a good business environment in the host country attracts more FDI inflows by enhancing national reputation and reducing financing constraints.