国际投资规则对FDI流动的影响--基于经济自由度的调节效应

The Impact of International Investment Rules on FDI Flow:Regulatory Effect Based on Economic Freedom

国际投资规则与FDI流动均是促进各国经济高质量发展的重要议题。基于2010—2020年联合国贸发会(UNCTAD)数据库中的IIAs条款签署数据,实证分析国际投资规则对FDI流动的影响。结果显示,签署国际投资规则有利于促进FDI流动,且高标准国际投资规则带来的促进效应更显著。国际投资规则对FDI流动的促进效应主要通过降低投资风险、促进价值链贸易发展与优化营商环境三条渠道实现。国际投资规则水平广度越广、垂直深度越深,越有利于FDI流入东道国(或地区),且该影响对于经济发展水平较高的国家(或地区)尤为显著。进一步分析可知,经济自由度在国际投资规则与FDI流动间起正向调节作用。据此,提出理性选择国际投资合作伙伴、提高经济自由度、扩大FDI引进力度与范围的政策建议,以期为中国在内的其他国家(或地区)签署国际投资规则、促进FDI良性流动提供重要政策启示。

International investment rules and FDI flow are important issues that promote high-quality economic development in various countries.Based on the signing data of IIAs clause in the database of United Nations Conference on Trade and Development(UNCTAD)from 2010 to 2020,this paper empirically analyzes the impact of international investment rules on FDI flow.The results show that signing international investment rules is beneficial for promoting FDI flows,and the promotion effect brought by high standard international investment rules is more significant.The promotion effect of international investment rules on FDI flow is mainly achieved through three channels:reducing investment risks,promoting the development of value chain trade,and optimizing business environment.The wider the horizontal breadth and deeper the vertical depth of international investment rules,the more conducive it is for FDI to flow into the host country(or region),and this impact is particularly significant in countries(or regions)with higher levels of economic development.Further analysis shows that economic freedom plays a positive regulatory role between international investment rules and FDI flow.Accordingly,this paper puts forward policy suggestions on rational selection of international investment partners,improvement of economic freedom,and expansion of the strength and scope of FDI introduction,with a view to providing important policy enlightenment for other countries(or regions)including China to sign international investment rules and promote the benign flow of FDI.