制度距离、数字化水平与海外绿色投资效率

Institutional Distance,Digitalization Level and Overseas Green Investment Efficiency

制度是对外投资的重要影响因素,数字化是经济增长的新动力,厘清制度距离、数字化水平与海外绿色投资效率的关系对实现高水平对外开放至关重要。基于国家宏观层面数据,深入探讨制度距离对海外绿色投资效率的影响和路径机制以及东道国数字化水平在两者间发挥的作用。研究发现:第一,制度距离显著地抑制中国海外绿色投资效率的提高,其传导机制主要是产生外来者劣势、提高知识转移成本以及抑制规模经济;第二,东道国数字化水平的提高能够有效缓解制度距离对绿色投资效率的抑制作用;第三,制度距离的抑制作用具有国家异质性,在“一带一路”沿线国家更为强烈。基于此,中国应加快推进本国制度型开放、搭建跨国数字交流平台、加强风险研判、完善对外投资布局、形成一体化新型海外投资模式、构建中国式标准与规范,从而提高中国的海外绿色投资效率,实现高水平对外开放。

Institutional factors play a significant role in influencing foreign investment,while digitalization serves as a fresh impetus for economic growth.Clarifying the relationship between institutional distance,digitalization level,and the efficiency of overseas green investment is essential for achieving the goal of high-standard opening up.Drawing on national macro-level data,this study examines the influence of institutional distance on the efficiency of overseas green investment and elucidates the underlying mechanisms,alongside the role of the digitalization level of host countries.The findings indicate that:(1)Institutional distance significantly impedes the enhancement of China’s overseas green investment efficiency,primarily by fostering outsider disadvantages,escalating knowledge transfer costs,and impeding economies of scale;(2)Enhancing the level of digitalization in the host country can effectively mitigate the inhibitory impact of institutional distance on the efficiency of overseas green investment;(3)The inhibitory impact of institutional distance exhibits country heterogeneity,being more pronounced in countries along the“Belt and Road”.In light of these findings,China should focus on the inhibitory effect of institutional distance and the regulating effect of digitalization level.By accelerating institutional openness,establishing transnational digital communication platforms,enhancing risk analysis capabilities,optimizing foreign investment strategies,crafting an integrated new overseas investment paradigm,and instituting Chinese-style standards and norms,China will effectively improve the efficiency of overseas green investment to achieve the goal of high-standard opening up.