双边投资协定与“一带一路”沿线国家的市场进入——来自对外直接投资的微观证据

发布时间：2018-08-09 18:30

【摘要】：双边投资协定是企业对外直接投资的重要制度保障。本文基于企业层面的微观数据就双边投资协定对中国直接投资企业进入"一带一路"沿线国家的影响进行分析。结果发现,双边投资协定的签订和实施显著提高了中国企业向"一带一路"沿线国家进行直接投资的可能性。同时,我们还发现,这样一种双边投资协定的市场进入效应具有明显的国家和企业异质性特征。双边投资协定的签订和实施对于距离较远、风险较大、制度建设薄弱的市场的进入作用更为明显,而国内企业、生产率相对较低、企业规模相对较小的企业则更多的享受了双边投资协定所带来的市场进入便利。
[Abstract]:Bilateral investment agreements (bits) are an important institutional guarantee for enterprises' outward direct investment (OFDI). This paper analyzes the impact of bilateral investment agreements (bits) on the entry of Chinese direct investment enterprises into countries along "Belt and Road" based on microcosmic data at the enterprise level. The results show that the signing and implementation of bilateral investment agreements (bits) have significantly increased the possibility of Chinese enterprises investing directly in countries along the "Belt and Road" route. At the same time, we also find that the market entry effect of such a bilateral investment treaty has obvious heterogeneity between state and firm. The signing and implementation of bilateral investment agreements (bits) have a more obvious effect on the entry of markets with long distances, greater risks and weak institutional construction, while domestic enterprises have relatively low productivity. Firms with relatively small size are more likely to enjoy the market entry facilities brought about by bilateral investment agreements (bits).
【作者单位】：对外经济贸易大学国际经济研究院;中国人民大学经济学院;
【基金】：国家社会科学基金青年项目“微观视角下中国(上海)自由贸易实验区的贸易效应研究”(14CJY001) 北京市社会科学基金青年项目“一带一路战略下北京出口企业市场进入与扩张的策略研究”(15JGC154) 对外经济贸易大学中央高校基本科研业务费专项资金“出口经历与企业市场进入的路径依赖——基于异质性企业理论视角”(15YQ07) 教育部人文社会科学重点研究基地重大项目“国际货币体系与人民币国际化”(12JJD790016)的资助
【分类号】：F125;F279.2

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