双边投资协定对韩国对外直接投资影响的实证研究

发布时间：2018-05-20 15:03

本文选题：双边投资协定 + 自由贸易协定　；参考：《辽宁大学》2017年硕士论文

【摘要】：在韩国的崛起进程中,对外直接投资(OFDI)扮演了重要角色。韩国大规模的对外直接投资始于1980年代中后期,1985年韩国实际对外直接投资额还只有1.12亿美元,此后三十年历经了大规模增长,2016年达到349.9亿美元,增长了约311倍。为推动对外直接投资稳定发展,韩国政府努力通过与东道国签订双边投资协定(BIT)和含有投资条款的自由贸易协定(FTA)来降低制度风险。双边投资协定是两国政府间签订的,以鼓励、保护和促进两国间投资为目的并具有法律效力的协定。韩国与各国签订的BIT内容虽不尽相同,但一般都包括投资的保护与促进、投资准入条件、投资待遇、损失赔偿、投资收益汇出以及争议解决等权利和责任的明确规定。截止目前,韩国签订的BIT总量达到了89个。基于1980-2014年间韩国对81个东道国的OFDI数据,本文主要探究两个问题:第一,韩国签订且已生效的BIT和含有投资条款的FTA对韩国OFDI是否具有促进效应;第二,东道国的制度环境在吸引韩国直接投资过程中扮演着什么角色,当东道国制度水平较差时,韩国与该国签订的BIT可否产生替代效应。本文的文章结构如下,第一部分是绪论,包括研究背景、文献综述与文章内容框架等,总结了前人对BIT、FTA及东道国制度水平对OFDI促进效应的研究;第二部分梳理了韩国FDI的历程、现状及产业结构调整,另外还介绍了韩国投资协定的发展历程;第三部分是实证研究部分,包括模型设定、变量选取和数据说明,固定效应模型实证结果分析,再利用工具变量法进行稳健性检验;第四部分总结并提出政策建议。实证研究表明,生效的BIT确实促进了韩国对外直接投资,FTA中的投资条款也起到了与BIT相同的作用。投资者能否持续、稳定地在东道国经营下去还取决于东道国的制度环境,东道国制度水平越高就越能够吸引外国投资者。当东道国制度水平较差时,BIT对东道国较差的制度水平可以起到替代作用。韩国的经验对我国具有重要的启示作用。当前,我国正处于对外直接投资的高速发展时期,2015年已经超过外国直接投资,成为直接投资的净流出国。自“一带一路”战略列入我国“十三五”时期主要目标任务和重大举措以来,“一带一路”沿线国家开始成为我国对外投资的重要目的地。基于韩国的经验,中国应加快推进与包括“一带一路”沿线国家在内的其他国家的经贸投资合作协定的签订,从产权、投资准入、投资待遇、征用和国有化、损失赔偿和争议解决等各个方面对投资者的权利和责任进行明确的规定,以此通过规范的、有约束力的制度形式保护我国的海外投资。
[Abstract]:Foreign direct investment (OFDI) played an important role in the rise of South Korea. South Korea's massive outward direct investment (FDI) began in the late 1980s. In 1985, it was only $112 million in real terms. After three decades of massive growth, it reached $34.99 billion in 2016, an increase of about 311-fold. In order to promote the steady development of foreign direct investment, the Korean government tries to reduce the institutional risk by signing bilateral investment agreements (bits) with host countries and free trade agreements (FTAs) with investment clauses. Bilateral investment agreements (bits) are agreements signed between the two governments with the aim of encouraging, protecting and promoting investment between the two countries. Although the contents of BIT signed between Korea and other countries are different, they generally include the clear provisions of the rights and responsibilities of investment protection and promotion, investment access conditions, investment treatment, compensation for losses, repatriation of investment income and dispute resolution. So far, South Korea signed a total of 89 BIT. Based on the OFDI data of 81 host countries from 1980 to 2014, this paper mainly explores two questions: first, whether the BIT signed by Korea and the FTA with investment clauses have a positive effect on OFDI in Korea; What role does the institutional environment of host country play in the process of attracting Korean direct investment? when the level of host country system is poor, can the BIT signed between Korea and Korea produce substitution effect? The structure of this paper is as follows: the first part is the introduction, including the research background, literature review and the content framework of the article, summarizes the previous research on the effect of BIT-FTA and host country system level on OFDI promotion; the second part combs the course of Korean FDI. The third part is the empirical research part, including model setting, variable selection and data description, fixed effect model empirical results analysis. Then we use the tool variable method to test the robustness; the fourth part summarizes and puts forward the policy recommendations. The empirical study shows that the effective BIT does promote the investment clause of Korea OFDI FTAs and play the same role as BIT. Whether the investors can continue to operate in the host country is also dependent on the institutional environment of the host country. The higher the level of the host country system, the more able to attract foreign investors. When the host country's institutional level is poor, bit can substitute for the host country's poor institutional level. Korea's experience has important enlightenment to our country. At present, China is in the period of rapid development of foreign direct investment. In 2015, China has surpassed foreign direct investment and become a net outflow country of direct investment. Since the "Belt and Road" strategy was listed as the main target task and major measures in the 13th Five-Year Plan period, the countries along the "Belt and Road" line have become an important destination for China's foreign investment. Based on South Korea's experience, China should speed up the signing of economic and trade investment cooperation agreements with other countries, including countries along the "Belt and Road" route, from property rights, investment access, investment treatment, expropriation and nationalization. The rights and responsibilities of investors are clearly regulated in various aspects, such as compensation for losses and dispute settlement, so as to protect China's overseas investment through a standardized and binding system.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F131.26

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