制度环境与中国对外直接投资——基于扩展边际的分析视角

发布时间：2018-12-28 08:41

【摘要】：文章基于中国的实际情况提出对外直接投资二元边际概念,并对ALP(2015)二元边际分解模型进行改进,据此测算中国各省域对外直接投资的扩展边际。在此基础上,运用空间杜宾面板模型从扩展边际的角度实证检验母国制度环境对中国OFDI的影响,同时基于资本的跨区、跨国流动替代性机制分析东部、中部和西部三大区域制度效应的差异性。研究发现:第一,中国省域对外直接投资的扩展边际存在显著的空间自相关性。第二,政府的财政扶持和金融支持能促进中国OFDI的扩展边际,而母国知识产权保护制度不健全、法制建设不完善均会导致资本的外逃。中国对外投资的扩展边际同时存在"制度激励"和"制度逃逸"现象。第三,东部、中部和西部制度质量初始禀赋的不同使得部分地区资本的跨区流动对跨国流动形成完全或部分替代,三大区域OFDI的扩展边际因而呈现差异化的制度效应。东部具有更强的制度逃逸特征,中部的制度激励特征则更为明显,但西部这两种特征均未出现。
[Abstract]:Based on the actual situation of China, this paper puts forward the concept of dualistic marginal of FDI, and improves the model of dualistic marginal decomposition of ALP (2015), according to which the extended marginal value of FDI in the provinces of China is calculated. On this basis, the spatial Doberbin panel model is used to empirically test the impact of the home country's institutional environment on China's OFDI from the perspective of the extended marginal, and at the same time, based on the cross-region of capital, the alternative mechanism of transnational flow is analyzed in the east. The differences of the three regional institutional effects in the central and western regions. The results show that: first, there is significant spatial autocorrelation in the expansion margin of China's provincial FDI. Second, the financial support and financial support of the government can promote the expansion of China's OFDI margin, while the imperfect intellectual property protection system and the imperfect legal system in the home country will lead to capital flight. There are both institutional incentives and institutional escapes in the expansion margin of China's foreign investment. Thirdly, due to the difference of the initial endowment of institutional quality in eastern, central and western regions, the inter-regional capital flows in some regions are completely or partially replaced by cross-border flows, and the expansion margin of OFDI in the three regions presents a differentiated institutional effect. The eastern part has stronger institutional escape feature, while the central part has more obvious institutional incentive feature, but neither of these two characteristics has appeared in the west.
【作者单位】：南开大学国际经济研究所;南开大学经济学院;
【基金】：国家社会科学基金重大项目“引进外资与对外投资两大开放战略的协调机制与政策研究”(批准号:15ZDA057) 教育部人文社会科学重点基地重大项目“对外直接投资与我国经济发展的理论和政策研究”(批准号:13JJD790017) 南开大学“中国特色社会主义经济建设协同创新中心”的资助
【分类号】：D61;F125

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