“一带一路”沿线国家的投资选址——制度距离与海外华人网络的视角

发布时间：2018-03-27 17:22

本文选题：“一带一路”　切入点：对外直接投资　出处：《经济学动态》2017年04期

【摘要】："一带一路"倡议给我国企业"走出去"带来新的机遇。但与"一带一路"沿线国家的制度鸿沟可能会阻碍我国企业对这些地区的对外直接投资(OFDI)。已有经验研究关于制度距离对我国企业OFDI选址的影响及如何缓解制度距离带来的制度风险还未达成共识。本文利用2003-2014年我国对"一带一路"沿线65个国家的投资数据,采用负二项回归模型,基于制度距离与海外华人网络视角的实证研究发现:第一,正式制度距离对我国企业的OFDI选址具有"非对称性效应",企业OFDI倾向于负向制度距离接近的"一带一路"沿线国家;第二,我国企业对"一带一路"沿线国家的OFDI选址表现出对制度距离的"异质性偏好",技术研发型OFDI偏好正向制度距离大的国家,商务服务型OFDI和当地生产型OFDI规避负向制度距离大的国家;第三,不论哪种投资动机,海外华人网络的活跃都能促进我国企业OFDI。因此,应在识别制度距离的方向和幅度的基础上,针对不同投资动机的OFDI推行差别化的鼓励政策和扶持措施,同时充分利用"一带一路"沿线国家的海外华人华侨组织,建立东道国海外华人华侨关系网络与海外直接投资联结机制,推动我国企业对"一带一路"沿线国家直接投资的新发展。
[Abstract]:The "Belt and Road" initiative has brought new opportunities for Chinese enterprises to "go out". But the institutional gap with the countries along the "Belt and Road" may hinder our enterprises' foreign direct investment in these areas. There is no consensus on the influence of institutional distance on OFDI site selection of Chinese enterprises and how to mitigate the institutional risk brought by institutional distance. This paper makes use of the investment data of 65 countries along Belt and Road from 2003 to 2014. Using the negative binomial regression model, the empirical study based on the institutional distance and the perspective of overseas Chinese network found that: first, Formal institutional distance has an "asymmetric effect" on the OFDI location of Chinese enterprises, and the OFDI tends to be a country along the route of "Belt and Road", where the distance is close to the negative institutional distance. Second, Chinese enterprises show heterogeneity preference for OFDI location in countries along "Belt and Road", while technology R & D type OFDI prefer countries with large institutional distance. The commercial service OFDI and the local production type OFDI circumvent the negative system long distance countries; third, no matter what kind of investment motivation, the overseas Chinese network active can promote our country enterprise OFDI.Therefore, On the basis of identifying the direction and extent of the system distance, the OFDI with different investment motives should carry out differential encouragement policies and support measures, and at the same time make full use of the overseas Chinese and overseas Chinese organizations in the countries along the "Belt and Road" line. The establishment of the network of overseas Chinese and overseas Chinese relations in the host country and the linkage mechanism of overseas direct investment will promote the new development of Chinese enterprises' direct investment in the countries along the route of "Belt and Road".
【作者单位】：暨南大学经济学院;暨南大学中国经济发展与创新战略研究中心;
【基金】：国家自然科学基金重点项目“推动经济发达地区产业转型升级的机制与政策研究”(71333007);国家自然科学基金青年项目“基于技术溢出和吸收能力的本土供应商生产率提升研究”(71203077) 中央高校基本科研业务费专项资金资助项目“中国外向FDI的学习效应及其机制研究”(暨南启明星计划15JNQM001)的资助
【分类号】：F125

【相似文献】