东道国人类发展水平、政治风险与中国企业对外投资——基于面板Tobit模型的实证分析

发布时间：2018-02-28 11:18

本文关键词： 人类发展指数政治风险对外投资　出处：《投资研究》2017年04期 　论文类型：期刊论文

【摘要】：本文利用"中国全球投资追踪"数据库(The China Global Investment Tracker,CGIT)数据,采用面板Tobit模型,实证分析了东道国人类发展水平、政治风险对中国企业对外投资的影响。结果显示,东道国人类发展指数对中国企业对外投资有正的显著影响,政治风险指数对中国企业对外投资有负的显著影响,表明中国企业海外投资虽然是风险偏好型,但多会选择人类发展水平较高的国家。分样本来看,中国企业的对外直接投资受东道国人类发展水平影响更大,而工程项目投资则更多的是受政治风险影响,这一发现对中国企业的"二元性"投资行为有较强的解释作用。同时,东道国经济发展水平、通货膨胀率以及经济自由度等均对中国企业对外投资有显著影响。本文的研究结论对"一带一路"背景下中国企业的对外投资区位选择也有一定指导意义。
[Abstract]:In this paper, the China Global Investment Trackerite data is used to analyze the influence of the level of human development and political risk of the host country on the foreign investment of Chinese enterprises by using the panel Tobit model. The human development index of the host country has a positive and significant impact on the foreign investment of Chinese enterprises, while the political risk index has a negative and significant impact on the foreign investment of Chinese enterprises, which indicates that the overseas investment of Chinese enterprises is a risk preference type. However, most of them will choose countries with a higher level of human development. According to the sample, the foreign direct investment of Chinese enterprises is more affected by the level of human development in the host country, while the investment in engineering projects is more affected by political risks. This discovery has a strong explanation for the "dualistic" investment behavior of Chinese enterprises. At the same time, the level of economic development of the host country, The inflation rate and economic freedom have significant influence on Chinese enterprises' foreign investment, and the conclusion of this paper has certain guiding significance for the location choice of Chinese enterprises' foreign investment under the background of "Belt and Road".
【作者单位】：福建社会科学院;
【基金】：福建省软科学研究计划资助项目(项目编号:2017R0022)
【分类号】：D0;F125;F279.2

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