摘要
基于2009~2018年世界123个经济体的面板数据,实证分析了营商环境对外商直接投资的影响。结果表明:全样本中,一国的营商环境前沿距离得分能显著促进该国外商直接投资净流入,将营商环境指标更换为得分排名上述结论也稳健;进一步区分营商环境子类指标的异质性影响时,登记财产、执行合同、办理破产这三项指标对外商直接投资的影响显著为正,其他指标的影响不显著;按发展程度对经济体进行分组回归的结果显示,营商环境对外商直接投资的影响仅在发展中经济体显著为正,在发达经济体中上述关系不成立。此外,营商环境改善通过降低风险这一间接机制对外商直接投资产生影响。研究结果为中国未来通过优化营商环境促进外商直接投资以实现高质量发展的引资和开放策略提供了实证支撑和改善营商环境的发力方向。
Based on panel data of 123 economies in the world from 2009 to 2018,this paper empirically analyzes the impact of business environment on inward foreign direct investment( IFDI). The results show that: in the whole sample,a country’ s score of business environment frontier distance can significantly promote the country’ s net FDI inflow,and the above conclusion is also stable when the index of business environment is changed to the score ranking. When further differentiating the content of each sub-index of the business environment,the three indexes of registering property,enforcing contract and resolving insolvency have significant positive impacts on the net FDI inflow,while the other indexes have no significant impact. The result of regression of economies by degree of development shows that the influence of business environment on FDI net inflow is significantly positive only in developing economies,but not in developed economies. In addition,the improvement of business environment affects the net FDI inflow through the indirect mechanism of risk reduction. The conclusion of this paper provides an empirical support and the direction of improving the business environment for China to promote foreign direct investment to achieve high-quality development through optimizing the business environment.
作者
张应武
刘凌博
ZHANG Yingwu;LIU Lingbo(School of Economics,Hainan University,Haikou Hainan 570228)
基金
海南省自然科学基金项目“海南国际旅游岛建设的经济增长效用研究(718MS031)
国家自然科学基金“中国FTA内容异质性的形成机理与贸易效应研究”(71563010).
关键词
营商环境
外商直接投资
风险
发展中国家
Business Environment
Inward Foreign Direct Investment
Risk
Developing Countries
作者简介
张应武(1983~),男,湖南武冈人,海南大学经济学院副教授,研究生导师,研究方向:国际贸易与投资;刘凌博(1994~),女,河南南阳人,海南大学经济学院硕士研究生,研究方向:国际贸易。
