摘要
文章基于2003-2016年中国对"一带一路"沿线50个国家的直接投资数据,运用固定效应和系统GMM检验东道国制度环境在东道国金融发展影响中国OFDI区位选择中是否具有调节作用。结果表明:东道国制度质量高低显著影响其金融发展对中国OFDI的吸引作用,且存在一个制度质量临界值,样本国家中以新加坡为代表的东亚国家、以科威特为代表的中东国家、以匈牙利为代表的东欧国家等17个国家金融配置效率较高,有利于中资企业获取海外融资,建议具有强烈融资动机的中资企业选择上述国家进行投资。其次,东道国金融发展本身对中国OFDI有促进作用,对于沿线其他制度环境相对较差、金融发展水平较低的东道国,建议中央政府进行更加广泛的制度性安排切实加强金融合作,最大程度解决海外投资企业普遍面临的融资困境,深化与"一带一路"沿线国家的投资合作。
Based on the direct investment data of 50 countries along“The Belt and Road”from 2003 to 2016,this paper uses fixed effect and system GMM to test whether the host country’s institutional environment can moderate the influence of financial development on China’s OFDI. The results show that the host country’s institution has a significant impact on the attraction of its financial development to Chinese OFDI,and there is a threshold level of institution. In the sample countries,17 countries including the East Asian countries represented by Singapore,the Middle East countries represented by Kuwait,and the Eastern European countries represented by Hungary are more efficient in allocating financial resources,which is advantageous for Chinese enterprises to obtain overseas financing. Chinese enterprises with strong financing motives are advised to invest in these countries. Secondly,the financial development of host country has a stimulative effect on China’s OFDI. For other host countries with relatively poor environment and low level of financial development,it is suggested that the central government should widely take institutional measures to strengthen the financial cooperation in order to solve the financing dilemma of overseas investment enterprises and deepen the investment cooperation with the“The Belt and Road”.
作者
文淑惠
胡琼
程先楠
WEN Shu-hui;HU Qiong;CHENG Xian-nan(Faculty of Management and Economics,Kunming University of Science and Technology,Kunming 650032,China)
出处
《华东经济管理》
CSSCI
北大核心
2019年第5期57-67,共11页
East China Economic Management
基金
国家自然科学基金项目(41561028)
国家社会科学基金项目(16BJY081)
云南省教育厅项目(2018JS122)
昆明理工大学管理与经济学院硕博生科研激励计划项目(20171227)
关键词
金融发展
制度环境
对外直接投资
一带一路
financial development
institutional environment
foreign direct investment
the Belt and Road
作者简介
文淑惠(1970-),女,贵州贵阳人,教授,博士生导师,经济学博士,研究方向:区域经济发展,国际投资与贸易;胡琼(1996-),女,云南昭通人,硕士研究生,研究方向:区域经济发展,国际经济;程先楠(1988-),男,云南昆明人,讲师,通讯作者,研究方向:区域经济发展。
