商业研究

商业研究

• 商经理论 • 上一篇    下一篇

中国对“一带一路”沿线国家直接投资区位选择 ——基于制度质量视角的经验研究

李建军1,2，胡宗义3，邓羽佳4   

  1. （1．湖南大学 应用经济学博士后流动站，长沙 410082；2．湖南工商大学 经济与贸易学院，长沙 410205；3.湖南大学 金融与统计学院，长沙 410082；4.新疆农业大学 经济与贸易学院，乌鲁木齐 830052）
  • 收稿日期:2019-03-16 出版日期:2019-08-22
  • 作者简介:李建军（1978-），男，湖南宁乡人，湖南大学应用经济学博士后流动站在站博士后，湖南工商大学经济与贸易学院副教授，经济学博士，研究方向：世界经济；胡宗义（1964-），男，湖南宁乡人，湖南大学金融与统计学院教授，博士生导师，应用数学博士，研究方向：能源与环境经济、世界经济；邓羽佳（1989-），女，安徽亳州人，新疆农业大学经济与贸易学院讲师，经济学博士，研究方向： 世界经济。
  • 基金资助:
    国家社科基金项目，项目编号：18BJY096；中国博士后科学基金第65批资助项目，项目编号：2019M652762；湖南省自然科学基金项目，项目编号：2019JJ40148。

Location Choice of China′s OFDI in Countries along “the Belt and Road”：Empirical Research based on the Perspective of Institutional Quality

LI Jian-jun1,2,HU Zong-yi3,DENG Yu-jia4   

  1. (1.Post-doctoral Mobile Station of Applied Economics, Hunan University, Changsha 410082,China; 2.School of Economics and Trade, Hunan University of Commerce and Industry, Changsha 410205,China; 3.School of Finance and Statistics, Hunan University, Changsha 410082,China; 4. School of Economics and Trade, Xinjiang Agricultural University, Urumqi 830052,China)
  • Received:2019-03-16 Online:2019-08-22

摘要： 区位选择是企业OFDI战略决策的首要考虑因素，在一定程度上决定了某项投资的风险与成败。本文通过构建理论模型，考察东道国制度质量因素等对一国OFDI区位选择的影响，并以“一带一路”沿线国家为研究样本，运用面板数据模型实证分析东道国制度质量、制度质量各分项指标以及母国与东道国制度质量距离等因素对中国OFDI区位选择的影响。结果表明：与东道国制度质量本身相比，中国与“一带一路”沿线国家的制度质量距离对中国OFDI的区位选择影响更大；不同维度制度质量对中国OFDI区位选择的影响程度虽然有别，但中国对“一带一路”沿线国家OFDI同时具有低政治制度质量偏好和低法律制度质量偏好，而对高经济制度质量的偏好不显著；相比于“一带一路”沿线国家制度质量本身，中国与“一带一路”沿线国家制度质量距离对中国OFDI区位选择偏好的影响力更大。因此，我国应充分利用共建“一带一路”的战略机遇，与“一带一路”沿线国家开展更为广阔的产业合作，并进一步推动“南-南”投资的发展，积极构建“南-南”合作组织、推动“南-南”合作机制形成。

关键词: “一带一路”, 制度质量, 制度质量距离, 对外直接投资

Abstract: Location selection is the most important factor in OFDI strategic decision-making, which determines the risk and success of an investment to a certain extent.This paper constructs a theoretical model to examine the influence of host country system quality factors on the OFDI location choice of a country,and uses panel data model to empirically analyze the influence of host country system quality, system quality sub index, and the distance between home country and host country system on China′s OFDI location choice by taking the countries along the belt and road as research samples.The results show that, compared with the quality of the host country system, the distance between China and the countries along “the Belt and Road” has a greater impact on the location choice of OFDI in China;although the influence of different dimensions of institutional quality on China′s OFDI location choice is different, China has low preference for political system quality and low legal system quality preference for OFDI along “the Belt and Road”, while the preference for high economic system quality is not significant;compared with the quality of the countries along “the Belt and Road”, the distance between China and the countries along the “the Belt and Road” system has a greater influence on China′s OFDI location preference.Therefore, China should make full use of the strategic opportunity of building “the Belt and Road” to carry out broader industrial cooperation with the countries along “the Belt and Road”, and further promote the development of “ South-South” investment, actively build “South-South” Cooperation Organization and promote the formation of the “South-South” cooperation mechanism.

Key words: “the Belt and Road”;institutional quality, institution quality distance, OFDI