中国OFDI的制度效应存在吗?  

Is There an Institutional Effect of China’s OFDI?

作　　者：潘春阳 廖佳[2] Pan Chunyang;Liao Jia(East China University of Science and Technology;Shanzhai University of International Business and Economics)

机构地区：[1]华东理工大学商学院经济学系 [2]上海对外经贸大学国际经贸学院

出　　处：《经济评论》2018年第6期53-68,共16页Economic Review

基　　金：上海市教委科研创新计划项目"城市公共产品供给机制研究"(项目编号:2017-01-07-00-02-E00008);国家社会科学基金青年项目"机会不平均与居民幸福感的测度分析与政策思路研究"(项目编号:12CJL021)的资助

摘　　要：对外直接投资(OFDI)是中国主动融入经济全球化的重要方式,也是制度扩散的一种重要机制。本文基于2003-2016年164个国家的面板数据,探索了中国OFDI对东道国制度质量的影响。我们发现,对于制度质量低于中国的东道国,中国的OFDI显著提高了制度质量,特别是改善了"腐败控制""监管质量"和"法治水平"这三个维度的制度质量,且在利用工具变量法缓解内生性之后,中国OFDI的制度效应还有所放大。而对于制度质量高于中国的东道国,中国的OFDI则没有显著的制度效应。本研究不但有助于我们更深入地理解中国OFDI对东道国产生的影响,也有助于设计和完善中国企业"走出去"的相关政策,从而推动合作共赢的对外投资新模式、促进"一带一路"倡议的深入实施。Outward foreign direct investment serves as a crucial way for China to actively integrate into economic globalization,and it is also an important mechanism of institution diffusion.Based on the panel data of 164 countries from the year of 2003 to 2016,this paper investigates the impact of China's OFDI on institutional quality (and its 6 dimensions)of host countries.It finds that China's OFDI significantly improves institutional quality of the host countries with poorer institutional quality relative to China,and it especially enhances the level of "control of corruption","regulatory quality"and "rule of law"of these countries.Moreover,these institutional effects of China's OFDI are amplified after using instrument variable estimation to alleviate the endogeneity issues.Meanwhile,China's OFDI exerts no significant effect on host countries with better institutional quality relative to China.Therefore,this study not only enriches our knowledge on the effects of China's 0FDI of OFDI related policies,thus building up cooperation and Dromoting the imolementation in host countries,but also sheds light on the design a new outward investment pattern with win-win of the "Belt and Road Initiative".

关 键 词：对外直接投资(OFDI) 制度质量 工具变量法 

分 类 号：F125[经济管理—世界经济]