中国的对外直接投资是否改善了东道国的制度质量?——基于“一带一路”沿线国家的实证研究  

Does China's Outward Direct Investment Improve the Institutional Quality of Host Countries?——Evidence from the Countries along “One Belt and One Road”

作　　者：潘春阳[1] 卢德[1] PAN Chun-yang LU-De(East China University of Science and Technology, Shanghai 200237, Chin)

机构地区：[1]华东理工大学,上海200237

出　　处：《上海对外经贸大学学报》2017年第4期56-72,共17页Journal of Shanghai University of International Business and Economics

基　　金：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"(编号:12CJL021)的资助

摘　　要："一带一路"倡议是中国在新的历史条件下开放发展的重大举措。本文致力于探索中国对外直接投资对"一带一路"沿线国家制度质量的影响。利用2003年到2014年的跨国面板数据和差分GMM方法,本文发现:第一,中国的对外直接投资强度对东道国的"腐败控制"、"政府效能"、"政治稳定"、"规制质量"和"法治水平"存在显著的正效应,不但能在短期内改善东道国的制度质量,还能在长期中提高制度质量的均衡水平。第二,中国的对外直接投资对于资源较丰裕国家的制度正效应更为强劲,特别是在"政府效能"、"规制质量"和"法治水平"三个领域,从而有助于资源型国家摆脱"资源诅咒"。本文的研究对于理解中国对外直接投资的制度效应,评估"一带一路"建设的绩效和发展前景具有十分重要的现实意义。The ＂One Belt and One Road （OBOR）＂ initiative is one of the most important strategies for open development in China＇s new historical period. This paper aims to investigate the impacts of China＇s outward direct investment （ODI） on the institutional quality of the host countries along OBOR. Using an international panel data from 2003 to 2014, it finds that, firstly, China＇s ODI exerts a positive effect on ＂control of corruption＂, ＂government effectiveness＂, ＂political stability＂, ＂regulatory quality＂ and ＂rule of law＂. China＇s ODI not only promotes the institutional quality of host countries in the short term, but also improves the equilibrium of the institutional quality in the long run. Secondly, the institutional effects of China＇s ODI, especially the effect on ＂govemment effectiveness＂, ＂regulatory quality＂ and ＂rule of law＂, are stronger in the countries with relatively richer natural resources, which helps the resource abundant countries to get rid of the ＂resource curse＂, In short, this paper helps us to have a better understanding of the institutional effects of China＇s ODI, and also sheds light on the performance and future development of OBOR initiative.

关 键 词：对外直接投资 “一带一路” 制度效应 差分矩估计 

分 类 号：F272[经济管理—企业管理]