境外产业园区、制度质量与中国对外直接投资  

Overseas Industrial Parks,Institutional Quality and China’s OFDI

作　　者：支宇鹏 陈乔[1] ZHI Yu-peng;CHEN Qiao

机构地区：[1]广西大学商学院 [2]中国-东盟研究院印尼所

出　　处：《国际经贸探索》2019年第11期97-112,共16页International Economics and Trade Research

基　　金：国家社科基金项目(19XJL007)

摘　　要：文章采用2003~2017年中国对140个国家的OFDI数据,分析了东道国制度质量、境外产业园区与中国OFDI的关联及东道国制度质量的调节效应。研究表明:境外产业园区降低中国OFDI对东道国制度质量的敏感性,存在明显的投资促进效应。中国OFDI总体存在制度风险偏好特征,但东道国制度质量的改善会显著增强境外产业园区的投资促进效应。腐败控制水平、政府效率、监管质量、表达与问责和法制规则的改善可以提升境外产业园区的投资吸引力。后金融危机时代,境外产业园区吸引企业投资的能力逐步增强,东道国制度质量对境外产业园区的投资促进效应的影响更加显著,而且“一带一路”境外产业园区的投资效应明显高于总样本和非沿线国家,东道国制度质量依旧存在正向调节作用。This paper analyzes the relationship between institutional quality of host countries,overseas industrial parks and China’s OFDI as well as the regulatory effect of institutional quality of host countries based on the data of China’s OFDI in 140 countries from 2003 to 2017.The research shows that overseas industrial parks reduce the sensitivity of China’s OFDI to the institutional quality of host countries and significantly promote China’s OFDI in host countries.Overall,there are institutional risk preferences existing in China’s OFDI,but the investment promotion effect of overseas industrial parks will be significantly strengthened by the improvement of institutional quality of host countries.Corruption control level,government efficiency,supervision quality,expression and accountability as well as the improvement of legal rules can effectively enhance the investment attractiveness of overseas industrial parks.In the post-financial crisis era,the ability of overseas industrial parks to attract the investment from the enterprises is increasing,and the investment promotion effect of institutional quality of host countries on overseas industrial parks becomes more significant.Moreover,the investment effect of overseas industrial parks along the Belt and Road is significantly greater than that of the total sample and the countires which aren’t along the Belt and Road,and institutional quality of host countries still has positive regulatory effect.

关 键 词：境外产业园区 制度质量 直接投资 

分 类 号：F832[经济管理—金融学]