“一带一路”国家金融发展与中国对外直接投资效率——基于随机前沿模型的实证分析  

National Financial Development of the“Belt and Road”Countries and Efficiency of China's Foreign Direct Investment

作　　者：张友棠[1] 杨柳[1] Zhang Youtang;Yang Liu(School of Management.Wuhan University of Technology)

机构地区：[1]武汉理工大学管理学院

出　　处：《数量经济技术经济研究》2020年第2期109-124,共16页Journal of Quantitative & Technological Economics

基　　金：国家社会科学基金重点项目“基于行业风险动态监测的信息技术业上市公司财务预警定位研究”(15AGL008);国家社会科学基金一般项目“全球价值链重构下的中国制造业企业海外投资风险预警定位研究”(17BGL023);国家社会科学基金后期资助项目“中国企业海外投资的风险辨识模式与预警防控体系研究”(11FGL004)的资助。

摘　　要：研究目标:测度中国在“一带一路”沿线国家的对外直接投资效率,分析“一带一路”沿线国家的金融发展异质性对提升中国对外直接投资效率的影响。研究方法:使用时变随机前沿模型对中国在“一带一路”沿线38个国家的对外直接投资效率进行测度和分析。研究发现:“一带一路”沿线国家的金融深度、金融效率、金融稳定性、银行系统规模和金融诚信文化对提升中国对外直接投资效率具有显著正向作用;中国在“一带一路”沿线国家的对外直接投资效率在不断提升,但仍有较大的提升空间,且在“一带”国家和“一路”国家的对外直接投资效率存在差异;中国在境外设立金融机构对提升“一带一路”国家对外直接投资效率有促进作用。研究创新:运用随机前沿分析方法,测算和分析中国在“一带一路”沿线国家的对外直接投资效率及影响效率提升的金融发展因素。研究价值:为改善我国在“一带一路”沿线国家的投资质量、提升投资潜力提供了实证经验,有助于“一带一路”沿线国家优化金融发展,深化“一带一路”金融稳定与合作。Research ObjiTtives:Measuring the efficiency of C'hina's foreign direct investment in countries among the"Bell and Road"countries(hereinafter referred to as B&R countries),analyzing influence of financial development differences among the B&R countries on impro ving efficiency of China's foreign direct investment.Research Methods:Utilizing lime-var ying stochastic frontier model to measure and analyze efficiency of China's foreign direct in vestment in countries.Research Findings:There is an obvious positive correlation be-twecn the efficiency of China's foreign direct investment and financial depth.financial effi ciency,financial stability,banking system scale,financial credibility culture in B&R coun tries.The efficiency of China's foreign direct investment toward B*R countries is on con stant progress,but there is still huge potential of opportunities in these countries,and there is a gap of efficiency between"bell"countries and"road"countries.The establishment of Chinese overseas financial institutions promotes efficient China s foreign direct investment in countries.Research Innovations:This is the first thesis that utilizes time-varying sto chastic frontier model to measure and analyze efficiency of China s foreign direct investment in B&R countries as well as financial development factors that affect the improvement of effi ciency.Research Value:Providing empirical experience for improving investment quality in B&R countries,and for enlarging investment potential.Helping promote financial develop ment in B&R countries so as to promote B&-R financial stability and cooperation.

关 键 词：“一带一路”倡议 金融发展 对外直接投资效率 时变随机前沿模型 

分 类 号：F831[经济管理—金融学]