营商环境改善能够吸引中国OFDI吗?--“一带一路”国家宏观制度异质性的视角  

Can Doing Business Improvement Attract China’s OFDI?--Perspectives of Macro-Institutional Heterogeneity of OBOR Countries

作　　者：黄荣斌[1] 钟锋 林树哲 HUANG Rongbin;ZHONG Feng;LIN Shuzhe(Guangdong University of Technology,Guangzhou 510610,China)

机构地区：[1]广东工业大学经济与贸易学院,广东广州510610

出　　处：《广东农工商职业技术学院学报》2020年第1期55-60,69,共7页Journal of Guangdong Agriculture Industry Business Polytechnic

基　　金：广东工业大学金砖国家研究中心课题“新兴经济体发展治理和合作创新”。

摘　　要：东道国制度水平差异对中国OFDI的区位选择和规模变动构成较大影响。以营商环境前沿距离为微观视角,文章通过构建宏微观制度变量的交互项,明确了东道国营商环境、宏观制度异质性对中国OFDI区位选择影响的研究框架。基于中国对"一带一路"沿线62个国家2006~2017年的对外直接投资的实证分析,研究发现:第一,东道国营商环境的改善能有效促进中国OFDI的流入;第二,中国OFDI具有"宏观制度风险偏好",即目前整体投资趋向于宏观制度较差的东道国。但基于宏观制度异质性的分析,这种偏好仅在较高WGI指数的东道国样本中显著,而在WGI指数较小的样本中,中国OFDI显示出制度风险规避特征;第三,宏观制度的改善在总体上能进一步促进营商环境对中国OFDI的吸引力,但这一结论仅在具有较高WGI指数的东道国中更为显著。Differences in the host country institution level have a great impact on the location choice and scale change of China’s OFDI. Taking the frontier distance of the Doing Business as a micro perspective, the article clarifies the analysis framework of the impact of host country’s doing business and institutional heterogeneity on China’s OFDI location selection by setting up the interaction terms of macro and micro institutional variables. Based on empirical analysis of China’s OFDI in 62 countries along the "The Belt and Road Initiative" from 2006 to 2017, three conclusions have been found. At first, the improvement of the host country’s Doing Business can effectively promote China’s OFDI. Secondly, China’s OFDI has institutional risk preference, that is, the current overall OFDI frequently flow to host countries with poor macro-institution index. However, from the perspective of macro-institutional heterogeneity, this preference is only significant in the sample where the WGI index is higher than China.And in the sample where WGI index is lower than China, China’s OFDI shows the characteristics of institutional risk aversion.At last, the improvement of the macro-institutions in general can further promote the attractiveness of the doing business to China’s OFDI, but this conclusion is significant only in the sample where the WGI index is higher than China.

关 键 词：中国对外直接投资 “一带一路”倡议 营商环境 宏观制度异质性 

分 类 号：F20[经济管理—国民经济]