中国OFDI对于发展中国家的经济增长效应——基于与美国OFDI比较的视角  

The Effect of China’s OFDI on the Economic Growth of Developing Countries——Comparison with US’OFDI

作　　者：范红忠[1] 王馗 胡峰[2] Fan Hongzhong;Wang Kui;Hu Feng

机构地区：[1]华中科技大学经济学院,武汉430074 [2]浙江工商大学管理学院,杭州310018

出　　处：《经济问题探索》2021年第9期103-116,共14页Inquiry Into Economic Issues

基　　金：国家社会科学基金重大项目“中国深度参与全球创新链治理的机制、路径与政策研究”(20&ZD124),项目负责人:俞荣建;国家自然科学基金面上项目“中国高端制造业价值链跃迁路径研究:多重嵌入的视角”(71773115),项目负责人:胡峰;国家自然科学基金青年项目“多中心空间发展模式促进我国全球价值链地位提升的机理、路径及对策研究”(71903001),项目负责人:陈旭。

摘　　要：本文基于2003-2018年国际各国对发展中国家直接投资的跨国面板数据,考察了以中国为代表的"南南投资"和以美国为代表的"北南投资"对于发展中国家经济增长影响的差异。给定其他国家对发展中国家直接投资的事实,对同时期同一个发展中国家而言,来自中国的投资比美国投资在促进东道国经济增长方面更具优势。总体而言,中国OFDI有助于提升发展中国家经济总量。短期内,中国OFDI通过资本积累、就业以及基础设施建设三个渠道影响东道国经济发展。异质性分析发现,中国OFDI的经济增长效果主要体现在非洲和亚洲的低收入发展中国家工业部门,而对于其他区域的中等收入国家服务业部门并未产生显著的促进作用。进一步检验作用机制发现,相较于美国而言,中国与发展中国家适度的技术距离有助于当地技术水平的提升,中国OFDI能够推动当地经济实现内生增长。Based on the cross-border panel data of international direct investment in developing countries from 2003 to 2018,this paper examines the differences in the impact of"south-south investment"represented by China and"North-South investment"represented by the United States on the economic growth of developing countries.Given the fact that other countries have direct investment in developing countries,for the same developing country in the same period,the investment from China has more advantages than the investment from the United States in promoting the economic growth of the host country.Overall,China’s OFDI will help to enhance the economic aggregate of developing countries.In the short term,China’s OFDI influences the economic development of host countries through three channels:capital accumulation,employment and infrastructure construction.Heterogeneity analysis shows that the economic growth effect of China’s OFDI is mainly reflected in the industrial sectors of low-income developing countries in Africa and Asia,while it does not significantly promote the service sector of middle-income countries in other regions.Further examination of the mechanism shows that,compared with the United States,a moderate technological distance between China and developing countries is conducive to the improvement of local technological level,and China’s OFDI can promote the endogenous growth of local economy.

关 键 词：中国对外直接投资 发展中国家 经济增长 美国对外直接投资 

分 类 号：F125.4[经济管理—世界经济]