中国对RCEP框架内13国OFDI效率评价研究及影响因素分析  

Study on the Efficiency and Influencing Factors of China's Outward Foreign Direct Investment in RCEP

作　　者：田泽[1] 宋瑞杰 杨婧怡 Tian Ze;Song Ruijie;Yang Jingyi(Business School,Hohai University,Nanjing 210098,China)

机构地区：[1]河海大学商学院,南京210098

出　　处：《工业技术经济》2021年第11期94-101,共8页Journal of Industrial Technological Economics

基　　金：国家社会科学基金项目“国际投资环境剧变下我国‘一带一路’OFDI战略调整研究”(项目编号:20BJY191);中央高校基本科研业务专项(项目编号:B200207043);江苏省高校社会科学研究重大基金项目“江苏创建自主可控先进制造业体系的机制与实现路径研究”(项目编号:2019SJZDA055)。

摘　　要：本文采用随机前沿引力模型,在RCEP框架内实证分析了2014~2019年中国对13个国家OFDI前沿水平和效率损失的影响因素,在此基础上,对实测的OFDI效率进行了多维度评价和分析。结果表明:(1)中国与东道国的总体经济规模及经济发展水平都对OFDI前沿水平有正向影响,而东道国技术研发水平会阻碍OFDI前沿水平的提高;(2)东道国产权保护度、法治水平、政府诚信度、商业自由度和投资自由度与OFDI效率正相关,东道国贸易开放度、宏观经济稳定度和劳动力市场效率与OFDI效率负相关,而东道国金融自由度的积极效用并不显著;(3)观测期内中国对13国投资效率总体偏低但有所改善,投资潜力仍亟待释放,对外投资总体回归理性且战略资产寻求型投资的比重增加。最后分别从宏观和微观角度提出有针对性的对策建议。This paper uses the stochastic frontier gravity model to empirically analyze the factors affecting China's OFDI fron⁃tier level and efficiency loss in the 14 countries within the RCEP framework from 2014 to 2019,and conduct a multi-dimensional e⁃valuation and analysis of the calculated OFDI efficiency.The results show that:(1)the overall economic scale and economic de⁃velopment level of China and the host country have a positive impact on the frontier level of OFDI,and the technological R&D level of the host country will hinder the improvement of the frontier level of OFDI.(2)The degree of protection of property rights in the host country,the level of the rule of law,government integrity,business freedom,and investment freedom are positively correlated with OFDI efficiency.The host country's trade openness,macroeconomic stability,and labor market efficiency are negatively corre⁃lated with OFDI efficiency,while the positive effects of financial freedom in host country are not significant.(3)During the obser⁃vation period,the efficiency of China's investment in the 14 countries was generally low but improved.The investment potential still needs to be released.The overall overseas investment has returned to rationality and the proportion of strategic asset-seeking invest⁃ment has increased.Finally,we put forward targeted countermeasures and suggestions from the micro and macro perspectives.

关 键 词：RCEP 对外直接投资 投资潜力 随机前沿引力模型 区域异质性 投资区位选择 

分 类 号：F832.48[经济管理—金融学] F744