中国对“一带一路”沿线国家投资的社会福利效应——兼论“五通”指数的调节作用  

The Social Welfare Effect of China’s Investment in Countries Along “The Belt and Road”: Discussion on the Regulatory Role of the “Five Links” Index

作　　者：张馨月 吴信如 ZHANG Xin-yue;WU Xin-ru(Department of Economics and Management,East China Normal University,Shanghai 200062,China)

机构地区：[1]华东师范大学经济与管理学部,上海200062

出　　处：《云南财经大学学报》2022年第6期15-30,共16页Journal of Yunnan University of Finance and Economics

摘　　要：基于2010—2019年中国对外直接投资(OFDI)的数据,实证检验中国OFDI对“一带一路”沿线国家社会福利的影响及作用机制。研究发现:中国对“一带一路”沿线国家的投资显著提升了东道国的社会福利水平;中国对“一带一路”沿线国家投资的东道国社会福利效应通过改善当地基础设施水平实现,并且这一作用渠道在收入水平较低、贫富差距较小的经济体中更为显著。引入“五通”影响因素的研究发现:政策沟通、设施联通、贸易畅通、资金融通和民心相通对于中国OFDI推动“一带一路”沿线国家的社会福利水平具有正向调节作用。通过“一带一路”倡议下中国对世界的影响与贡献的验证,为继续深度推进“一带一路”倡议提供了参考。Based on the data of China’s Outward Foreign Direct Investment(OFDI) from 2010 to 2019,this paper empirically examines the social welfare effect and the mechanism of China’s OFDI on countries along “The Belt and Road”. The results show that China’s investment in countries along “The Belt and Road” has significantly improved the social welfare of the host country. The social welfare effects of China’s investment in the host countries are achieved through improving the local infrastructure levels, and this functional channel is more significant in economies with lower income levels and smaller gap between the rich and the poor. By introducing the influencing factors of the “five links”,the article finds that policy communication, facility connectivity, unimpeded trade, financial integration, and people-to-people communication have positive regulatory effects on China’s OFDI to promote the social welfare level of countries along “The Belt and Road”. The conclusion verifies China’s influence and contribution to the world under “The Belt and Road” initiative, and provides references for further promoting “The Belt and Road” initiative.

关 键 词：社会福利效应 “一带一路” “五通” 对外直接投资 

分 类 号：F741.2[经济管理—国际贸易]