中国对欧盟成员国直接投资的动因研究  

A Study on the Motivation of Chinese Direct Investment in EU Member States

作　　者：任康钰[1] 刘婷 Ren Kangyu;Liu Ting(Beijing Foreign Studies University)

机构地区：[1]北京外国语大学国际商学院,北京100089 [2]北京外国语大学英语学院,北京100089

出　　处：《区域与全球发展》2022年第4期75-94,157,共21页Area Studies and Global Development

基　　金：北京外国语大学丝路研究院项目“金融科技助力‘数字丝路’建设研究”(项目编号212090100003);二十国集团研究中心项目“贸易政策不确定性背景下中国在亚太地区的贸易和投资研究”(项目编号212121900026)的阶段性成果。

摘　　要：中欧关系在大国关系中的重要性日益上升,中欧贸易投资关系是支持这一关系的重要基石。然而,2020年新冠肺炎疫情的暴发对中欧双边投资造成了冲击。2021年3月,《中欧全面投资协定》完成谈判仅三个月后被冻结搁置,也给中国与欧盟成员国之间的直接投资带来了影响。本文特别关注中国对欧盟成员国的直接投资,基于各成员国2007—2019年的相关数据,分析这些投资背后的驱动因素,以期对未来的投资前景做出判断。研究结论如下:第一,通过实证检验证实,中国对欧盟国家的直接投资主要受市场寻求型和创新资产寻求型动机的驱动;第二,制度因素对市场寻求型直接投资具有正向调节作用,但对创新资产寻求型直接投资的调节作用并不显著;第三,该研究为未来中国扩大对欧盟成员国的直接投资提供参考性建议。China-EU relations are of growing importance in the relations among major powers, while China-EU trade and investment relations are an important cornerstone supporting this relationship. However, the outbreak of COVID-19 in 2020 has dealt a blow to bilateral investment, and in March 2021, the China-EU Comprehensive Investment Agreement(CIA) was frozen and put on hold only three months after the negotiations completed, bringing uncertainty to direct investment between China and EU member states. This paper, focusing on China’s direct investment in EU member states, analyzes the drivers behind these investments based on data from 2007-2019, with a view to make judgements about future investment prospects. The innovations of this paper are: firstly, the empirical study finds that China’s direct investment in the EU is mainly driven by market-seeking, efficiency-seeking and innovation-seeking motives, while the efficiency-seeking motive is not significant after considering endogeneity;secondly, the political system factor has a positive moderating effect on China’s investment in the EU for market-seeking motives, but not for innovation-seeking motives;thirdly, based on the empirical results, we provide suggestions for the future expansion of Chinese direct investment in the EU.

关 键 词：欧盟成员国 直接投资 投资动因 

分 类 号：F125[经济管理—世界经济]