“一带一路”背景下人民币跨境流通的OFDI效率提升效应  

Analysis on the OFDI Effi ciency Improvement Eff ect of RMB Cross-border Circulation under the Background of the Belt and Road

作　　者：李玲艳[1] 王林彬[1] LI Lingyan;WANG Linbin

机构地区：[1]新疆大学,新疆乌鲁木齐830047

出　　处：《国际商务研究》2023年第6期45-58,共14页International Business Research

摘　　要：人民币跨境流通是中国跨国企业对外直接投资的载体,其流通水平对投资效率的影响机制值得研究。本文基准回归结果显示,人民币跨境流通能够提升中国对“一带一路”沿线国家的OFDI效率。进一步研究表明,人民币跨境流通对“一带一路”倡议提出后的中国OFDI效率有显著正向促进作用,对“一带”沿线国家、高制度质量国家和高经济发展水平国家的中国OFDI效率均有显著的正向影响;人民币跨境流通对中国OFDI效率影响的汇率传导机制成立,表现为负向弱化作用。中国应当强化与“一带一路”沿线国家金融服务基础设施建设合作,推动投融资便利化,加强制度合作,提升投资效率。The cross-border circulation of RMB is an important vehicle for Chinese multinational enterprises’OFDI,and the influence mechanism of its circulation level on investment efficiency is worth studying.The results of the benchmark regression in this paper show that the cross-border circulation of RMB can promote the efficiency of China’s OFDI to the countries along the Belt and Road Initiative.Further study shows that RMB cross-border circulation has a significant positive effect on China’s OFDI efficiency after the Belt and Road initiative was put forward,and it has a significant positive effect on China’s OFDI efficiency in“One Belt”countries,high institutional quality countries and high economic development level countries.The exchange rate transmission mechanism of the impact of RMB cross-border circulation on China’s OFDI efficiency is established,showing a negative weakening effect.China should strengthen cooperation with countries along the route in the construction of financial services infrastructure,promote investment and financing facilitation,and strengthen institutional cooperation to improve investment efficiency.

关 键 词：人民币跨境流通 对外直接投资 投资效率提升效应 汇率传导机制 “一带一路” 

分 类 号：F113[经济管理—国际贸易] F831[经济管理—世界经济]