“一带一路”倡议下中国企业对外投资的增长路径  

The Growth Path of Chinese Enterprises’OFDI under the Belt and Road Initiative

作　　者：刘春艳[1] 赵军[1] LIU Chunyan;ZHAO Jun

机构地区：[1]新疆大学,新疆乌鲁木齐830046

出　　处：《国际商务研究》2024年第1期29-41,共13页International Business Research

基　　金：国家社会科学基金青年项目“中国对外承包工程的包容性增长效应及提升路径研究”(项目编号:23CGJ045);新疆维吾尔自治区社会科学基金青年项目“新疆推进内外贸一体化发展的路径与对策研究”(项目编号:2023CYJ041);新疆维吾尔自治区研究生创新项目“中国对外直接投资对工业绿色转型的影响研究”(项目编号:XJ2023G008)。

摘　　要：本文使用中国企业对外投资数据,将对外投资总量分解为集约边际与扩展边际,以“一带一路”倡议为准自然实验,解释了中国企业在沿线国家投资增长的路径。研究发现:集约边际和扩展边际均是“一带一路”倡议促进中国企业在沿线国家投资总量增长的路径;从投资方式看,跨国并购的集约边际增长强于绿地投资,扩展边际增长弱于绿地投资;从投资方向看,对顺梯度国家的投资二元边际增长具有显著正向作用,但对逆梯度国家作用相反;从行业类别看,交通与能源行业的对外投资二元边际增长的提高作用更优。机制检验表明,增强中国企业对外投资增长的稳定性应进一步提高“一带一路”倡议互联互通建设对扩展边际的促进作用。Using data on Chinese enterprises’OFDI,this paper decomposes the total investment into the intensive margin and the expansion margin,then explains the growth path of Chinese enterprises’investment in BRI countries.The results show that both the intensive margin and the expansion margin are the paths for the Belt and Road Initiative to promote the growth of the total OFDI.In terms of investment method,the intensive margin in cross-border M&As is stronger than greenfield investment,while the expansion margin is weaker than greenfield investment.In terms of investment direction,the binary margin has a significant positive effect in forward investment,but the opposite effect for countries in reverse investment.In terms of industry category,the binary margin in the transport and energy sectors is better.The mechanism test suggests that improving the stability of Chinese enterprises’OFDI should further enhance the marginal contribution through the Belt and Road Initiative’s connectivity building.

关 键 词：“一带一路”倡议 对外直接投资 集约边际 扩展边际 互联互通 

分 类 号：F125[经济管理—世界经济]