东道国特征对中国对外直接投资发展的影响程度研究——基于跨国面板数据的动态GMM模型分析  

A Study on Relationship between Host-country's Features and China's OFDI Development——An Analysis on Dynamic GMM Model based on Transitional Panel Data

作　　者：霍忻 倪超[1,2] 吕志悦 王新城 孙芳芳 Huo Xin;Ni Chao;Lyu Zhiyue;Wang Xincheng;Sun Fangfang

机构地区：[1]中国航空综合技术研究所 [2]国家市场监管重点实验室(质量基础设施效能研究) [3]中共唐山市委党校(唐山行政学院)科研处 [4]海关总署国际检验检疫标准与技术法规研究中心

出　　处：《投资研究》2024年第7期88-102,共15页Review of Investment Studies

基　　金：国家重点研发计划项目(项目编号:2018YFF0215600)。

摘　　要：一直以来,对外直接投资是一国参与国际产业链分工和外部获取母国发展资源的重要路径,在全球贸易投资自由化、便利化发展趋势下发挥基础性的作用。东道国是对外直接投资活动的“目的地”,在对外直接投资发展过程中扮演着重要角色。在众多影响对外直接投资发展的因素中,东道国政治状况、经济规模、科技水平、开放程度等特征因素占据愈加重要的地位,且所产生的影响程度日益深刻。优质的东道国特征是对外直接投资发展的“引擎”,相反,恶劣的东道国环境将进一步弱化源自海外的直接投资动力。为此,本研究以东道国发展特征为切入点,选取2009-2021年我国及70个国家跨国面板数据,构建东道国发展特征评价指标体系,运用动态GMM模型实证分析了我国对外直接投资发展与东道国特征之间的关系,研究结果显示,东道国经济总量规模、对外开放度、技术水平和两国贸易关联度均是显著影响我国对外直接投资发展的重要因素;然而东道国制度水平和基础设施状况对我国对外直接投资的影响并不十分显著。Foreign direct investment has always been an important way for a country to participate in the division of labor in the international industrial chain and obtain external development resources from the home country.It plays a fundamental role in the development trend of global trade and investment liberalization and facilitation.The host country is the"destination"of foreign direct investment activities and plays an important role in the development process of foreign direct investment.Among the many factors that affect the development of foreign direct investment,characteristic factors such as the host country's political status,economic scale,scientific and technological level,and degree of openness occupy an increasingly important position,and their impact is increasingly profound.High-quality host country characteristics are the"engine"for the development of foreign direct investment.On the contrary,a poor host country environment will further weaken the motivation for direct investment from over-seas.To this end,this study takes the development characteristics of the host country as the starting point,selects cross-national panel data from my country and 70 countries from 2009 to 2021,constructs an evaluation index system for the development char-acteristics of the host country,and uses the dynamic GMM model to empirically analyze the development of my country's foreign direct investment and the characteristics of the host country The research results show that the host country's total economic size,openness to the outside world,technological level and trade correlation between the two countries are all important factors that significantly affect the development of my country's foreign direct investment;however,the host country's institutional level and infrastructure conditions have a significant impact on the development of my country's foreign direct investment.The impact of foreign direct investment is not very significant.

关 键 词：东道国特征 对外直接投资 跨国面板数据 动态GMM模型 影响程度 

分 类 号：D822[政治法律—政治学] F125[政治法律—外交学]