金融合作对中国—东盟双向直接投资的实证分析  

An Empirical Analysis of the Impact of Financial Cooperation on Bidirectional Direct Investment Between China and ASEAN

作　　者：田利辉 于东洋 王丹[2] Tian Lihui;Yu Dongyang;Wang Dan(Nankai University,Tianjin,300071,China;Guangxi University,Nanning,530004,China)

机构地区：[1]南开大学经济学院,天津300071 [2]广西大学经济学院,广西南宁530004

出　　处：《东南亚纵横》2025年第1期44-58,共15页Crossroads:Southeast Asian Studies

基　　金：国家社会科学基金重大项目“中国特色社会主义金融学的理论创新和实践探索”(17ZDA071)。

摘　　要：在经济全球化和区域一体化发展背景下,金融合作对促进国际直接投资颇为重要。文章分析2000—2022年中国与东盟各国的双向直接投资数据,使用中国—东盟金融合作发展指数量化研究金融合作水平,评估金融合作对中国—东盟双向直接投资的影响。研究发现,金融合作能够显著促进中国—东盟双向直接投资。在经过更换数据样本、估计方法和使用双重差分模型缓解内生性等一系列检验后,证实这一结果具有稳健性。机制分析表明,金融合作通过降低汇率风险、增加企业外部融资机会和提高投资便利化水平3个渠道,有效提高了中国—东盟双向直接投资规模。异质性分析发现,对经济发展水平、政府效率、监管质量和法治水平更高的东盟国家,中国—东盟金融合作对双向直接投资的促进作用更强。文章从国际金融合作的视角充实了直接投资影响因素的理论,拓展了制度影响直接投资的研究,认为金融合作作为国家间制度共建的关键组成部分,是推动直接投资的重要动力。中国需要与东盟及其成员国推进建立多层次、多领域的金融合作框架,深化货币合作,加强金融市场与机构合作,促进金融监管和金融基础设施合作,发展绿色金融和金融科技合作,进而推动直接投资持续增长,实现共同发展繁荣。In the context of economic globalization and regional integration,financial cooperation plays a crucial role in pro-moting international direct investment.This paper analyzes the bidirectional direct investment data between China and ASEAN countries from 2000 to 2022.It employs the China-ASEAN Financial Cooperation Development Indexto quantify the level of co-operation and evaluates its impacts on two-way direct investment between the two sides.The findings indicate that financial coop-eration significantly boosts the scale of bidirectional direct investment.The results remain robust after a series of tests,such as changing data samples and estimation methods,and using a difference-in-differences model to address endogeneity.Mechanism analysis reveals that financial cooperation effectively increases the scale of China-ASEAN bidirectional direct investment through reducing exchange rate risk,enhancing external financing opportunities for enterprises,and improving investment facili-tation.Heterogeneity analysis shows that the positive effect of financial cooperation on bidirectional direct investment is stronger in ASEAN countries with higher levels of economic development,government efficiency,regulatory quality,and rule of law.This paper contributes to the literature on factors influencing direct investment from the perspective of international financial coopera-tion.It expands the research on the institutional determinants of direct investment and argues that financial cooperation,as a key component of institutional co-construction between countries,is a vital driver of direct investment.China should advance the es-tablishment of a multi-level,multi-dimensional financial cooperation framework with ASEAN and its member countries.This in-cludes deepening monetary cooperation,enhancing collaboration of financial markets and institutions,promoting cooperation of financial regulation and infrastructure,and fostering green finance and financial technology cooperation to facilitate the sustained growth of direct invest

关 键 词：中国—东盟 金融合作 外商直接投资 对外直接投资 投资环境 

分 类 号：F832[经济管理—金融学] F833.3