要素禀赋差异、制度距离与中国对“一带一路”沿线国家OFDI的区位选择

摘要利用2005—2017年中国和“一带一路”沿线国家的数据,实证检验要素禀赋差异、制度距离对中国在“一带一路”沿线国家对外直接投资的影响。研究结果表明:总体来看,相对劳动力差异、人力资本差异和自然资源差异对中国在“一带一路”沿线国家的OFDI呈现抑制作用,有形资本差异和技术差异表现为正向影响,并且制度距离提高了中国对“一带一路”沿线国家直接投资的倾向。异质性分组检验证实了不同层级样本的要素禀赋差异和制度距离对中国OFDI的影响存在制度距离多维性、区域异质性和国别差异性。含交互项的检验结果表明,中国对“一带一路”沿线国家OFDI区位选择会受到要素禀赋差异和制度距离交互作用的影响,其中,制度距离与人力资本差异存在替代关系,与自然资源差异存在互补关系。

	Service

	把本文推荐给朋友
	加入我的书架
	加入引用管理器
	Email Alert
	RSS
	作者相关文章
	姚辉斌
	张亚斌

关键词：要素禀赋差异制度距离 “一带一路”沿线国家中国OFDI

Abstract： Based on the data of China and the countries along the “Belt and Road Initiative” from 2005-2017, this paper empirically examines the influence of the factor endowment differences and the institutional distance on China’s OFDI in the countries along the “Belt and Road Initiative”. The results show that compared with labor differences, human capital differences and natural resources differences have an inhibitory effect on China’s OFDI in countries along the “Belt and Road Initiative”, tangible capital differences and technological differences show a positive impact, and institutional distance increases China’s tendency to invest directly in countries along “Belt and Road Initiative”. In addition, the heterogeneity grouping test confirms that the influence of different levels of samples of the factor endowment differences and institutional distance on China’s OFDI exists institutional distance multidimensionality, regional heterogeneity and national differences. In a word, the results of the interactive terms test shows that China’s location choice of OFDI for countries along the “Belt and Road Initiative” is affected by the interaction between factor endowment differences and institutional distance, in which there is a substitution relationship between institutional distance and human capital difference, and there is a complementary relationship between institutional distance and natural resource difference.

Keywords： Factor Endowment Difference Institutional Distance the Belt-Road Countries China’s OFDI

收稿日期 2020-05-28; 接受日期 ;

基金资助:国家社会科学基金青年项目(16CJL029)

作者简介: 姚辉斌(1986— ),男,河南新乡人,博士研究生,主要从事国际投资研究;张亚斌(1965— ),男,湖南岳阳人,教授,博士生导师,主要从事国际贸易和产业发展研究。

引用本文:

姚辉斌, 张亚斌.要素禀赋差异、制度距离与中国对“一带一路”沿线国家OFDI的区位选择[J]. 经济经纬, 2021,1: 66-74

YAO Huibin, ZHANG Yabin.Factor Endowment Differences, Institutional Distance and China’s Location Choice of OFDI for Countries along the “Belt and Road Initiative”[J] Economic Survey, 2021,V38(1): 66-74

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2021/V38/I1/66

陈涛涛,陈晓.2009.要素互补合作共赢:对外投资的现实条件与能力依托[J].国际经济合作(12):4-13.
崔娜,柳春,胡春田.2017.中国对外直接投资效率、投资风险与东道国制度:来自“一带一路”沿线投资的经验证据[J].山西财经大学学报(4):27-38.
方慧,赵甜.2017.中国企业对“一带一路”国家国际化经营方式研究:基于国家距离视角的考察[J].管理世界(7):17-23.
吉生保,李书慧,马淑娟.2018.中国对“一带一路”国家OFDI的多维距离影响研究[J].世界经济研究(1):98-111,136.
蒋冠宏,蒋殿春.2012.中国对发展中国家的投资:东道国制度重要吗?[J].管理世界(11):45-56.
李元媛,张捷.2012.中国对越南直接投资分析:基于要素禀赋互补的发展中国家FDI理论[J].经济问题探索(12):22-28.
黎绍凯,张广来,张杨勋.2018.东道国投资风险、国家距离与我国OFDI布局选择:基于“一带一路”沿线国家的经验证据[J].商业研究(12):39-48.
刘振林,黄凯.2019.制度距离对中国对外直接投资区位分布的影响研究:基于“一带一路”沿线47国数据的实证分析[J].经济经纬(2):64-71.
刘海猛,胡森林,方恺,等.2019.“一带一路”沿线国家政治-经济-社会风险综合评估及防控[J].地理研究(12):1-19.
刘娟.2019.东道国特征对中国OFDI影响的空间邻近效应:基于“一带一路”沿线国家的经验数据分析[J].经济经纬(1):56-63.
孙琳琳,焦婕.2016.基于内生折旧率的中国行业层面资本存量估计[J].北京航空航天大学学报(社会科学版)(3):97-107.
王建,栾大鹏.2013.成本、禀赋与中国制造业对外直接投资:基于扩展KK模型的分析[J].世界经济研究(1):60-66.
王金波.2018.制度距离、文化差异与中国企业对外直接投资的区位选择[J].亚太经济(6):83-90,148.
王永钦,杜巨澜,王凯.2014.中国对外直接投资区位选择的决定因素:制度、税负和资源禀赋[J].经济研究(12):126-142.
杨亚平,高玥.2017.“一带一路”沿线国家的投资选址:制度距离与海外华人网络的视角[J].经济学动态(4):41-52.
AL-SHAMMARI N N.2017.The macroeconomic determinants of outward foreign direct investment:The case of Kuwait[J].Journal of Economic Cooperation &Development,38(2):27-48.
ALEKSYNAKA M,HAVRYLCHYK O.2013.FDI from the south:The role of institution distance and natural resources[J].European Journal of Political Economy,29(9):38-53.
BEUGELSDIJK S,GROOT H D,LINDERS G J,et al.2004.Cultural distance,institutional distance and international trade[R].ERSA Conference Paper.
BUCKLEY P J,CLEGG L J,CROSS A R,et al.2007.The determinants of Chinese outward foreign direct investment[J].Journal of International Business Studies,38(4):499-518.
DIKOVA D,SAHIB P R,WITTELOOSTUIJN A V.2010.Cross-border acquisition abandonment and completion:The effect of institutional differences and organizational learning in the international business service industry,1981-2001[J].Journal of International Business Studies,41(2):223-245.
EGGER P,PFAFFERMAYR M.2004.Distance,trade and FDI:A Hausman-Taylor SUR approach [J].Journal of Applied Econometrics,19(2):227-246.
HABIB M,ZURAWICKI L.2002.Corruption and foreign direct investment[J].Journal of International Business Studies,33(2):291-307.
KALOTAY K,SULSTAROVA A.2010.Modelling Russian outward FDI[J].Journal of International Management,16(2):131-142.
RADLO M J,SASS M.2012.Outward foreign direct investments and emerging multinational companies from Central and Eastern Europe:The case of Visegrádcountries[J].Eastern European Economics,50(2):5-21.
SUBHANIJ T,ANNONJARN C.2016.Horizontal,vertical and conglomerate OFDI:Evidence from Thailand[J].Journal of Applied Business Research,32(3):747-764.