摘要
制度因素对跨国公司的海外投资行为产生了极大的影响。本文以"一带一路"倡议这一关键性政府政策变化为背景,研究这一政策变化对中国企业"走出去"的影响。本文采用企业级微观数据库,利用双重差分法(DID),把"一带一路"倡议的提出视为一个准自然实验,再辅以三重差分等方法考查企业异质性。本文研究得出结论:"一带一路"这一关键性政策提出后,OFDI投资额显著增加,增幅为25%~35%。结果还体现了一定的异质性:倡议对"一路"的影响大于"一带";对交通和娱乐行业的影响显著高于其他行业。
The institutional fabric of an emerging economy could determine the ability and will of domestic firms to invest abroad,and the Belt and Road Initiative(BRI)is such a significant policy change.How and to what extent the BRI affects Chinese firms’outward foreign direct investment(OFDI)?This paper is based on the Chinese enterprises’overseas investment data collected from the AEI’s global investment track in China,supplemented by the World Bank’s World Development Index and PRS’International Country Risk Guide(ICRG).The analysis mainly utilizes the difference-in-differences method where the Belt and Road Initiative(BRI)is regarded as a quasi-natural experiment.The purpose of this paper is explore to what extent China’s OFDI is impacted by the BRI and how it works.This paper reaches the conclusion that the amount of OFDI from China to BRI countries has increased by around 25%to 35%.Specifically,the OFDI to countries belong to21 st Century Maritime Silk Road is greater than that to the Silk Road Economic Belt.From the perspective of industries,the transportation industry and entertainment industry are more significantly influenced by BRI than other sectors.
作者
吕冰
刘文革
LüBing;Liu Wenge(School of Economics,Zhejiang Gongshang University,310018;School of International Economics and International Relations,Liaoning University,110136)
出处
《制度经济学研究》
2021年第2期76-97,共22页
Research on Institutional Economics
基金
“研究和阐释党的十九大重大专项”《完善社会主义市场经济体制》(项目号:18VSJ024)的系列成果之一
