摘要
结合信息不对称理论,采用中国A股上市公司2014~2017年在"一带一路"沿线国家设立关联公司的数据进行实证分析,探讨在推动"一带一路"建设高质量发展的背景下,东道国信息透明度对企业对外直接投资区位选择的影响。研究发现:东道国信息透明度与中国企业对"一带一路"沿线国家的直接投资决策显著正相关,意味着东道国较高的信息披露水平可以减少企业海外投资的不确定性,降低经营成本,促进企业对外直接投资;民营企业、出口经验较少的企业受东道国信息透明度的影响更大;"一带一路"互联互通建设有助于减少东道国信息透明度不高给企业对外直接投资带来的不利影响。因此,政府和行业组织应积极建设全面、高效的对外投资信息服务平台,加强与"一带一路"沿线国家的互联互通。
In the context of promoting the high-quality development of "the Belt and Road" initiative( BRI), this paper, through empirical analysis of the affiliate-establishing data of China A-share listed firms from 2014 to 2017 combined with asymmetric information theory,discusses the impact of host country’s information transparency on the location choice of Chinese firms ’ Outward Foreign Direct Investment( OFDI) in the countries along BRI. The analysis finds that the information transparency of the host country is significantly positive with the location choice of firms’ OFDI in the countries along BRI,indicating that a good practice of corporate information disclosure in the host country can boost firms’ OFDI by reducing the uncertainty of investment and the cost of overseas operation. In the heterogeneity tests,we find that private enterprises and the firms with little export experience are more sensitive to the information transparency of host country,moreover,the interconnection construction of BRI can help to alleviate the negative impact of low information transparency in host countries on the firms ’ OFDI. These findings have positive implications for the government and industry organizations to build information service platform for OFDI and reinforce the interconnection with the countries along BRI.
作者
祝继高
梁晓琴
王春飞
ZHU Jigao;LIANG Xiaoqin;WANG Chunfei(Business School,University of International Business and Economics,Beijing 100029;School of Accountancy,Central University of Finance and Economics,Beijing 100081)
基金
国家社会科学基金重大项目“‘一带一路’投资安全保障体系研究”(19ZDA101)。
关键词
信息透明度
对外直接投资
区位选择
互联互通建设
Information Transparency
Outward Foreign Direct Investment
Location Choice
Interconnection Construction
