知识与财富的链接
基于2007—2017年中国对“一带一路”沿线57个国家的投资面板数据,采用空间计量模型,考察东道国经济发展、资源禀赋、制度环境对中国对外直接投资（OFDI）的影响效应,并检验中国对“一带一路”国家的直接投资是否存在“邻国效应”。结果表明：中国OFDI倾向经济发展水平低、市场规模大、基础设施健全和自然资源丰富的国家;东道国良好的监管治理对中国OFDI有积极影响,政治稳定性和腐败控制表现为抑制作用,监管治理对政治稳定性与中国OFDI以及腐败控制与中国OFDI的关系均有显著的正向调节效应;中国对沿线国家的直接投资存在显著的“邻国效应”,且投资类型为集聚垂直复合型;吸引中国对沿线不同区域以及不同经济发展水平国家直接投资的因素互有差异。
Based on China’s direct investment data of 57 countries along “The Belt and Road” from 2007 to 2017, this paper uses spatial econometric model, examines the impact of host country’s economic development, resource endowments and institutional environment on China’s outward foreign direct investment (OFDI) and tests whether there is a “Neighboring Effect” on China’s direct investment in host country. The results show that China’s OFDI tends to countries with large market scale, sound infrastructure and abundant natural resources; Good regulatory governance of the host country has a positive impact on China’s OFDI, while political stability and strictly corruption controlling have an inhibitory effect. However, regulatory governance has significant positive regulatory effect on the relationship between political stability and China’s OFDI, as well as between corruption controlling and China’s OFDI. There is a significant “Neighboring Effect” of China’s direct investment in countries along “The Belt and Road” and the type of OFDI is agglomeration and vertical compounding. The grouping test of samples shows that the factors which attract China’s OFDI in different regions and countries with different levels of economic development along the route are different from each other.