制度变迁同步化对中国对外直接投资的影响

本文使用2006~2016年中国对78个国家的OFDI数据,实证检验了制度变迁同步化水平对OFDI的影响。结果显示:首先,双边制度变迁同步化水平显著提升中国OFDI规模,分别体现在政治制度和经济制度中;其次,中国与发展中国家的政治制度和经济制度变迁同步化均对OFDI具有显著推进效应,与发达国家的制度变迁同步化的OFDI效应则更大程度上与经济制度相关;再次,母国和东道国制度变迁同步化水平构成中国OFDI的“推动力”与“吸引力”;最后,多样化的OFDI动机与不同维度下的制度变迁同步化密切相关。可见,国家制度变迁的整体效率以及不同维度间的制度配置效率是推进以OFDI为载体的中国国际化战略的关键。

The Impact of Institutional Change Synchronization on China’s Foreign Direct Investment

Using OFDI data from 78 countries in China from 2006 to 2016,this paper empirically examines the impact of the level of synchronization of institutional change on OFDI.The results show that:First,the level of synchronization of bilateral institutional changes signifi cantly increases the scale of OFDI in China,which is reflected in the dimensions of political system and economic system;the synchronization of political and economic institutional changes between China and the developing countries has a signifi cant effect on OFDI.In contrast,the synchronization of institutional changes between China and the developed countries has more to do with economic institutions,from the perspective of bilateral countries,it is found that the level of institutional change in home and host countries constitutes the"driving force"and"attraction"of OFDI in China,it is embodied that the synchronism of bilateral political institutional changes promotes the natural resource-based OFDI,while the synchronism of economic institutional changes promotes the strategic asset-based OFDI.It can be seen that the overall effi ciency of national institutional change and the effi ciency of institutional allocation among different dimensions are the key to promote China's internationalization strategy with OFDI as its carrier.