投资便利化及其效应:来自中国对“一带一路”国家OFDI的证据

通过主成分分析法构建投资便利化指标体系，测算"一带一路"沿线国家的投资便利化程度及特征，进而采用扩展引力模型实证分析了东道国投资便利化程度对中国OFDI的影响。研究结果显示，东道国GDP以及投资便利化总指标在吸引中国对外直接投资方面具有显著的正面作用。进一步考察分区域和分指标效应，发现不同区域投资便利化的效应不同，其中技术的促进作用在所有区域都很显著。中东欧国家除了技术因素效应明显外，其微观营商环境的便利性也对吸引我国OFDI具有显著的促进作用。东南亚国家除了技术效应外，双边产业园区的建立也具有显著的正面效应。

Investment Facilitation and Its Impact: Evidence from China's OFDI to the Belt and Road Countries

Although the academic community has made some research on investment facilitation, it is mostly qualitative analysis, and it is less analyzed for the investment facilitation of countries along the "Belt and Road". According to this topic, investment facilitation is constructed through principal component analysis. The indicator system measures the degree of investment facilitation and characteristics of countries along the "Belt and Road". Furthermore, the extended gravity model is used to empirically analyze the impact of host country investment facilitation on China's OFDI. It is concluded that the host country's GDP and the general indicators of investment facilitation have a significant positive role in attracting China's foreign direct investment. Based on this argument, the sub-regional and sub-indicator effects are examined. It is found that the effects of investment facilitation in different regions are different, and the promotion of technology is significant in all regions. In addition to the obvious technical factors, the Central and Eastern European countries have a significant role in promoting the OFDI of China. In addition to the technical effects, the establishment of bilateral industrial parks in Southeast Asian countries also has a significant positive effect, and accordingly proposes corresponding policy recommendations.