摘要
为了探索"一带一路"倡议对中国企业海外投资合法性的影响,本文以2005-2018年间中国企业对外直接投资的数据为样本,结合双重差分和Tobit模型检验"一带一路"倡议对中国企业在沿线国家投资成败的影响。研究发现,"一带一路"倡议能够显著降低我国企业在沿线国家的问题投资规模和频率,证明该倡议对企业克服外来者劣势并获取东道国合法性具有正向影响。异质性分组检验结果表明,"一带一路"倡议对地理距离近以及"一带"沿线国家的影响更大;可以显著提升在政治风险较高的东道国投资的合法性,因而对问题投资的抑制作用更强。
To explore the impact of"Belt and Road"Initiative on the legitimacy of Chinese MNEs’overseas investment,the paper uses the data of Chinese corporate foreign direct investment from 2005 to 2018 as a sample,applying DID and Tobit model to test the impact of the"Belt and Road"initiative on the success or failure of Chinese corporate overseas investment.The results of the study indicate that the"Belt and Road"initiative can significantly reduce the scale and frequency of problematic investment of Chinese companies’foreign direct investment,which proves that institutional innovation has a positive impact on overcoming the liability of foreignness and thus gaining the legitimacy of the host country.The results of the heterogeneity test show that the"Belt and Road"initiative has a stronger impact on host countries with closer geographic distances and the countries along the"Belt"route;it can enhance the legitimacy of investment in host countries with higher political risks and hence have a more significant impact on problematic investments.
出处
《投资研究》
CSSCI
北大核心
2021年第7期21-36,共16页
Review of Investment Studies
基金
国家自然科学基金青年项目:《种群密度的集聚效应及其对中国跨国公司准入合法性的影响》(71702026)
东北财经大学校级课题《新兴经济体跨国公司合法化战略研究:资源-制度双元视角》(DUFE202157)的资助。
关键词
“一带一路”倡议
合法性
双重差分模型
问题投资
"Belt and Road"initiative
Legitimacy
Difference-in-difference method
Problematic investment
