东道国经济自由度对中国对外直接投资影响的实证研究

发布时间：2018-01-27 00:21

本文关键词： 对外直接投资经济自由度静态面板模型动态面板模型　出处：《重庆师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：自我国实施“走出去”的开放战略以来，对外直接投资发展迅猛，，吸引越来越多的学者探讨其强劲增长背后的驱动机制，囊括市场规模、汇率、贸易联系、资源禀赋等诸多的影响因素。近年来，越来越多的学者尤其强调制度因素对中国对外直接投资的影响，其中，经济自由化程度作为衡量制度这一丰富集合的重要标向，与人均收入、经济发展水平、民主程度、人类发展和贫困息息相关，其将如何影响中国对外直接投资亟待学术界加以深入的探讨。因此，本研究尝试以经济自由度为切入点，较为全面深入地考察东道国制度因素对我国对外直接投资（Outward Foreign Direct Investment，以下简称OFDI）的影响，为我国稳定有序地开展对外直接投资提供合理的理论参考和经验证据。本研究对经济自由度和OFDI的相关概念做了较为清晰的界定，归纳了国内外经典的国际直接投资理论，并详细梳理了经济自由度及其不同维度与国际直接投资的相关研究文献，以此作为全文的理论逻辑起点。为了较好地考察东道国经济自由度对我国OFDI的影响，本研究尝试从经济自由度的四个维度——商业自由、财政自由、金融自由和政府开支规模，从理论上逐一探讨东道国经济自由度对我国OFDI的影响机理，以构建全文的理论分析框架。在此基础上，本研究对我国OFDI与东道国经济自由度进行现状分析，着重考察我国OFDI的区位分布特征以及经济自由度及其不同维度的发展趋势，并直观地考察东国经济自由度及其不同维度与我国OFDI的关系，证实东道国经济自由度及其四个维度均与我国OFDI存在正向的变动关系。为了获得更为稳健可靠的经验支持，本研究进一步构建静态面板模型（固定效应模型）和动态面板模型（two step SYS-GMM），运用2003-2012年中国对84个国家和地区直接投资的跨国面板数据，在控制东道国市场规模、资源禀赋、汇率水平和相对劳动力成本等传统变量后，着重考察东道国经济自由度及其四个维度对中国OFDI的影响，研究发现，东道国商业自由、财政自由和政府开支规模均会对我国OFDI产生显著的正向影响，即东道国推动商业自由化、财政自由化以及增加政府开支，均容易促进我国OFDI的流入，而东道国金融自由对我国OFDI的影响也为正向，但显著性较差，这可能是我国与东道国双边合作机制加强，促使东道国在金融程序方面对我国OFDI的限制有所松动或者在我国OFDI中，国有企业所占比例不低，国有企业能享受一定优惠，使东道国政府的金融限制对我国OFDI产生了“免疫”。东道国政府开支规模对我国OFDI的影响也为正向，但显著性较差，这可能的原因是我国与东道国战略互惠的协议，促使东道国愿意与我国分享一些由于东道国开支规模过大已经“挤出”的行业或者我国OFDI没有发在相关的行业。本研究表明，东道国经济自由度会对我国OFDI产生重要的影响，表现在东道国经济自由度的改善会显著吸引中国OFDI。然而，经济自由度不同维度对我国OFDI的影响程度却存在差异，即与东道国金融环境和政府开支规模相比，我国OFDI更关注于东道国商业环境宽松与否和财政自由的程度。
[Abstract]:Since the implementation of the strategy of "going out" in our country, foreign direct investment is developing rapidly, attracting more and more scholars to explore the driving mechanism of the strong growth behind, include market size, exchange rate, trade links, and many other factors affecting natural resources. In recent years, more and more scholars especially emphasizes the influence of institutional factors on the Chinese. Foreign direct investment, the degree of liberalization of economy as an important measure of this system to enrich the collection, and the per capita income, the level of economic development, the degree of democracy, human development and poverty are closely related, how it will affect the Chinese foreign direct investment needs to be further explored in academic circles. Therefore, this study attempts to use economic freedom as a starting point, a more comprehensive and in-depth study of the institutional factors of China's foreign direct investment (Outward Foreign Direct Investment, hereinafter referred to as OFDI). It provides a reasonable theoretical reference and empirical evidence for the stable and orderly development of foreign direct investment in China.
The study on the related concept of economic freedom and OFDI to do a more clear definition, summarizes the domestic and foreign classic international direct investment theory, and analyzes the relevant research literature of economic freedom and its different dimensions and international direct investment, as the logical starting point of theory. In order to influence the economy of the host country the degree of freedom of OFDI in China, this study attempts from the four dimensions of economic freedom -- commercial freedom, financial freedom, financial freedom and government expenditure scale, discusses the influence mechanism of economic freedom in China OFDI theoretically, to build the framework of theoretical analysis. On the basis of this study the OFDI of our country and the host country economic freedom situation analysis, focuses on the regional distribution characteristics of OFDI in China and economic freedom and the different dimensions of the development trend, and straight Study of East China relations view of economic freedom and the different dimensions of China's OFDI, confirmed that the host country economic freedom and its four dimensions are in China and OFDI have a positive correlation between. In order to obtain a more robust and reliable empirical support, this study further construct static panel model (fixed effects model) and dynamic panel model (two step SYS-GMM), using 2003-2012 years China direct investment in 84 countries and regions in the control panel data, the host country market scale, resource endowment, exchange rate and relative cost of labor and other traditional factors, focuses on the influence of the host country, economic freedom and the four dimensions of the Chinese OFDI study found that the host country business freedom, financial freedom and government expenditure scale will have a significant positive impact on China's OFDI, that the host country promote trade liberalization, financial liberalization and increasing Government spending, are easy to promote the inflow of OFDI in China, and the host country's financial freedom to our country OFDI effect is positive, but not significant, it is possible to strengthen the bilateral cooperation mechanism in our country and the host country, the host country in the financial process of our country's OFDI restrictions loose or OFDI in our country. The state-owned enterprise proportion is not low, state-owned enterprises can enjoy certain preferential, the financial constraints of the host country government produced a "immune" to China's OFDI. The host government expenditure scale of China's OFDI is positive, but not significant, this is possible because China and the host countries mutual strategic agreement the host country and China is willing to share some expenses due to host large scale has been "crowding out" of the industry or OFDI in China not in related industries.
This study shows that the host country economic freedom will have an important impact on China's OFDI, will attract significant China OFDI. but in the host country economic freedom improvement, but there are differences on the degree of economic freedom on different dimensions of China's OFDI, compared with the host country's financial environment and government expenditure scale, China OFDI focus on the host business environment is comfortable or not and financial freedom.

【学位授予单位】：重庆师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6;F125.5;F224

【参考文献】