【摘要】 基于2005—2016年我国能源类企业对全球35个国家或地区689笔对外直接投资(OFDI)流量数据,利用Heckman两阶段选择模型,探究各国或地区政治、经济和法律制度对我国能源类OFDI投资选择和投资规模的影响。结果表明:我国能源类企业偏向于选择制度环境较差、经济自由度不高和营商法律不健全的国家进行投资,而投资规模较大的投资行为仍发生在政治、经济、法律环境均较好的国家。通过对研究样本进行分类,发现我国对"一带一路"沿线国家的能源投资具有明显的资源寻求偏向,大规模的投资往往发生在我国周边国家,且政治、经济和法律制度缺陷不会影响我国能源类企业的国别选择与投资规模的扩大。更多还原

【Abstract】 Based on the 689 OFDI traffic data of energy companies in 35 countries and regions in the world from 2005 to 2016,this paper used Heckman’s two-stage selection model to explore the impact of political,economic,and legal systems in various countries on China’s energy OFDI investment choice and investment scale. The results showed that energy companies in China were biased towards investing in countries with poor institutional environment,low economic freedom,and unsound business laws,while investment activities with large investment still occurred in countries whose political,economic,and legal environments were better. Through the classification of research samples,it was found that China’s energy investment in countries along"The Belt and the Road"had obvious resource seeking bias. Large-scale investment often occurred in neighboring countries in China,and political,economic and legal system defects would not affect China’s energy companies’ country selection and investment scale expansion.更多还原