【作者】 刘爽；

【导师】 徐佳；

【作者基本信息】 上海外国语大学 ， 国际商务， 2022， 硕士

【摘要】 随着跨国投资便利化以及贸易自由化程度不断加强,经济全球化已经成为当前主流发展趋势。在此背景下,对外直接投资已经成为各国参与国际分工、优化本国资源配置的重要途径之一。我国自实施“走出去”战略以来,我国企业在国际经济社会中扮演着日益重要的角色。近两年,世界经济受新冠疫情影响而呈现萎缩趋势,全球对外直接投资增速也随之减缓,部分国家对于本国产业结构进行重新规划布局。尽管我国对外直接投资流量保持着高增长趋势,但在发展过程中仍然存在投资区位分布不均,受东道国制度壁垒影响等问题。国际环境的日趋复杂也使得制度差异成为影响中国企业对外直接投资战略抉择的要素其中之一。本篇论文构思基于投资东道国自身的制度环境视角,对不同投资东道国的制度治理水平加以区分,对相关研究文献及结论加以丰富。按照North的制度“二分法”理论,中国当前社会制度种类可以被划分为正式制度和非正式制度,其中正式制度作为制度要素中的主要影响因素,对我国对外直接投资产生较大的影响。本文依据数据的可获得性及其科研背景,选取中国对东盟十国及欧盟中引入我国对外直接投资存量排名前十的国家,共计20个样本国作为研究对象,时间跨度为2005年-2019年。通过因子分析法将研究对象分为正式制度顺差组和正式制度逆差组,分别探究所面临的正式制度落差对中国对外直接投资规模的影响。扩展投资引力模型并进行实证分析,根据实证结果分析得出:在仅考虑制度因素的影响条件下,我国企业对外直接投资受两国之间正式制度落差的影响,并且这种影响效果是不对称的,即在正式制度顺差的情况下,正式制度落差对我国对外直接投资规模造成负向的影响;而在我国与东道国的正式制度落差呈现出逆差时,则正式制度落差对我国对外直接投资规模具有正向的影响。由于中国对外直接投资受到正式制度落差的不对称影响,相关部门及企业在制定对外直接投资政策时要有针对性的部署。明确不同国家与我国之间存在的制度差异,这有助于国家和企业更加深入了解在不同发展程度的东道国进行投资经营时所面临的制度风险,扬长避短,对于如何更好的规避风险、降低投资成本、准确进行投资区位选择以优化对外直接投资决策具有重要意义。更多还原

【Abstract】 With the facilitating border investment and the further strengthening of trade liberalization,the globalization of the economy has become an important part of the trends emerging today.In this context,outwards foreign direct investment has become one of the important means for any country to participate in the international division of labor and optimize resource allocation.Since my country implemented the "going out" strategy,Chinese enterprises have also played an increasingly important role in the international economy and society.In the past two years,the world economy has been shrinking due to the impact of the Covid-19,and the growth rate of global foreign direct investment has also slowed down.Some countries have re-planned their industrial structures.Although my country’s foreign direct investment flow maintains a high growth trend,there are still problems such as uneven distribution of investment locations and the impact of institutional barriers in host countries in the process of development.The increasingly complex international environment has also made institutional differences one of the main factors affecting Chinese enterprises’ foreign direct investment.Starting from the institutional environment of the host country,this paper enriches the research on the factors affecting the efficiency of China’s foreign direct investment by distinguishing the differences in the level of formal institutional governance in the host country.According to North’s system "dichotomy",the system can be divided into formal system and informal system,among which the formal system plays an important role in China’s foreign direct investment as the main influence of the system factor.Based on the availability of data and the scientific background,this paper selects China’s top ten ASEAN countries and the top ten countries in the EU that have introduced my country’s OFDI as research samples,with a time span from 2005 to2019.The research objects are divided into the formal institutional surplus group and the formal institutional deficit group by factor analysis,and the impact of the formal institutional gap faced on the OFDI scale is explored respectively.Expand the investment gravity model and carry out empirical analysis,according to the analysis of empirical results,it is concluded that in the case of only exploring the influence of institutional factors on the scale of direct investment the obtained analysis,the existence of the formal institutional gap has an asymmetric impact on the OFDI of Chinese enterprises.In the case of the formal institutional surplus,that is,the host country’s institutional level is relatively poor compared to my country.The influence of institutional level on OFDI scale is negative;and when the institutional level of the host country is higher than mine,the influence of formal institutional level on my country’s OFDI scale is positive.Based on the existence of the asymmetric impact of the formal institutional gap on the OFDI of enterprises,the Chinese government and enterprises should make targeted arrangements when formulating foreign direct investment policies.Clarify the institutional differences in different countries,which will help countries and enterprises to have a deeper understanding of the institutional risks they face when investing and operating in host countries with different levels of development.Location selection to optimize OFDI decision-making is of great significance.更多还原