【作者】 刘畅；

【导师】 刘辉煌； 周涛；

【作者基本信息】 湖南大学 ， 国际商务（专业学位）， 2022， 硕士

【摘要】 2018年,中东北非已成为接收中国投资和建设项目的第二大地区,中国对中东北非地区的直接投资日趋重视。与此同时,制度因素对于OFDI的影响也越来越被学者们重视。基于以上背景,本文以中东北非地区为对象研究正式制度距离对中国在该地区直接投资的影响。本文在梳理对外直接投资相关理论和制度距离对OFDI影响的国内外研究文献的基础上,对制度距离的划分以及如何影响对外直接投资作了理论上的阐述并做出了相关研究假设;本文选取了中东北非地区的20个国家2003-2018年的面板数据,在对核心解释变量数据做均值化处理后利用KSI指数测算当前中国与中东北非地区的政治、经济、法律三个维度的正式制度距离并对其与中国在中东北非地区的投资之间的关系作了现状描述,再运用随机效应模型FGLS估计对样本数据展开实证研究,得出以下主要结论:(1)政治制度距离与中国对中东北非地区的OFDI呈显著的负相关关系且其影响程度最大;(2)经济制度距离并不是影响中国在中东北非地区OFDI的主要因素,但在经济制度环境劣于中国的MENA国家有显著的负向影响;(3)法律制度距离越大,中国的投资越少;(4)正式制度距离从整体上而言与中国在中东北非地区的直接投资呈现负相关关系,具有“制度接近性”的特征;(5)在其他控制变量上,中国对中东北非地区的投资并不具备市场寻求型动机和资源寻求型动机,而劳动资源寻求型动机和战略资产寻求型动机较为明显;其中,市场寻求型投资主要表现在2009-2013年这段受金融危机影响的期间。此外,中东北非国家与中国的贸易密切程度、地理距离也会显著正向影响中国在中东北非地区的投资,MENA国家由于政治局势复杂,当地的政治风险会阻碍中国的投资。最后,本文根据理论与实证分析的结果,从政府和企业两方面为提升中国对中东北非地区的投资质量和水平提供一些对策建议。更多还原

【Abstract】 In 2018,the Middle East and North Africa has become the second largest region receiving Chinese investment and construction projects.China is paying more attention to direct investment in the Middle East and North Africa.At the same time,the influence of institutional factors on OFDI has been paid more and more attention by scholars.Based on the above background,this paper studies the impact of formal institutional distance on China’s direct investment in the Middle East and North Africa region.On the basis of sorting out the domestic and foreign research literature on the impact of OFDI related theories and institutional distance on OFDI,this paper makes a theoretical elaboration on the division of institutional distance and how it affects OFDI,and makes relevant research assumptions;then,the paper selects the panel data of 20 countries in the Middle East and North Africa region from 2003 to 2018.After averaging the core explanatory variable data,the KSI index is used to measure the current formal institutional distance between China and the MENA countries in the three dimensions of politics,economy,and legal.Then,the institutional distance and the relationship between it and China’s investment in the Middle East and North Africa are described,and the random effect model FGLS estimation is used to carry out an empirical study on the sample data,and the following main conclusions are drawn:(1)Political-institutional distance is significantly negatively correlated with China’s OFDI in the MENA region,and its influence is the greatest;(2)Economic distance is not the main factor that affects China’s OFDI in the Middle East and North Africa,but it has a significant negative impact in MENA countries whose economic institutional environment is worse than China’s;(3)The greater the legal system distance,the less China’s investment;(4)On the whole,formal institutional distance is negatively correlated with China’s direct investment in the MENA region,which is characterized by "institutional proximity";(5)On other control variables,China’s investment in the MENA region does not have market-seeking and resource-seeking motives,while labor-resource-seeking and strategic asset-seeking motives are more obvious.Market-seeking investments were mainly manifested in the period from 2009 to 2013,which was affected by the financial crisis.In addition,the trade closeness and geographic distance between MENA countries and China will also significantly and positively affect China’s investment in the MENA region.Due to the complicated political situation in MENA countries,local political risks will hinder Chinese investment.Finally,based on the results of theoretical analysis and empirical testing,this article provides some countermeasures and suggestions for improving the quality and level of China’s investment in the Middle East and Northeast Africa from both the government and enterprises.更多还原