摘要
利用2006~2018年中国对"一带一路"沿线47个国家的对外直接投资数据,结合跨国公司与组织学习理论,系统考察包括地理及制度性因素在内的"新进入者劣势"对中国"一带一路"直接投资的影响作用,验证对外直接投资累积学习效应及其对"新进入者劣势"的调节作用;同时利用中国与"一带一路"沿线国家"五通指数",系统考察互联互通对中国企业"新进入者劣势"的影响作用。实证结果表明:除经济距离外,其他距离因素均对中国对外直接投资存在显著的抑制作用,累积学习经验及"五通指数"在经济和地理距离方面的调节作用较为明显。企业自身学习经验的累积以及政府在政策、经贸、人文、基础设施方面的互联互通均有助于促进中国企业海外投资,并在一定程度上规避"新进入者劣势"的消极影响。
By using China ’ s OFDI data with 47 countries along "the Belt and Road"in 2006-2018,and based on the multinational companies theory and organizational learning theory,this paper systematically tests the influence of the liability of newness including geographical distance and institutional differences on the China’ s OFDI upon the countries along "the Belt and Road",as well as examines the cumulative learning experience effect and its regulating effect on the liability of newness. Meanwhile with the "five connectivity indices"between China and "the Belt and Road"countries,it tests the impact of connectivity policies on the liability of newness of Chinese enterprises. The empirical results indicate that all distance factors except economic distance significantly inhibit China’ s OFDI,while the cumulative learning experience and the "five connectivity indices"play significant roles in the regulation of economic distance and geographic distance.These results show that both the accumulation of enterprise learning experience and the implementation of government connectivity proposal in policy,economy,trade,culture and infrastructure can significantly promote China ’ s OFDI,and avoid the negative impact of liability of newness in some extent.
作者
刘娟
LIU Juan(School of Economics,Tianjin University of Finance and Economics,Tianjin 300222)
基金
国家自然科学基金青年项目“中国跨国企业东道国市场制度同构与制度创新策略选择及其实施效果研究”(71702121)
教育部人文社会科学规划基金项目“中国跨国企业东道国市场‘合法化’策略选择与实施效果研究——基于制度理论视角”(16YJAGJW001)。
