摘要
本文基于2008—2018年"一带一路"沿线国家制度环境数据、上市公司财务数据和商务部发布的《境外投资企业(机构)名录》的匹配数据,实证检验目的国制度环境对中国企业海外投资绩效的影响。研究结果表明:首先,具有较大规模以及生产率优势的企业更易于选择对沿线国家投资,良好的制度环境也是吸引海外企业投资的重要因素。其次,"一带一路"沿线国家的高质量制度环境对投资企业的绩效有显著的促进作用,即沿线国家良好的制度环境能够加快中国企业"走出去"的步伐并提升绩效水平。最后,针对企业异质性从企业所有制属性和区域位置分析,发现不同所有制的企业投资绩效影响存在差异性,制度环境对非国有企业投资绩效的影响高于国有企业;而区域位置对企业绩效的影响不明显。
Based on the 2008—2018 ‘Belt and Road’ national institutional environment data, financial data of listed companies and the matching data of the List of Overseas Investment Enterprises(Institutions) issued by the Ministry of Commerce, this paper empirically tests the destination country’s institutional environment on the performance of Chinese companies’ overseas investment impact. The research results show that: First of all, companies with larger scale and productivity advantages are more likely to choose to invest in countries along the route, and a good institutional environment is also an important factor in attracting investment from overseas companies. Secondly, the high-quality institutional environment of the countries along the ‘Belt and Road’ has a significant role in promoting the performance of investment companies, that is, a good institutional environment in the countries along the route can speed up the pace of Chinese companies’ ‘going global’ and improve their performance. Finally, in view of the heterogeneity of enterprises, from the analysis of enterprise ownership attributes and regional location, it is found that the impact of different ownerships on the investment performance of enterprises is different. The impact of the institutional environment on the investment performance of non-state-owned enterprises is higher than that of state-owned enterprises;while regional location has a greater impact is not obvious.
作者
邓轶嘉
余姗
Deng Yijia;Yu Shan
出处
《宏观经济研究》
CSSCI
北大核心
2021年第3期52-66,共15页
Macroeconomics
基金
陕西省教育厅2020年专项科研项目“‘互联网+’对陕西省制造业高质量发展的影响研究”(20JK0142)的资助。
关键词
“一带一路”倡议
制度环境
对外直接投资
企业绩效
The‘Belt and Road’initiative
Institutional environment
Foreign direct investment
Enterprise performance