中国企业对“一带一路”国家的投资内因与市场选择——基于环境可持续发展框架

The Internal Factors and Market Selection of Chinese Enterprises’ Investment in Countries along the Belt and Road: Based on the Framework of Environmentally Sustainable Development

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摘要本文基于非平衡面板企业数据,实证分析2007~2018年中国3,981家企业对45个“一带一路”国家的直接投资。实证结果表明,中国企业OFDI是在“一带一路”国家环境可持续发展的基础上,以盈利能力为驱动的市场拓展行为。就企业内在属性差异而言,国有企业和科技型企业的OFDI主要以扩大市场规模为主,民营企业和非科技型企业的OFDI主要受到商贸效率和市场规模的影响;劳动密集型和污染型企业OFDI的主要内在驱动源于盈利能力的下降。就经济要素禀赋差异而言,以效率禀赋型地区为分界,企业盈利能力对OFDI的影响由负转正。就商贸运输渠道和现代化差异而言,商贸企业偏向对“一路”地区展开直接投资,产能转移企业偏向对“一带”地区的直接投资;企业存在通过OFDI实现科技逆向流出的需求。中国应加速培育企业的本土市场盈利能力,实现高质量共建“一带一路”。 Based on unbalanced panel enterprise data,this paper empirically analyzes the direct investment of 3981 Chinese enterprises in 45 countries The Belt and Road from 2007 to 2018.The empirical results show that Chinese enterprises’OFDI is a market expansion behavior driven by profitability on the basis of sustainable environmental development in countries along the the Belt and Road.In terms of the research on the difference of intrinsic attributes of enterprises,the OFDI of state-owned enterprises and science and technology enterprises mainly focuses on expanding market scale,while the OFDI of private enterprises and non-science and technology enterprises is mainly affected by business efficiency and market scale.The main intrinsic driver of labor-intensive and polluting OFDI is the decline in profitability.In terms of the research on the difference of economic factor endowments,the impact of corporate profitability on OFDI changes from negative to positive when the region with efficiency endowment is taken as the boundary.In terms of the study on the differences of commercial transport channels and modernization,commercial enterprises prefer to direct investment in the“the Road”region,while capacity transfer enterprises prefer to direct investment in the“the Belt”region.There is a need for enterprises to realize the reverse flow of technology through OFDI.China should accelerate the cultivation of enterprises’profitability in the local market and practice high-quality joint development of the countries along the Belt and Road.

作者王昕唐登林 WANG Xin;TANG Denglin

机构地区贵州商学院

出处《国际商务研究》北大核心 2024年第4期19-32,共14页 International Business Research

基金贵州省社科基金“数字经济视阙下贵州加强ESG体系建设研究”(项目编号:23GZYB36) 国家社科基金“基于混合Copula的中国系统性金融风险测度与稳定研究”(项目编号:18XTJ004) 贵州省教育厅“贵州乡村振兴背景下农业企业信用风险因素分析”(项目编号:2022zx007)

关键词企业OFDI 盈利能力市场环境 “一带一路”国家环境可持续发展 enterprise OFDI profitability the market environment countries along the Belt and Road environmentally sustainable development

分类号 F832.5 [经济管理—金融学]