| 摘要: |
| 以“一带一路”沿线 45国 2003~2014年数据为样本，实证检验了出口经验能否提升对外直接投资。研究结果显示，出口经验显著提升中国对“一带一路”沿线国家的直接投资。在基准模型的基础上，引入公共治理、能源禀赋和地理区位与出口经验交互项的实证结果还显示，出口经验对直接投资的促进效应随着东道国治理水平提升而提高，对陆上丝绸之路国家的作用显著低于海上丝绸之路国家，而能源禀赋并未直接或间接通过出口经验对直接投资产生作用。这些研究结论说明，企业在不确定性外部环境下进行对外直接投资时，倾向于通过建立出口学习曲线并依此进行直接投资决策。 |
| 关键词: 出口经验 对外直接投资 公共治理 能源禀赋 地理区位 |
| DOI： |
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| 基金项目:国家自然科学基金“国际资本周期性流动的微观机制、宏观经济效应与稳定政策”(项目编号:71473223)；教育部人文社科基金“贸易摩擦对中国对外直接投资影响研究:微观机理与实证检验”(项目编号:20YJA790006)；浙江省自然科学基金“人口年龄结构影响实际汇率的传导机制识别”(项目编号:LY15G030002)。 |
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| Can Export Experience Promote Outward Foreign Direct Investment? An Empirical Study on China and the Belt and Road Countries |
| CUI Yuanmiao,SHEN Lumin |
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| Abstract: |
| This paper empirically analyzes the influence of export experience on Chinese Outward Foreign Direct Investment (OFDI) in the Belt and Road countries, based on the panel data of 45 countries from 2003 to 2014. The research shows that export experience significantly promotes Chinese OFDI in the Belt and Road countries. Furthermore, the promoting effect of export experience on Chinese OFDI increases with the improvement of host country’s governance level. The export experience is more effective in the Sea Road countries than that in the Silk Road countries, while energy endowments did not directly or indirectly affect the role of export experience on OFDI. These conclusions indicate that enterprises can reduce external investment risks by establishing export learning curve and making investment decisions according to the curve. |
| Key words: export experience OFDI public governance energy endowment geographic location |
