对外援助、制度质量与我国对外直接投资

江西财经大学学报 ›› 2020, Vol. 0 ›› Issue (1): 25-35.

对外援助、制度质量与我国对外直接投资

李富有, 王运良

西安交通大学经济与金融学院,陕西西安 710061

收稿日期:2019-02-11 出版日期:2020-01-25 发布日期:2020-12-14
通讯作者: 王运良,西安交通大学博士研究生,主要从事对外直接投资研究,联系方式wangyl0518@163.com。
作者简介:李富有,西安交通大学教授,博士,主要从事国际金融实务与民间金融研究。

Foreign Aid, Institutional Quality and China's Outward Foreign Direct Investment

LI Fu-you, WANG Yun-liang

Xi'an Jiaotong University, Xi'an 710061, China

Received:2019-02-11 Online:2020-01-25 Published:2020-12-14

摘要/Abstract

摘要： 基于对外直接投资区位选择视角,利用2003—2014年跨国数据和动态面板模型系统地分析对外援助、受援国制度质量对中国对外直接投资的影响效应。研究发现：若不考虑制度因素,对外援助是我国海外投资的“先锋队”,对受援国援助增加1%约能带动我国对受援国投资增长5.8%。若考虑制度因素,受援国腐败控制并不影响援助对直接投资的影响,政府运行效率、法制水平会正向影响援助的先锋作用。从不同援助类型看,腐败控制、政府运行效率和法制水平正向影响经济基础设施援助的“先锋作用”,对社会基础设施援助的促进效应并不显著;而生产部门援助之于中国对外直接投资的正向效应在政府运行效率和法制水平影响下十分明显,非生产部门援助效应仅在腐败控制和政府运行效率影响下显著为正。

关键词: 对外援助, 对外直接投资, 制度质量, 动态面板

Abstract: From the perspective of the locational choice for outward foreign direct investment, this paper makes use of the cross-country data from 2003 to 2014 and the dynamic panel models to analyze the effect of foreign aid and the system quality of recipient countries on China's outward foreign direct investment comprehensively. The findings show that, if the institutional factors are not taken into account, foreign aid is the“vanguard”of China's overseas investment. A 1% increase in aid to recipient countries can drive China's investment in recipient countries to grow by 5.8%. If the institutional factors are considered, the corruption control of the recipient countries will not affect the impact of aid on direct investment; the efficiency of government operations and the level of the legal system will positively affect the pioneering role of the aid. Seeing from the different types of aids, the corruption control, government running efficiency and the level of the legal system would positively influence the“pioneer role”of the economic infrastructure aids, while the promotion effect on social infrastructure aids is not significant. The positive effects of production sector aids on China's outward foreign direct investment are obvious under the influence of government running efficiency and the level of the legal system, while the aid effect in the non-production sector is only significantly positive under the influence of corruption control and government running efficiency.

Key words: foreign aid, outward foreign direct investment, institutional quality, dynamic panel

中图分类号:

F114

李富有, 王运良. 对外援助、制度质量与我国对外直接投资[J]. 江西财经大学学报, 2020, 0(1): 25-35.

LI Fu-you, WANG Yun-liang. Foreign Aid, Institutional Quality and China's Outward Foreign Direct Investment[J]. Journal of Jiangxi University of Finance and Economics, 2020, 0(1): 25-35.

参考文献

[1] Nath S., Sobhee S.K. Aid Motivation and Donor Behavior[J]. American Review of Political Economy, 2007, 5(1): 1-13.
[2] Karakaplan U., Neyapti B., Sayek S.Aid and Foreign Direct Investment: International Evidence[R]. Discussion Paper, Turkish Economic Association, 2005.
[3] Asiedu E.On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different?[J]. World Development, 2002, 30(1): 107-119.
[4] Donaubauer J., Meyer B., Nunnenkamp P. Aid Infrastructure, and FDI: Assessing the Transmission Channel with a New Index of Infrastructure[J]. World Development, 2016, 78: 230-245.
[5] 王翚, 雷鹏飞, 甘小军. 官方发展援助对 FDI 的影响效果研究——基于包含制度变量的动态面板模型检验[J]. 山西财经大学学报,2014,(1):18-28.
[6] 甘小军, 韩天慧. 国际双边援助对 FDI 影响的实证检验[J]. 统计与决策, 2013,(13): 119-122.
[7] Svensson J.When is Foreign aid Policy Credible? Aid Dependence and Conditionality[J]. Journal of Development Economics, 2000, 61(1): 61-84.
[8] Quazi R.M., Williams M. F., Baldwin R. Impact of Foreign Aid on Foreign Direct Investment in South Asia and East Asia[J]. International Business Research, 2014, 7(12): 44.
[9] 胡兵,丁祥平,邓富华. 中国对非援助能否推动对非投资[J]. 当代经济研究,2015,(1):67-73.
[10] Selaya P., Sunesen E.R. Does Foreign aid Increase Foreign Direct Investment?[J]. World Development, 2012, 40(11): 2155-2176.
[11] Bhavan T., Xu C., Zhong C.The Relationship between Foreign Aid and FDI in South Asian Economies[J]. International Journal of Economics and Finance, 2011, 3(2): 143-149.
[12] Minoiu C., Reddy S.G. Development Aid and Economic Growth: A Positive Long-Run Relation[J]. The Quarterly Review of Economics and Finance, 2010, 50(1): 27-39.
[13] Castro C., Nunes P.Does Corruption Inhibit Foreign Direct Investment?[J]. Politica/Revista de Ciencia Plitica, 2013, 51(1): 61-83.
[14] 祁毓, 郭均均. FDI 会影响地方政府效率吗?[J]. 数量经济技术经济研究, 2012,(2):21-36.
[15] Mengistu A.A., Adhikary B. K. Does Good Governance Matter for FDI Inflows? Evidence from Asian Economies[J]. Asia Pacific Business Review, 2011, 17(3): 281-299.
[16] Staats J.L., Biglaiser G. Foreign Direct Investment in Latin America: The Importance of Judicial Strength and Rule of Law[J]. International Studies Quarterly, 2012, 56(1): 193-202.
[17] Buckley P.J., Clegg L. J., Cross A. R. The Determinants of Chinese Outward Foreign Direct Investment[J]. Journal of International Business Studies, 2009, 40(2): 353.
[18] Gastanaga V.M., Nugent J. B., Pashamova B. Host Country Reforms and FDI Inflows: How Much Difference do They Make?[J]. World development, 1998, 26(7): 1299-1314.
[19] 蒋冠宏,蒋殿春. 中国对外投资的区位选择: 基于投资引力模型的面板数据检验[J]. 世界经济, 2012 (9): 21-40.
[20] 梅冠群. 基于日本经验的中国对外投资政策选择研究[J]. 亚太经济,2017,(2):71-79+175.
[21] 俞萍萍,赵永亮. 东道国制度质量对中国企业跨国并购区位选择的影响[J]. 国际经贸探索, 2015, (10): 96-112.
[22] 何轩,马骏,朱丽娜, 等. 腐败对企业家活动配置的扭曲[J]. 中国工业经济, 2016 (12): 106-122.
[23] Burnside C., Dollar D.Aid, Policies and Growth[J]. American Economic Review, 2000, 90(4): 847-868.
[24] 杨亚平,李琳琳. 对非援助会减轻腐败对投资的 “摩擦效应” 吗——兼论 “一带一路” 倡议下中非经贸合作策略[J]. 财贸经济, 2018, (3): 95-108.
[25] Kang S.J., Lee H., Park B. Does Korea Follow Japan in Foreign Aid? Relationships between Aid and Foreign Investment[J]. Japan and the World Economy, 2011, 23(1): 19-27.
[26] 董艳,樊此君. 援助会促进投资吗——基于中国对非洲援助及直接投资的实证研究[J]. 国际贸易问题, 2016,(3):59-69.
[27] Mathur A., Singh K. Foreign Direct Investment, Corruption and Democracy[J]. Applied Economics, 2013, 45(8): 991-1002.
[28] Schudel C.J. W. Corruption and Bilateral Aid: A Dyadic Approach[J]. Journal of Conflict Resolution, 2008, 52(4): 507-526.
[29] Bauhr M., Charron N., Nasiritousi N.Does Corruption Cause Aid Fatigue? Public Opinion and the Aid-Corruption Paradox[J]. International Studies Quarterly, 2013, 57(3): 568-579.