|
|
|
| Threshold Effect of Host Country′s Technological Innovation,Institutional Quality and China′s OFDI |
| Hao Xindong,Yang Junkai |
| (International Business College,South China Normal University,Guangzhou 510631,China) |
|
|
|
|
Abstract The Belt and Road should be the way of technological cooperation and innovation.Basing on the panel data of 50 host countries along the Belt and Road from 2003 to 2017,this paper constructs a threshold regression model and takes the institutional quality of the host countries as threshold variable,so as to?investigate the influence of host country′s technological innovation on China′s direct investment.The research shows that there are single thresholds for all the system quality indicators which include political stability,governance effectiveness,regulation quality,rule of law,corruption control and citizen participation in politics and accountability,which indicates that the system quality of host country has an impact on its technological innovation and China′s direct investment.However,the regression coefficients of the six system quality indicators are different,indicating that the relevant influence of each index of host country system quality is also not the same,so Chinese enterprises should make specific analysis when making investment decisions.Finally,the technological level of the countries along the Belt and Road is generally not high,and their low system quality restricts also their scientific and technological innovation,Chinese enterprises should pay attention to “technological traps” when investing directly in the countries along the Belt and Road.
|
|
Received: 02 December 2019
|
|
|
|
|
|
| [1] KONINGS J.The effects of foreign direct investment on domestic firms: evidence from firm-level panel data in emerging economies[J].Economics of Transition,2001,9(3): 619-633.[2] JAMES H LOVE.Technology sourcing versus technology exploitation: an analysis of US foreign direct investment flows[J].Applied Economics,2003,35(15): 1667-1678.[3] BRANSTETTER LEE.Is foreign direct investment a channel of knowledge spillovers? evidence from Japan′s FDI in the United States[J].Journal of International Economics,2006,68(2): 325-344.[4] ABDELHAFIDH DHRIFI.Foreign direct investment,technological innovation and economic growth: empirical evidence using simultaneous equations model[J].International Review of Economics,2015,62(4): 381-400.[5] GARCIA F,JIN B,SALOMON R.Does inward foreign direct investment improve the innovative performance of local firms? [J].Research Policy,2013,42(1): 231-244.[6] 李猛,于津平.东道国区位优势与中国对外直接投资的相关性研究[J].世界经济研究,2011(6): 63-67.[7] 张宏,王建.东道国区位因素与中国OFDI关系研究——基于分量回归的经验证据[J].中国工业经济,2009(6): 151-160.[8] 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.[9] 张吉鹏,衣长军.东道国技术禀赋与中国企业OFDI区位选择——文化距离的调节作用[J].工业技术经济,2014(4): 90-97.[10] 沙文兵.东道国特征与中国对外直接投资逆向技术溢出——基于跨国面板数据的经验研究[J].世界经济研究,2014(5): 60-65,73.[11] GLOBERMAN S,SHAPIRO D.Governance infra-structure and US foreign direct investment[J].Journal of International Business Studies,2003,24(1): 19-39.[12] JAY V W,ANIL L.Risk and FDI flows to developing countries[J].South African Journal of Economic and Management Sciences,2008,11(4): 511-528.[13] OLIVER M,MANOP U.Governance,private investment and foreign direct investment in developing countries[J].World Development,2012,40(3): 437-445.[14] SAIDI Y,OCHI A,GHADRI H.Governance and FDI attractiveness: some evidence from developing and developed countries[J].Global Journal of Management and Business Research Finance,2013,32(8): 14-24.[15] OLGA K,NATNLYA V,TATIANA Z.Foreign direct investment and governance quality in Russia[J].Journal of Comparative Economics,2014,42(4): 874-891.[16] SHAH M H,AFRIDI A G.Significance of good governance for FDI inflows in SAARC countries[J].Business ＆ Economic Review,2015,22(6): 31-52.[17] BUCKLEY P J,CLEGG L J.The determinants of Chinese outward foreign direct investment[J].Journal of International Business Studies,2007,38(4): 499-518.[18] KOLSTAD I,WIIG A.What determines Chinese outward FDI[J].Journal of World Business,2012,42(1): 26-34.[19] MUMTAZ M Z,SMITH Z A.The determinants of Chinese outward foreign direct investment: a closer look frontiers of economics in China[J].Frontiers of Economics in China,2019,13(4): 577-601.[20] 张中元.东道国制度质量、双边投资协议与中国对外直接投资——基于面板门槛回归模型(PTR)的实证分析[J].南方经济,2013(4): 49-61.[21] 杨娇辉,王伟,谭娜.破解中国对外直接投资区位分布的“制度风险偏好”之谜[J].世界经济,2016(11): 3-27.[22] 王永钦,杜巨澜,王凯.中国对外直接投资区位选择的决定因素: 制度、税负和资源禀赋[J].经济研究,2014(12): 126-143.[23] 曲智,杨碧琴.“一带一路”沿线国家的制度质量对中国对外直接投资的影响[J].经济与管理研究,2017,38(11): 15-21.[24] 刘娟.东道国制度环境、投资导向与中国跨国企业OFDI研究——基于“一带一路”沿线国家数据的Heckman模型分析[J].外国经济与管理,2018,40(4): 56-68.[25] 付韶军.东道国政府治理水平对中国OFDI区位选择的影响——基于“一带一路”沿线59国数据的实证分析[J].经济问题探索,2018(1): 70-78.[26] 田晖,宋清,黄静.东道国制度质量、“一带一路”倡议与我国对外直接投资区位选择[J].统计与决策,2019(11): 148-152. |
|
|
|
