张友棠,杨柳.“一带一路”国家金融发展与中国对外直接投资效率[J].数量经济技术经济研究,2020,(2):109-124 |
“一带一路”国家金融发展与中国对外直接投资效率 |
National Financial Development of the “Belt and Road”Countries and Efficiency of Chinas Foreign Direct Investment |
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DOI: |
中文关键词: “一带一路”倡议 金融发展 对外直接投资效率 时变随机前沿模型 |
英文关键词: The Belt and Road Initiative Financial Development Efficiency of Foreign Direct Investment Time variant Stochastic Frontier Model |
基金项目:本文获得国家社会科学基金重点项目“基于行业风险动态监测的信息技术业上市公司财务预警定位研究”(15AGL008)、国家社会科学基金一般项目“全球价值链重构下的中国制造业企业海外投资风险预警定位研究”(17BGL023)、国家社会科学基金后期资助项目“中国企业海外投资的风险辨识模式与预警防控体系研究”(11FGL004)的资助。 |
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中文摘要: |
研究目标:测度中国在“一带一路”沿线国家的对外直接投资效率,分析“一带一路”沿线国家的金融发展异质性对提升中国对外直接投资效率的影响。研究方法:使用时变随机前沿模型对中国在“一带一路”沿线38个国家的对外直接投资效率进行测度和分析。研究发现:“一带一路”沿线国家的金融深度、金融效率、金融稳定性、银行系统规模和金融诚信文化对提升中国对外直接投资效率具有显著正向作用;中国在“一带一路”沿线国家的对外直接投资效率在不断提升,但仍有较大的提升空间,且在“一带”国家和“一路”国家的对外直接投资效率存在差异;中国在境外设立金融机构对提升“一带一路”国家对外直接投资效率有促进作用。研究创新:运用随机前沿分析方法,测算和分析中国在“一带一路”沿线国家的对外直接投资效率及影响效率提升的金融发展因素。研究价值:为改善我国在“一带一路”沿线国家的投资质量、提升投资潜力提供了实证经验,有助于“一带一路”沿线国家优化金融发展,深化“一带一路”金融稳定与合作。 |
英文摘要: |
Research Objectives: Measuring the efficiency of Chinas foreign direct investment in countries among the “Belt and Road”countries (hereinafter referred to as B&R countries),analyzing influence of financial development differences among the B&R countries on improving efficiency of Chinas foreign direct investment.Research Methods: Utilizing time varying stochastic frontier model to measure and analyze efficiency of Chinas foreign direct investment in B&R countries.Research Findings:There is an obvious positive correlation between the efficiency of Chinas foreign direct investment and financial depth,financial efficiency,financial stability,banking system scale,financial credibility culture in B&R countriesThe efficiency of Chinas foreign direct investment toward B&R countries is on constant progress,but there is still huge potential of opportunities in these countries,and there is a gap of efficiency between “belt”countries and “road”countriesThe establishment of Chinese overseas financial institutions promotes efficient Chinas foreign direct investment in B&R countries.Research Innovations: This is the first thesis that utilizes time varying stochastic frontier model to measure and analyze efficiency of Chinas foreign direct investment in B&R countries as well as financial development factors that affect the improvement of efficiency.Research Value: Providing empirical experience for improving investment quality in B&R countries,and for enlarging investment potential Helping promote financial development in B&R countries so as to promote B&R financial stability and cooperation |
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