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Title: 制度距離與亞投行成員對中國對外直接投資 (OFDI) 影響之研究
An Empirical Study on the Effect of Institutional Distance and Member of AIIB on OFDI of China
Authors: 林逸洋
Lin, Yi-Yang
Contributors: 林祖嘉
Lin, Chu-Chia
Lin, Yi-Yang
Keywords: 對外直接投資
Outward Foreign Direct Investment (OFDI)
Institutional Distance
Asian Infrastructure Investment Bank (AIIB)
Panel Data
Fixed Effect Model
Random Effect Model
Date: 2021
Issue Date: 2021-09-02 17:44:39 (UTC+8)
Abstract: 從1999年「走出去」戰略,到2007年「一帶一路」倡議,2016年亞投行營運,透過這些經濟戰略及相關政策使得中國對外直接投資 (OFDI) 在近20以來大幅上升,也使得中國OFDI成為近年量相當重要的議題。制度上的差異一直是中國跨國企業進行OFDI的一項重大挑戰,此外,過去少有研究探討中國OFDI的地主國 (Host Country) 加入中國經濟戰略前後的差異,本研究對此提出兩個主要問題:中國與OFDI地主國的制度距離如何影響中國的投資?若地主國加入亞投行,對於吸引中國的FDI有什麼樣的影響?並進一步將地主依所得分類,分析中國對不同所得地主國的OFDI有何差異?

為了研究上述的議題,本研究以引力模型為基礎,透過中國於2003年至2019年,182個國家的OFDI存量追蹤資料 (Panel Data) 進行實證分析。結果發現,中國傾向投資與自己制度相近的國家,以減少制度不同帶來的風險。對地主國而言,加入亞投行,可以有效吸引中國的直接投資 (FDI)。此外,本研究認為中國跨國企業OFDI主要為市場導向,並且不以地理距離作為重要的考量因素。進一步將地主國依所得分類後,結果顯示,中國只不擅於處理與高所得國家間的制度差距;而無論地主國在何種所得水準下,加入亞投行皆能有效吸引中國FDI。
From “Going Global Strategy” (also called “Go Out policy”) in 1999, “The Belt and Road Initiative (BRI)” in 2007, and the establishment of Asian Infrastructure Investment Bank (AIIB), these policies led to Outward Foreign Direct Investment (OFDI) of China rose in past 20 years. The growth of China OFDI makes China OFDI becomes a very important issue in recent years. Institutional differences always are big challenges when Chinese multinationals invest host countries. In addition, there are few studies discuss the difference which host countries join Chinese economic strategies. Therefore, there are two main questions in our study. How do institutional distance between China and host countries affect Chinese OFDI? What is influence that host country attracts the FDI form China? We classify host countries by income and analyze the difference between host countries with different income level.

Our study based on Gravity Model to analyze the issue above, and we use panel data of China OFDI stock from 2003 to 2019. We found that China tend to invest host countries which institution is closer to China to reduce the risk about the difference of institution. Besides, our result shows that the main factor of China OFDI for multinationals is market scale, and geographic distance is not the main factor of China OFDI. After we classify host countries by income, the result shows that China not good at deal with the problem about institutional difference. Moreover, Host Countries will attract the funds from China if they join AIIB regardless of different income levels.
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