摘要
对外援助和OFDI是我国构建“双循环”和高水平对外开放战略的重要抓手,而国家风险是近些年我国企业“走出去”面临的首要挑战,直接威胁投资安全和投资效益。基于此,本文以我国2000—2018年对外援助和OFDI数据为样本,构建对外援助、OFDI和国家风险的计量模型,探索对外援助对于OFDI的风险缓释机理,主要结论有以下几点。第一,我国对外援助能够促进我国企业向受援国的OFDI流入,我国对外援助每增加1%,流入受援国OFDI会增加0.1208%。第二,我国对外援助可以显著降低受援国国家风险,发挥风险缓释作用,尤其是对经济风险和金融风险作用明显,进而可稳定和促进我国企业对外投资向受援国家流入。第三,对外援助对OFDI的影响存在异质性特征,基于商业目的的援助相比基于发展目的的援助更能促进OFDI,并能显著抑制国家风险,而技术和资金援助相较于直接提供物资和人力援助,可以更好地促进援助国能力建设与治理改善,对OFDI发挥直接和间接正向影响。第四,对外援助的风险缓释作用存在明显的“非利他主义”和“挤出效应”,尤其是中日之间的对外援助在OFDI领域存在明显竞争关系。
Foreign aid and OFDI are important tools for China to build a"dual circulation"development and high-level opening-up strategies.Country risk is the primary challenge for Chinese enterprises to"go global"in recent years,which directly threatens investment security and efficiency.Based on the dataset of China's foreign aid and OFDI from 2000 to 2018,this paper constructs the theoretical models to reveal the relationship between foreign aid,OFDI and country risk,explore the risk mitigation mechanism of foreign aid for OFDI and obtain conclusions as follows.Firstly,China's foreign aid can promote the OFDI inflow of Chinese enterprises to the recipient countries.For every 1%increase in China's aid,the foreign direct investment flowing into the recipient countries will increase by 0.1161%.Secondly,China's foreign aid can significantly reduce the national risks of recipi-ent countries and play a role in risk mitigation,especially the economic risk and financial risk,and then stabilize and promote the inflow of Chinese enterprises'OFDI.Thirdly,the effect of foreign aid on OFDI is heterogeneous,aid based on commercial purposes can promote OFDI better than on developmental purposes,and significantly inhibit country risk.Compared to the direct provision of material and human assistance,aid in the form of technology and capital can better promote the capacity building and governance improve-ment of donor countries,thus exerting the positive impact of risk mitigation.Fourthly,the risk mitigation effect of foreign aid has obvious"non-altruism"and"crowding out effect".In particular,foreign aid between China and Japan has obvious competition in the field of for-eign direct investment.
作者
王海军
杨虎
李丰雅
张敏
Wang Haijun;Yang Hu;Li Fengya;Zhang Min(School of Economics,Beijing Wuzi University,Beijing 101126,China;School of Information,Central University of Finance and Economics,Beijing 100018,China;School of Business,Shandong Normal University,Jinan 250014,China)
出处
《南开经济研究》
CSSCI
北大核心
2023年第1期21-42,共22页
Nankai Economic Studies
基金
北京物资学院青年科研基金资助项目“对外援助促进我国企业国际化能力的机制研究”(2022XJQN26)资助。
