| China and Russia are both the world powers and the biggest neighboring countries each other. The two countries always play a very important role in the other foreign strategy and have very important influence on their mutual security, stability and development. As the development of Sino-Russian relationships deepens continuously, China and Russia have a broad prospect and great potential for economic and trade cooperation. During Chairman Hu jintao's visit to Russia in June 2011, he proposed the target of making the bilateral trade reach 1000 billion US dollars by 2015 and 2000 billion US dollars by 2020 with Russian President Dmitri Medvedev. But now Sino-Russian economic and trade cooperation still has such problems as small scale, unreasonable structure and low level of trade. So, the development model must be innovated to realize the target of Sino-Russian trade. As the representation of the deepening of Sino-Russian economic and trade cooperation, Sino-Russian investment cooperation leads an important and positive role in the scale expansion, the structure optimization, the order regulation, the steady progress, the quality and level improvement of Sino-Russian trade. The two governments signed "The plan outline of Sino-Russian investment cooperation" in 2009, both sides considered that "It is the important component of Sino-Russian economic and trade relationship to create a favorable investment environments", "The two countries should strengthen the bilateral investment cooperation in the key areas and improve the investment quality and level continuously according to the investment policies in two countries and the principles of the most-favored-nation treatment. Both sides encourage and welcome the enterprises to develop the investment cooperation according to the respective existing law in the other country." At the same time, the two countries proposed to improve the development of the plural trade and strengthen the cooperation in investment and other fields for ensuring the realization of the trade target that defined by the leaders of the two states in 2011. Thus it has been common cognition of the two governments to take Sino-Russian investment cooperation as an effective model for the improvement of Sino-Russian trade development. But now the scale of Sino-Russian direct investment is not large in comparison with the bilateral trade, it is still in its initial stage and the stimulus role on Sino-Russian trade is not brought into full play. Because Sino-Russian investment cooperation lags Sino-Russian economic and trade relationship at the large extents, it must form hindrance for the strategic upgrade of Sino-Russian economic and trade cooperation. Therefore, it is a significant and urgent problem that how to build a feasible mode for improving the rapid and healthy development of Sino-Russian investment cooperation. Under the circumstances, the thesis studies the construction of the mode of Sino-Russian investment cooperation deeply and systemically. It not only changes the situation that theoretical research lags behind practical research and act as the supplement and extension of regional economic cooperation theory to some extent, but also has important strategic and practical significance in deepening Sino-Russian strategic partnership of cooperation, celebrating the strategic upgrade of Sino-Russian economic and trade cooperation, improving the strategic status of the two countries in Northeast Asia. Furthermore, it provides the theoretical base and practice mode for the decision-making board of the local government to work out the plan of Sino-Russian investment cooperation. Therefore, the research is of profound theoretical and practical significance.Regarding Sino-Russian investment cooperation as the research object, the thesis defines the concepts of regional investment cooperation and reveals the interaction among investment effect, investment efficiency and investment benefit. The thesis holds that the obtainment of good investment effect depends on the tenet of the investment benefit improvement and the increase of the investment efficiency by expanding investment scale, promoting investment structure rationalization and selecting the effective investment model to improve the development of regional investment cooperation, moreover, the rapid development of the whole national economy can be improved by the spread of the investment effect.According to the thread, the thesis analyzes the current situation of Sino-Russian investment cooperation from investment scale, investment structure, investment region, investment model. It shows that Sino-Russian investment cooperation has the characteristics including close association between Sino-Russian investment and trade, bright investment prospects in Sino-Russian contiguous zone, appearance of the new investment model, growing tendency of mutual supplement and government-to-government cooperative mechanism as a guarantee.Based on the current situation and characteristics of Sino-Russian investment cooperation, the investment efficiency and investment benefit can be explored by inspecting the investment effect of Sino-Russian investment cooperation according to the interaction among investment effect, investment efficiency and investment benefit. Because Sino-Russian investment cooperation is a crucial component of Sino-Russian economic and trade relationship and has close association with Sino-Russian trade, the investment effect of Sino-Russian investment cooperation is more directly showed by the trade effect, therefore, the thesis researches the efficiency and benefit of Sino-Russian investment cooperation by means of quantification analysis of cointegration and error-correction models from the perspective of the trade effect. On the one hand, by means of longitudinal analysis of the trade effect of Sino-Russian investment cooperation, the relationship between Sino-Russian investment and trade is verified as complementary relation and the conclusion shows that Sino-Russian investment cooperation induces long-term trade creation effect, the trade creation effect of Russian direct investment in China is greater than that of Chinese direct investment in Russia, the tendency of Sino-Russian investment and trade integration is increasing gradually. On the other hand, by means of horizontal analysis of the trade effect among Russia, Japanese, Korean direct investment in China and Chinese direct investment in Russia, America, Australia, the conclusion shows that though Sino-Russian investment cooperation induces long-term trade creation effect, it still exists great disparity compared to Japanese, Korean, America, Australia, the trade creation effect of Sino-Russian investment cooperation has not been given full play. Then according to the conclusions of the analysis to the trade effect of Sino-Russian investment cooperation, it shows that the efficiency and benefit of Sino-Russian investment cooperation is low, concrete manifestations are:small scale and unbalanced development, unreasonable investment structure, limitable cooperative model, laggard investment model, as a result of the unstable investment environment in China and Russia, the laggard management system of investments, the inefficient communication mechanism, the implementary obstacle to Sino-Russian cross-border acquisitions, the influence of "China Threat Theory"In view of the current situation of low efficiency and benefit of Sino-Russian investment cooperation, the thesis researches the influencing factors of Russian direct investment in China and Chinese direct investment in Russia. The factors of market, infrastructure, system, trade, investment centralization are put forward from the macrographic aspect, the factors of industrial structure and industry development are put forward from the middle aspect, the factors of labors, techniques and enterprises operation are put forward from the microcosmic aspect. Index system of the influencing factors of Sino-Russian investment cooperation is established and the key factors are determined by mean of grey correlation analysis. The conclusion shows that the key factors to influence Russian direct investment in China are investment centralization, labors, techniques; the key factors to influence Chinese direct investment in Russia are investment centralization, market and infrastructure. The research presents theoretical foundation and empirical support for the construction of the model of Sino-Russian investment cooperation that takes the investment benefits improvement as the tenet.Based on the theoretical analysis and empirical examination of the situation, efficiency, benefits and influencing factors of Sino-Russian investment cooperation, a systematic, feasible, empirical significant "SIM" model of Sino-Russian investment cooperation is built up creatively with the tenet of the investment benefits improvement from the three aspects of spatial distribution, industrial selection and model selection. The comprehensive thought of the model is to bring about the enlargement of the investment scale by the rational planning of the spatial distribution, bring about the rationalization of the investment structure by optimized selection of the investment industry that following the industrial selection criteria, bring about the obvious improvements of the business operational performance by the choice of the appropriate investment model, and finally achieve the best investment benefit and promote optimization and upgrading of Sino-Russian investment cooperation. The specific implementation way of the model is as follows. Firstly, in terms of the spatial distribution of Sino-Russian investment cooperation, Russian direct investment in China should take the northeast parts of China as the key areas to get inflow of Russian capital, take the coastal areas of China as the areas of the gathering investment of Russian technology intensive industry, take the western and central parts of China as the areas of the transferable investment of Russian labor intensive industry; Chinese direct investment in Russia should take Russian far east and Siberia as the key areas of Chinese gathering investment and carry out the classification and arrangement by relying on the special economic zones and the technology parks. Secondly, in terms of the industrial selection of the Sino-Russian investment cooperation, Russian direct investment in China should be guided to choose resources and correlative industry, agriculture, forestry, animal husbandry, fisheries industry, producer service industry, high-tech intensive industry, processed industry with export advantage; Chinese direct investment in Russia should choose Chinese traditional industry, market-oriented industry, high-tech industry and resources development industry. Finally, in terms of the model selection of Sino-Russian investment cooperation, the investment model should be chosen properly to improve Sino-Russian business operational performance by considering the key influencing factors on Sino-Russian investment cooperation, Chinese and Russian specific national conditions and the circumstance of individual enterprises according to the applicable conditions of the different investment models.The thesis puts forward eight policies and suggestions to promote the development of Sino-Russian investment cooperation. The policies and suggestions include:firstly, integrating "bringing in" and "going global" strategies should be paid more attention; secondly, the favorable investment environment in China and Russia should be constructed vigorously; thirdly, the effective management system of Sino-Russian investments should be constructed; fourthly, the communication mechanism should be perfected; fifthly, the culture communication should be strengthened to consolidate the base of Sino-Russian investment cooperation; sixthly, the regional planning and construction of Sino-Russian investment cooperation should be accelerated; seventhly, the industrial investment policies of Sino-Russian investment cooperation should be adjusted actively; eighthly, the investment efficiency of Sino-Russian cross-border acquisitions should be improved.As showed by the results, the possible creative keys of the thesis comprise two parts. The first, the thesis deeply analyses the efficiency and benefit of Sino-Russian investment cooperation from the perspective of the trade effect. The conclusions show the low efficiency and benefit of Sino-Russian investment cooperation, with the result that though Sino-Russian investment cooperation induces long-term trade creation effect, the effect has not been given full play. The second, a systematic, feasible, empirical significant "SIM" model of Sino-Russian investment cooperation is built up creatively from the three aspects of spatial distribution, industrial selection and model selection.
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