| It has been nearly 20 years since the implementation of the "going global" strategy,and China has experienced the transformation from the single status of "attracting foreign investment" to the dual status of "attracting foreign investment" and "promoting outward foreign investment".According to the world investment report,China has ranked second in the world’s outward direct investment flows for two consecutive years from 2015 to 2016,ranking the top among the world’s most promising investors.Different from the "going global" process of Chinese enterprises,China’s bilateral investment treaties have been practiced for more than 30 years,having experienced the transformation from the European model to the American model,from the "actively attracting foreign investment" to the "actively promoting outward foreign direct investment".Currently,around the world,China is the second largest signatory country in the number of bilateral investment treaties.In theory,a host government provides Chinese enterprises with stable,transparent and predictable investment environment through bilateral investment treaties,so as to facilitate the further advancement of Chinese enterprises.In recent years,the pace of large-scale economic development of Chinese enterprises has been accelerated,while the plans of bilateral investment treaties such as China-EU BIT and China-US BIT have been steadily advanced,and China is actively involved in international investment rules and negotiations.In view of the practical characteristics,it is an urgent issue to study the influence of "bilateral investment treaties on Chinese enterprises’ going global and the transmission mechanism" and "how to analyze and evaluate the impact of bilateral investment treaties on the protection of Chinese enterprises’ overseas investment interests".The research on these issues will provide theoretical support and practical guidance for China’s "practice of bilateral investment treaties" in the new round of opening-up and "protection of the interests of going global enterprises".Based on above mentioned problem,game theory model of Jan Peter Sasse framework is studied in this thesis.Firstly,the mechanism of bilateral investment treaties in regulating role in the foreign investment activities has theoretically analyzed,and on the basis of the proposed second signal mechanism,developing trend of bilateral investment treaties is discussed;Secondly,by using text analysis,the development pattern and heterogeneity of Chinese bilateral investment treaties were excavated,and the heterogeneity index of China bilateral investment treaties was established.On this basis,the TOPSIS method was adopted to investigate the bilateral investment treaties of China in the view of content of the five core parts of bilateral investment treaties.Based on the 26 second-level sub-indexes,the intensity distance of China’s bilateral investment treaties was measured.Similarly,the six dimensions which were derived from the World Bank database about national institutional environment were measured,which measured the institutional environment distance of 179 host countries of Chinese outward foreign direct investment,and the effectiveness of the protection of overseas investment interests of Chinese enterprises by comprehensively analyzing bilateral investment treaties and host country institutional environment.On empirical research design,combining propensity score match(“PSM” for short)with difference in difference(“DID” for short)model,103 bilateral investment parties were divided into four groups of samples for empirical analysis.The stability test was conducted from the two dimensions of “heterogeneity index of bilateral investment treaties” and “duration of effective bilateral investment treaties”,and “DDID” model estimation method was first used to verify the stability on the above empirical results.Finally,based on the specific situation of countries along the "One Belt And One Road",this dissertation analyzed the influence of the characteristics of bilateral investment treaties on Chinese enterprises’ overseas investment interests by using case analysis.Based on the above research design,the argument structure of this dissertation is as follows: the first chapter,as the background introduction,expounds the significance and necessity of the research object in this dissertation;The second chapter focuses on the main line of bilateral investment treaties and foreign direct investment,reviews the research results systematically and summarizes the mechanism of bilateral investment treaties on foreign direct investment as well as the latest development based on the perspective of heterogeneity.The third chapter discusses the commitment effect and signal effect of bilateral investment treaties from the theoretical mechanism,and the conditions and transmission mechanism of various effects.The fourth chapter,based on the theoretical support as well as practical experience of jurisprudence and international arbitration practice,establishes the heterogeneity index of bilateral investment treaties through text analysis.Chapter five, on the basis of chapter 4,uses qualitative analysis to discuss the effectiveness of the bilateral investment treaties to protect the overseas interests of Chinese enterprises.Chapter six empirically analyzes the impact effects of the bilateral investment treaties on Chinese enterprises and conduct a series of stability tests on the benchmark model.In chapter seven,countries in the field of “One Belt And One Road” are used as sample cases to analyze,and then this dissertation gives specific solutions and suggestions based on the scale and characteristics of Chinese enterprises’ investment in these regions.Chapter eight is to summarize the policy suggestions,based on the conclusion of the first seven chapters,to put forward concrete policy advice from the perspective of Chinese enterprises.Through the above analysis,the following conclusions:1.In theory,BITs(bilateral investment treaties,“BITs”)encourages the host government to provide a stable,transparent and predictable investment environment for the mother country investors.In foreign direct investment activities,the regulation effect of BITs’ signal effect and commitment effect is showing that the higher standard and the more of BITs,the more national responsibilities and the better investment environment the host country has,the stronger investment interest protection both investors and potential investors will obtain,and the even greater promotion incentive for investors’ investment decisions.2.The empirical results show that the initial BITs that came to force will significantly promote Chinese enterprises’ investment flow in the contracting states,and upgraded BITs does not significantly promote investment flow;For the initial BITs in force,the strength of BITs in force and the time length of the BITs in force have a significant positive relationship with the investment flow scale of Chinese enterprises: according to the degree of strength of the BITs,the stronger the BIT is,the more outward direct investment flow of Chinese enterprises.Similary,according to the time length of the BITs,the longer the time after taking effect,the more outward direct investment flow of Chinese enterprises.3.China’s bilateral investment treaties have experienced three generations of changes over the past 30 years,from "European-model" to "American-model",from "early learning foreign traditional conservative BIT model" to "now actively participating in the negotiation for a new type of BITs",from "actively cooperating with the introduction of foreign capital" to "actively promoting the outward foreign direct investment of Chinese enterprises".Currently,China’s BITs practice is in the transition stage of the third generation and the fourth generation,taking place in the historical background of the unified and constantly changing global investment rules.In general,China’s BITs are being upgraded,and the practice of BITs in the future should be developing towards "investment liberalization"," treatment nationalization","competition equalization",as well as "legitimacy of dispute settlement","transparency of policy environment" and "balance of public and private interests".The objective reality of "dual status",as "a big country attracting foreign investment "and "a big country outward foreign investment ",requires China to balance the interests of both in the practice of BITs,as well as regulate the quality level of"attracting foreign investment" and "outward foreign investment",so as to build up and pave the way for China’s next growth as " strong power inward investment " and "strong power outward investment ".4.In the process of China’s foreign direct investment,it is necessary to timely follow up the needs of enterprises in different stages of "going global" and to cooperate with the historical requirements of the new round of opening-up strategy,so as to effectively protect the overseas investment interests of Chinese enterprises.On the one hand,it is actively engaged in negotiation with the major host countries that have not yet signed BITs with China.According to the investment scale and characteristics of Chinese enterprises in these countries,the local institutional environment and economic opening level,BITs negotiation with these countries can be started from the low version,highlighting the status of China’s capital exporting countries,and strengthening the protection of overseas interests of Chinese enterprises(such as the relatively broad definition of "investment";the requirement of national treatment and most favored nation of investment and investment related activities;the assurance of the expropriation procedure,scope and standard;and the improvement of the settlement mechanism of investor-host country investment dispute),so as to realize the investment protection function of BIT.On the other hand,as Chinese enterprises going global on a large scale,the protection of overseas investment interests needs to be taken seriously.The old version of BITs have not been able to meet the needs of the protection of investment interests of the current enterprises,and the BITs which have been signed and entered into force in the last century need to update designedly,highlighting the functions of BIT to optimize the investment environment of the host country(such as improving investment treatment in the investment access stage,increasing investment promotion measures,increasing the degree of protection of investment interests,promoting the "pre-establishment national treatment + negative list" mode,implementing more free investors-host country dispute mechanism,etc.),in order to realize the investment liberalization of Chinese enterprises in the host country market,so as to set the stage for further expanding the overseas investment scale.5.The current Chinese enterprises are in the ascent stage of global value chain.In the international competition,the competitive advantages that these enterprises have cultivated in the early stage of "going global" are facing challenges.Now,the new investment rules have changed significantly,and these changes have caused shocks to Chinese enterprises that have gone out on a large scale.On the one hand,the modern investment rules strengthen the protection of investments and investors,avoiding cross-border investment protectionism,creating an open,non-discriminatory,transparent and predictable investment environment;A lot of effective prevention mechanisms,dispute settlement mechanisms and implementation procedures are provided to provide greater legal certainty and better protection for investment and investors.On the other hand,among the investment rules,new issues such as "competitive neutrality","intellectual property rights","labor rights" and "environmental standards" have emerged,as well as new requirements to highlight the foreign regulatory rights of the host country to the public interest,and also put a lot of pressure on the growing Chinese enterprises. |
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