| In 2013,China launched the initiative of jointly building the "the Silk Road Economic Belt" and "the 21 st Century Maritime Silk Road"(The Belt and Road,B&R),in oder to build a new type of regional bilateral and multilateral investment cooperation mechanism,which actively adapt to the new changes in the current world economic pattern."The Belt and Road" initiative should make full use of regional cooperation among countries to speed up trade and investment exchanges,and expand investment of infrastructure construction in these countries along "The Belt and Road" initiative,so as to promote regional area trade and investment growth and relieve the pressure of economic crisis.Especially under the background of China-US trade conflicts,China needs to expand new trade space and new investment market urgently.With the promotion and implementation of the "The Belt and Road" cooperation initiative,the strengthening and deepening of investment cooperation among these countries will further promote the facilitation of trade and investment.Therefore this can help the Chinese enterprises to overcome the adverse impacts of China-US trade frictions.Investment facilitation is the simplification and coordination of international trade and investment systems,procedures and standards.Through the simplification of trade and investment process,the transparency of relevant policy management and the efficiency of administrative examination can be improved to create a good environment for international investment activities.Therefore,the author attempts to focus on measuring the level of investment facilitation in the relevant countries,and to optimize China's OFDI investment environment.In this context,we will cope with the following questions: What is the level of investment facilitation in countries along the "The Belt and Road" ? Is there a correlation between investment facilitation and China' OFDI? Then,after Chinese enterprises enter overseas markets,can the improvement of investment facilitation in these countries enhance the absorption capacity of OFDI technology spillovers? Can the advanced technology introduced by OFDI technology spillover be used to promote the development of domestic industrial technology? At a time of the current global economic slowdown and under anti-globalization phenomenon,the challenge of irrational investment,this study will be helpful to ease China's current economic over-capacity,and raise the level of investment facilitation of countries along the B&R at the same time.Further more,it can also promote the economic development in both China and "neighborhood" countries.Bilateral international trade and investment cooperation and coordination have a great importance in theoretical and realistic significance.Based on the panel data of 48 countries along the "The Belt and Road" initiative,and from the perspective of investment facilitation,we adopt quantitative research methodology.We make a comprehensive use of literature induction,theoretical deduction,empirical analysis,statistical comparison and other research methods.Firstly,our research focuses on the trade and investment facilitation,the induction and summary of the definition,index building and calculation method,and then combines the characteristics of the current foreign direct investment situation.The author chooses infrastructure construction,legal environment,financial and ecommerce market,and labour market as four aspects of investment facilitation index,and refines it into 21 secondary indexes,thus to build evaluation system of investment facilitation.Secondly,we adopt Principal Component Analysis to calculate the level of investment facilitation in these countries along the B&R.According to the analysis of the evaluation results,the investment facilitation of countries along the B&R,are mostly at the general convenience level.The regional development level is quite different.In addition,through Moran Index Test,it is found that the investment facilitation levels of surrounding countries had significant spatial autocorrelation in spatial distribution,and their spatial agglomeration and dependence gradually weaken as the time went by.We also theoretically and empirically analyze the impact of investment facilitation in countries along the B&R on China's OFDI.From the theoretical study,on one hand,we select investment facilitation indicators to describe the general mechanism of the effect on OFDI.On the other hand,under the framework of enterprise heterogeneity theory,the influence mechanism of OFDI is analyzed from the perspective of investment cost.From empirical study,we adopt the systematic GMM estimation method.And then we separately test China's OFDI by selecting the investment facilitation level and the first-level indicators on countries along the routes.The results show that the investment facilitation of countries along the B&R and all the first-level indicators have a significant positive effect on China's OFDI,among which the infrastructure construction and legal environment have the largest impacts on China's OFDI location selection.According to the previous chapter conclusion,the level of investment facilitation has spatial autocorrelation in spatial distribution.In the empirical test part,we use spatial error model and spatial lag model to test the spatial effect of investment convenience level of countries along the B&R on China's OFDI.The test results also show that the improvement of investment facilitation level in surrounding countries can significantly promote China's OFDI.This conclusion is most obvious in ASEAN region.From the perspective of investment facilitation,this paper also studies the influencing factors of China's OFDI technology spillover and the mechanism of its effect on technological innovation in the host country.First of all,taking the data of countries along the Belt and Road from 2008 to 2016 as the case,we use the threshold effect regression test to analyze the influence of R&D,infrastructure construction,legal environment,finance and e-commerce market,and labor market on the absorption capacity of OFDI technology spillover.The results show that the R&D and infrastructure construction level have no threshold effect on the spillover effect of OFDI technology,but significantly promote its usage.The regression estimation of legal environment has a double threshold effect.When the variable crosses a single threshold,it have a positive impact on technology spillover,which is consistent with the estimation results of financial and e-commerce market and labor market.Given the absorptive capacity of investment facilitation for OFDI technology spillovers,we adopt the generalized least-squares method to analyze the impact of China's OFDI technology spillover on the technological innovation and upgrading of host countries.The research shows that OFDI technology spillover has an inverted "U" shaped influence on the technological innovation and upgrading of the countries along the B&R.Due to the differences in the economic development levels of the countries along the road,the comprehensive absorption capacity of technological spillover has some effects,which then act as a turning point for the technological innovation and upgrading of the host country.The originalities of this paper are as follows:Firstly,it builds an index evaluation system for investment facilitation,comprehensively depicts the development status of investment facilitation in countries along the "The Belt and Road".Then we applied this to the subsequent empirical test of foreign direct investment.Secondly,according to enterprise heterogeneity model and investment cost,this paper expounds the mechanism of investment facilitation-investment cost – OFDI.Thirdly,we introduced spatial correlation analysis into the empirical test of the impact of investment facilitation on China's OFDI,and expounded these correlation from a spatial perspective.Fourthly,this paper mainly studied the absorption of OFDI technology spillovers by the investment facilitation level of the host country,and then investigates the role trajectory of local industry innovation and upgrading. |
PDF Full Text Request