| As an important investment and trading partner of China,ASEAN plays an important role along The Belt and Road.ASEAN works as a hub that connects countries in the south and north together.However,at present,China's direct investment in ASEAN is relatively backward.Based on panel data of China's investment in ASEAN ten countries from 2006-2015,This paper builds a stochastic frontier model of technical efficiency and time.And through this model,this paper quantitatively analyzes the factors that affect the potential for investment,and empirically estimates the potential and efficiency of China's direct investment in ASEAN.Static analysis shows that at present,the overall efficiency of China's direct investment in ASEAN is low and its potential remains to be further tapped.There is large country-to-country difference in the efficiency of China's direct investment in ASEAN.China's direct investment in Cambodia,Laos,Myanmar,Singapore and Indonesia is more efficient while China's direct investment in the Philippines,Malaysia,Thailand,Brunei and Vietnam is less efficient.Dynamic analysis shows that the overall efficiency of China's direct investment in ASEAN is on an upward trend.The empirical results show that the cheap labor force in the host country is significantly attractive to China's direct investment in ASEAN.The economies of scale and resource endowment in host countries also have a significant impact on China's direct investment in ASEAN.The efficiency of China's direct investment in ASEAN is continuously improving but its overall level is low,and the potential for investment remains to be further realized and tapped.The stable political environment,sound laws and regulations and effective corruption control of the host country can help improve the efficiency of China's direct investment in ASEAN.Under the background of The Belt and Road,the potential of China's direct investment in ASEAN can be tapped by increasing interconnection and expanding the scale of investment. |
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