Research On The Impact Of Host Country’s Institutional Environment On The Investment Efficiency Of Chinese Multinational Enterprises Under The Background Of "Belt And Road"

"Belt and Road" is the embodiment of the development concept of "new globalization".With this effective initiative,the countries along the belt and road can work together to achieve win-win cooperation at both bilateral and multilateral levels.Under the background of "Belt and Road",the investment efficiency of Chinese enterprises in the process of transnational operation has become a key issue in the implementation of "Belt and Road" strategy.However,there are great differences in the institutional environment among the countries along the route.Therefore,it is an important proposition to track the investment efficiency of Chinese enterprises in the context of "Belt and Road" and to explore the institutional factors of the host country that affect their investment efficiency.Firstly,this study chooses TBEA as a case study,using the data from 2014 to 2017,based on the different institutional environment of the host country,this paper analyzes the agency cost and investment efficiency of the enterprise in the process of investment in Tajikistan,Pakistan,Chile and Turkey.Defining the period 2014-2015 for investments by special subcontractors in low-institutional Tajikistan and Pakistan as Phase I and the period 2016-2017 for investments in high-institutional Chile and Turkey as Phase II,the agency cost and investment efficiency are quantified,and the differences of agency cost and investment behavior between the two stages in the system environment are analyzed.Furthermore,it is found that the better institutional environment of the host country reduces the agency cost and promotes the investment efficiency.Secondly,considering the generality of the research results,this paper selects the multinational manufacturing companies under the background of "Belt and Road" as the research sample,and the results of regression analysis also find that,the higher the level of host country institution,the more it can restrain the inefficient investment behavior of Chinese multinational manufacturing enterprises.Finally,based on the results of case study and regression analysis,the paper gives some suggestions on how to improve the investment efficiency of Chinese enterprises under the background of "Belt and Road".