Research On The Flow And Influencing Factors Of China’s Agricultural Foreign Investment From The Perspective Of The Host Country

China’s agricultural foreign investment is an important part of agricultural "going out" and agricultural foreign cooperation.Since 2008,China’s agricultural foreign investment flow has increased rapidly,and the scale of agricultural outbound investment exceeded the scale of import for the first time in 2013.At present,with the substantial improvement of living standards,China is faced with the contradiction of serious shortage of agricultural resources and rising rigid demand for agricultural products.At the same time,the domestic agricultural production capacity is overcapacity,the supply side of agricultural products fails,and the prices of domestic and foreign agricultural products are normal.In addition,hundreds of millions of people around the world are now food insecure as the global availability of food continues to erode due to violent conflicts,COVID-19 and wars.As the world’s largest importer of agricultural products,China is bound to be greatly affected by changes in the food situation.At the same time,domestic agricultural overcapacity and supply side failure of agricultural products,and the price of agricultural products at home and abroad is the norm;In addition,under the influence of today’s violent conflicts,COVID-19 and war,global food availability continues to weaken,and hundreds of millions of people around the world have been caught in food insecurity.In order to meet the growing domestic demand for agricultural products and reduce the production cost of agricultural enterprises,foreign investment in agriculture may be a good solution.The severe situation at home and abroad requires my country to speed up the process of foreign investment in agriculture,and rationally replace resources in the form of foreign investment in agriculture,which can not only meet domestic demand,but also improve the global food production and supply capacity,help the underdeveloped countries alleviate poverty,maintain world food security.Therefore,from the perspective of the host country,studying the flow of China’s agricultural foreign investment is of great significance for the subsequent selection of the target location of China’s agricultural foreign investment and the promotion of high-quality development of agricultural foreign investment.This paper sorted out the relevant theories of international direct investment,the flow of foreign direct investment and its influencing factors,and the agricultural foreign investment,providing a research basis for this paper.Secondly,it sorts out the development history of China’s agricultural foreign investment,analyzes the changes of China’s agricultural foreign investment scale and proportion,summarizes the distribution of China’s agricultural foreign investment scale,in all continents and specific national agricultural investment situation and in the "the Belt and Road" national investment distribution.According to relevant theories and existing research results,from the perspective of host country,the main factors affecting the flow of China’s agricultural foreign investment are selected from three perspectives of resources,system and economy,and the influence mechanism of each factor on the flow of agricultural foreign investment is analyzed.Finally,reasonable indicators are selected to measure relevant variables,and based on the national panel data from 2014 to 2019,an extended investment gravity model is constructed,and pseudo-maximum likelihood estimation(PPML)is used to study the influence of various host country factors on my country’s agricultural foreign investment.The results of the study found that:(1)Resource endowment has a significant impact on the flow of China’s agricultural foreign investment.Regardless of whether it is a highincome country or a low-income country,the natural resources of the host country have a significant negative impact on China’s agricultural foreign investment,but the natural resources of the countries along "the Belt and Road" have significantly attracted China’s agricultural foreign investment.The level of technology significantly promotes China’s agricultural investment in high-income countries,and significantly negatively affects China’s agricultural foreign investment in low-income countries.China has obvious technology-seeking motives for high-income countries,and agricultural investment in low-income countries is more accompanied by technical output.(2)The institutional elements of the host country have a significant impact on China’s agricultural foreign investment,and China’s agricultural foreign investment prefers to go to countries with relatively complete government supervision.A convenient business environment has a positive effect on my country’s agricultural investment in high-income countries,while the impact on low-income countries is opposite.The more convenient the business environment of the countries along "the Belt and Road",the more attractive Chinese investors will be to expand their investment scale.(3)The per capita GDP has a significant negative impact on China’s agricultural investment in high-income countries,and the per capita GDP of low-income countries and countries along "the Belt and Road" has a significant positive impact on China’s agricultural foreign investment.The export level of agricultural products in the countries along "the Belt and Road" has a significant promoting effect on my country’s agricultural foreign investment.In the future,to promote the high-quality development of China’s agricultural foreign investment,on the one hand,the government needs to continuously introduce new policies,strengthen the support for agricultural outbound investment enterprises,create a good investment environment for foreign agricultural investment,and constantly encourage state-owned and private enterprises to increase agricultural investment.On the other hand,enterprises are required to conduct international market research,establish information sharing mechanism,strengthen information communication of Chinese enterprises in the investment region,and strictly abide by the relevant systems of the host country in the operation process,presenting a good Chinese corporate image.