| After eight years of negotiations,the RCEP came into effect on January 1,2022.The implementation of the RCEP will make an important contribution to regional and global trade and investment growth,economic recovery and prosperity.Investment rules are an important part of the RCEP,which will help create a more stable,open,transparent and convenient investment environment for investors in the region and inject strong impetus into attracting foreign investment and promoting regional economic development.After the implementation of the RCEP,China’ s investment cooperation with RCEP member states will continue to deepen and the scale of investment will continue to expand,but at the same time,the efficiency of investment should also get rid of the current dilemma of low efficiency.Therefore,studying the efficiency of China’ s direct investment to RCEP member countries has the necessity of improving the efficiency of China’ s foreign direct investment and improving the current situation of low investment efficiency.It also has the importance of making better use of the effective dividends of RCEP,expanding the scale of China’ s foreign direct investment,and promoting the progress of the investment relationship between China and RCEP member countries.According to the research theme of this paper,on the basis of two concepts definition and some direct investment-related theories including foreign direct investment,direct investment efficiency,The Eclectic Theory of International Production,The Theory of Marginal Industry Expansion,The State on Localized Technological Capacities and The Theory of Inductive Factors Combination of Investment,research process will take the efficiency of China’ s investment to RCEP member countries as the research object.This paper analyzes the current situation of China’ s direct investment to RCEP member states from three aspects:scale,country composition and industrial structure.Based on the situation of China’s direct investment to RCEP member states and combined with the relevant content of the investment rules in RCEP,the process of argumentation and analysis is innovatively conducted from four aspects:investment facilitation,investment liberalization,investment protection and investment promotion.The principal component analysis method was used to construct a direct investment efficiency evaluation system to score and measure the investment facilitation,liberalization,protection and promotion of RCEP member countries,and the results showed significant differences among countries.On the basis of the investment efficiency evaluation system,the stochastic frontier gravity model of“one-step method”is used to measure the efficiency of China’ s investment to RCEP member countries,and analyze empirically the.factors affecting the investment efficiency.The measurement results of investment efficiency show that China’ s investment efficiency to RCEP member countries is low and varies greatly from country to country,so there is still a lot of room for improvement in the future.The empirical results of the model show that investment facilitation,investment liberalization,investment protection and investment promotion all have positive promoting effects on the improvement of investment efficiency.Based on the measurement of investment efficiency and the analysis of the influencing factors,this paper starts from the macro and micro aspects,taking the country and the enterprise as the main body respectively,and proposes measures and suggestions that the country should improve the degree of investment facilitation,liberalization,protection and promotion at the macro level;enterprises should pay attention to technological innovation,location choice and risk management at the micro level to promote the efficiency of China’ s direct investment to RCEP member states.Finally,it will provide a favorable way for China to deepen investment cooperation with RCEP member states and promote China’ s economic development through investment. |
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