| Since the 1990’s,Chinese enterprises have cast their eyes on the international market,foreign direct investment has become an important way for Chinese enterprises to enter the international market.Since China carried out reform and opening up in 1978,Chinese enterprises began to accelerate "going global".In2013,with the implementation of the "One Belt,One Road" initiative,China’s outward foreign direct investment(OFDI)has been further developed globally.However,in recent years,the global economic situation is complex and changeable,with frequent policies of various governments and increasing uncertainty of global economic policies,and the risks and challenges facing foreign investment are increasing.Therefore,in this context,it is of great significance to study the relationship between economic policy uncertainty of host country and China’s OFDI and its mechanism for promoting the development of China’s foreign direct investment and promoting the domestic and international double cycle.On the basis of the current situation and theoretical analysis,the main destination countries of China’s OFDI from 2003 to 2021 are selected as the research objects,the dynamic GMM model is constructed,and the influence of the host country’s economic policy uncertainty on China’s OFDI is empirically-studied,and the heterogeneity is analyzed from the country level.Finally,relevant factors are introduced to test the moderating effect.Through empirical analysis and case analysis,the research shows that: the uncertainty of economic policy of host country will inhibit China’s OFDI;Secondly,there is country heterogeneity.In addition,market size potential and natural resource endowment will weaken its inhibitory effect,while science and technology level will strengthen its inhibitory effect.In order to better stimulate Chinese enterprises to carry out foreign direct investment activities,better promote the implementation of "One Belt and One Road" policy,facing the uncertainty of the host country economic policy,Chinese enterprises and the government need to take measures at the same time,to find the countermeasures and directions for our "going out". |
