| Since the 1980s the world has been experiencing a new wave of international investment legal system. Enhancing legal cooperation in international direct investment, and promoting the healthy development of international direct investment, and putting forward international direct investment flow have become an important trend in the world economy.Member states initially desire to promote FDI flow through actively participating in international investment legal system; however, facts have proven the effects of international investment legal system on members vary greatly. Some international investment laws promoted member states'FDI growth and some resulted in little impacts even negative effects. Thus the analysis on FDI flow effects of international investment laws and mode selections are not only of great theoretical significance, but in reality is instructive for a country involved in such strategy. Currently, China's economy is in the transition period, and the strategic choice to participate in international investment legal system is an important ring of constructing a legal country. Thus, it's of great significance in guiding our reform and opening up to explore the economic principles of international investment legal system and summarize the effective system.This paper comprehensively overviews the theoretical and empirical research on FDI flow effect of international investment legal system, systematically analyses the mechanisms of the legal system affecting FDI flow, empirically analyses the FDI flow effect of international investment legal system from various angles, and based on this proposes countermeasures to be taken by China. The research task consists of five parts, that is, literature review, situation analysis, theoretical study, empirical research and suggestions and countermeasures.In the part of literature review, domestic and foreign related studies are sorted out and induced into the theoretical and empirical researches. Reference and analysis to relevant literature show that FDI flow effects of international investment legal system have become the key and hot issue in the study of FDI, and the study methods tend to combine mathematical models with metrology analysis.While analyzing the current situation, it tries to find out the development tendency of international investment legal system by analyzing the process and characteristics of the legal system, which can pave the way for probing into the FDI flow effects in the theoretical and empirical way.The third part's theoretical study constructs theoretical framework for the FDI flow effects of international investment legal system using the tool of legal and economics analysis. The author analyzes the need and the feasibility of international investment legal system, and the FDI flow effects of specific legal provisions, providing theoretical fundamentals for the following empirical research.Empirical research, the crucial part of this thesis, is applied to analyze the FDI flow effects of international investment legal system with the aid of appropriate econometric models. As to the bilateral investment treaties empirical analysis: First, the paper inspects the FDI flow effects of the bilateral investment treaties using panel data and concludes that BIT has a positive impact on FDI inflow in general. Second, the paper inspects the different FDI flow effects of the different types of bilateral investment treaties and concludes that the effects of American bilateral investment treaties are better than the effects of European. Finally, the paper studies the dynamic effects of BIT on China's FDI inflow and concluded that there exists a positive impact. As to the regional investment framework analysis: First, the paper inspects he FDI flow effects of the regional investment framework using panel data and concludes that regional investment framework has a positive impact on FDI inflow in general.Second, the paper studies the dynamic effects of regional investment framework on Malaysia's FDI inflow and concluded that there exists a positive impact. As to the multilateral investment framework analysis: As there isn't a multilateral investment framework in a real sense, the paper quantifies the FDI effects of member states from the perspective of negotiating power of the host country and multinational corporate and explores the motivates of member states to participate a multilateral investment framework. The conclusion shows that a multilateral investment framework is the future of the international investment legal system, but in short term, different types of member states get uneven benefits from it, which is the crucial reason of the set back of a multilateral investment framework.Finally, policy suggestions concerning the establishment and perfection of China's construction for international investment legal system is brought forth via investigating China's construction of the legal system and the empirical results. Main constructive suggestions and countermeasures are listed including: positioning correctly and diversifying objectives of international investment legal system; participating actively and strengthening setting of international investment legal system; coordinating more and adjust the domestic investment legal system further; perfecting gradually and improve the existing the content of international investment legal system further. |
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