| For the past few years,China has maintained frequent economic and trade relations with other countries on the basis of its basic national policy of reform and opening up.The pace of its foreign development has been accelerating.The scale of China's foreign direct investment has also been increasing.The launch and implementation of the "One Belt and One Road " has brought a new round of development opportunities for China to carry out OFDI.The government further encourages and guides more enterprises that are determined and able to do so to "going out" and seek a broader overseas market.Occupy more international market share.After decades of development,today's China has become the real power of foreign capital in the world.With the rapid growth of China's foreign direct investment,more and more scholars pay attention to the driving mechanism behind its strong growth,which includes many factors such as resource endowment,market size,exchange rate and bilateral trade volume and its influence mechanism.In recent years,The influence of environmental factors on OFDI is also widely concerned by scholars.Under the policy of "One Belt and One Road",how does the host country's institutional environment affect the OFDI activities of Chinese enterprises? This will be an important issue urgently needed to be discussed in depth by academics.Therefore,this paper chooses the environmental factors of the host country as the starting point,and divides the institutional environment into three dimensions:political system,economic system and legal system.It examines the impact of the host country's institutional environmental factors on China's foreign direct investment in comprehensively and in-depth way.The conclusion of empirical analysis provides theoretical reference and empirical evidence for China to carry out OFDI in a stable and orderly manner.There are many factors affecting China's OFDI,and the impact of the host country's institutional environment on China's OFDI can hardly be ignored.First,summarize the relevant literature and theories about the development of OFDI and the influence of institutional factors on OFDI by domestic and foreign scholars.Second,analyze the status and characteristics of OFDI in China,and highlight the characteristics of China's investment in countries along the “One Belt and One Road”;Explain the institutional mechanism of the host country's institutional environment on China's OFDI theory,and define the institutional connotation of the study;Finally,on the basis of past scholars' research,combine China's specific national conditions,and select relevant data from 55 countries along the “One Belt and One Road”for the period 2006-2015.Using the modified gravitational model,the FGLS method was used to empirically study the influence of institutional factors on OFDI in China.The study found that:(1)The quality of the host country's institutional environment is closely linked to China's investment,and the quality of the institutional environment directly determines the amount of OFDI investment of multinational corporations;(2)Direct foreign direct investment to China in recent years.The analysis of the current investment situation found that China's foreign“going global”pace has been accelerating year by year,and both outward investmentflows and stocks have been rising year by year.China has become a veritable foreign investment and trade power;(3)The bilateral trade volume,infrastructure,and trade openness in the control variables have a significant positive correlation with OFDI in China,while the labor cost and geographic distance have a negative correlation with China OFDI;(4)The explanatory variables are the host country's political system and legal system.The vast majority of variables in China are negatively related to China's OFDI,while the host country's economic system is positively related to China's OFDI.Based on the above conclusions,the corresponding policy recommendations are given at the macro level and the micro level. |
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