Research On The Influencing Of Host Country Institutional Factors On China's Outward Foreign Direct Investment

With the gradual improvement of China's comprehensive national strength and the further advancement of the "Belt and Road" initiative,China's outward direct investment has continued to expand in breadth and depth.In the study of influencing factors of OFDI in China,in addition to traditional factors,the host country institutional as an important influencing factor of OFDI has attracted widespread attention from scholars.In recent years,most of China's OFDI has been concentrated in developing economies,and investment in developed economies and transition economies has continued to expand.Different types of economies have large differences in their institutional,which have different impacts on Chinese companies' OFDI operating decisions and investment returns.Therefore,taking the heterogeneous institutional factors of the host country as the starting point,exploring the specific impact of economic,political,and legal institutional factors of different types of economies on China's OFDI has important theoretical and practical significance for the development of China's OFDI.This article first analyzes the impact mechanism of host country heterogeneous institutional factors on OFDI from the three aspects of host country's economic,political and legal systems.Secondly,it systematically sorts out the current status of OFDI in China from the perspectives of investment scale,location distribution,industry distribution and main body distribution,comparative analysis of the institution of different types of economies from three levels of economic,political and legal systems,intuitively showing the specific differences of China's OFDI host country institution.Based on the above analysis,the relevant data of 72 sample countries in 2008-2018 are selected,and the comprehensive index of the host country's economic and political system is determined by factor analysis.The extended investment gravity model empirically tests the impact of host country institutional factors on China's OFDI from both the full and sub-sample levels.The full sample empirical analysis results show that the host country's economic and political institutional has a significant positive impact on China's OFDI,and the host country's legal institutional has a significantpositive impact on China's OFDI.From the sub-sample empirical conclusions,there are significant differences in the impact of heterogeneous institutional factors of different types of economies on China's OFDI.Among them,the economic and political institutional of developed economies have the most significant impact;the economic and political institutional of developing economies and the OFDI of China not significant,the legal institutional has a significant impact on China's OFDI;economic institutional in transition economies have a significant impact,and political and legal institutional have a significant impact on China's OFDI;Finally,based on theoretical and empirical analysis,from strengthening economic and trade communication,gradually expanding In terms of the scale of investment in advanced economies,the establishment of risk assessments,the improvement of the overseas investment risk protection system,the acceleration of the signing of bilateral investment agreements,the improvement of overseas investment regulations,and other suggestions are put forward to promote the healthy development of China's outward direct investment.