| This paper uses the investment data of China and the United States in 35 countries along the “Belt and Road” from 2006 to 2016,and uses the real fixed-effect model in the stochastic frontier analysis to conduct an empirical analysis of the factors that affect the investment scale and investment efficiency of the two countries.At the same time,the direct investment efficiency of the two countries in the countries along the “Belt and Road” was measured to avoid the impact of the unobservable heterogeneity of the countries along the “Belt and Road” on the measurement of efficiency values.The results show that:(1)In terms of the factors influencing the scale of foreign direct investment between the two countries,both countries' investment in countries along the route has both market-seeking motivation and efficiency-seeking motivation.China tends to invest in countries that are geographically close,and countries that are geographically farther away from the United States are more likely to attract investment from the United States.In addition,high economic stability,good infrastructure,and countries along the route close to the United States are conducive to attracting U.S.investment;(2)In terms of factors that affect the investment efficiency of the two countries,U.S.investment efficiency and the systems of the countries along the route The quality is proportional.China's investment efficiency in countries with poor legal systems and high government stability is higher;(3)The average efficiency of direct investment between China and the United States in countries along the route has reached 0.59 and 0.72,but in recent years The efficiency value shows a certain downward trend.Through comparative analysis,it provides a reference for the areas where the two countries may cooperate in the countries along the route and how to improve the value of my country's investment efficiency. |
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