| As China’s "one belt and one road" initiative has been put forward,the economic links between China and the countries along the line are becoming more frequent.Chinese enterprises have increased their trade and investment in the countries along the border.The scale of outward direct investment(OFDI)of Chinese enterprises has expanded rapidly,and has promoted the cross-border payment of RMB to some extent.In 2016,with the formal inclusion of RMB into SDR,the international recognition of RMB increased significantly,which also represents that the internationalization of RMB has entered a new development period.Therefore,one belt,one road,is the background of studying how RMB internationalization affects OFDI in China.It is of great practical significance.Based on this,this paper takes 60 major countries along the "One Belt and One Road" from 2004 to 2019 as research samples to analyze the impact of RMB internationalization on China’s OFDI.First of all,this paper systematically analyzes and sorts out the relevant literature on OFDI and RMB internationalization,and respectively elaborates the investment motivation,influencing factors,measurement and realization path of OFDI and the relationship between OFDI and RMB internationalization.Secondly,the paper analyzes the impact path of RMB internationalization on China’s OFDI from three aspects: financing cost,exchange rate risk and financial efficiency,which provides theoretical support for empirical research.In the empirical part,the mediation model is used to test the authenticity of the impact path of RMB internationalization on China’s OFDI.The results show that RMB internationalization plays a significant role in promoting China’s OFDI in countries along "One Belt and One Road".In order to ensure the reliability of the empirical results,the robustness test was carried out by replacing variables and changing the calculated weight of RMB internationalization,and then the endogeneity of the empirical results was handled by using instrumental variables and PSM-multi-period DID method.The final results showed that RMB internationalization still played a significant role in promoting China’s OFDI.Finally,this paper puts forward relevant suggestions.First,steadily promote the process of RMB internationalization.Second,we will actively sign currency swap agreements with countries along "One Belt and One Road" to increase the international recognition of the RMB.Third,increase trade and investment with countries along "One Belt and One Road". |
