| Affected by protectionism,unilateralism and other adverse factors,global economic growth is slowing down.Economies have been promoting investment facilitation to attract more capital inflows.The ASEAN also adopts positive investment promotion policies and have attracted a large amount of foreign direct investment.Based on geographical background and labor and market advantages,ASEAN has become the main investment country of China’s manufacturing industry in the Asia-Pacific region.Although ASEAN has made a series of efforts in the construction of its own investment facilitation,but the investment environment of each member country is different,its investment facilitation on China’s manufacturing direct investment in ASEAN what impact?This is the subject of the paper.Therefore,the paper constructs the evaluation system of investment facilitation,and measures the investment facilitation of the ten members of ASEAN from 2008 to 2019.Then,the investment facilitation is incorporated into the empirical model to study whether the level of investment facilitation in ASEAN is a vital factor affecting China’s manufacturing direct investment to ASEAN,so as to better promote the industrial cooperation,and improve the investment efficiency of China’s manufacturing industry.The conclusions of the paper are divided into two parts: from the perspective of the score of investment facilitation:(1)Since 2008,the investment facilitation of most ASEAN countries has been improved,but the level difference between member countries is relatively obvious,generally showing a "spindle type";(2)Among the first-level indicators of investment facilitation,legal environment and infrastructure score high,followed by technology and financial service efficiency,while the overall level of the business environment in ASEAN lags behind;(3)From the view of investment facilitation scores of various countries,Singapore has an absolute leading advantage,Malaysia and Indonesia have great potential for improvement,and Myanmar has been at the end of the "spindle".From the empirical model regression results:(1)There is a "U" shaped relationship between the investment facilitation in ASEAN and China’s manufacturing direct investment.When reaching the critical value,the investment facilitation has a positive promotion influence on China’s manufacturing direct investment;(2)The legal environment of ASEAN has the significant influence on China’s manufacturing direct investment,the business environment and infrastructure are close behind;then financial efficiency;however,the technology does not play a significant role in promoting investment,which confirms that there is no "technology-seeking" motive in the short-term for China’s manufacturing direct investment;(3)The increase in China’s GDP,the proportion of manufacturing workforce in ASEAN,and the inflation of the ASEAN will attract direct investment of China’s manufacturing industry,while the geographical distance will weaken the investment confidence of Chinese manufacturing investors,which further shows that China’s manufacturing direct investment in ASEAN is mainly based on market and labor seeking.The innovation of the paper lies in: using statistical methods to quantify the level of investment facilitation in ASEAN,comparing from the time dimension,country dimension and index dimension,and incorporating the quadratic term of each first-level of investment facilitation into the empirical model,to examine whether investment facilitation has a critical value for China’s manufacturing direct investment in ASEAN.The disadvantages of this paper are as follows: as there is no source of countryspecific investment data of China’s manufacturing industry at present,the explained variables can only be estimated based on the methods used in the relevant literature,and the regression results may have some deviations. |
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