双边投资协定、制度环境和企业对外直接投资区位选择
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| Title | Bilateral Investment Treaties，Institutional Environment and Outward FDI Location Choices of Firms
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| 作者 | 宗芳宇 路江涌 武常岐 |
| Author | Fangyu Zong, Jiangyong Lu and Changqi Wu |
| 作者单位 | 北京大学光华管理学院战略管理系 |
| Organization | Guanghua School of Management, Peking University |
| 作者Email | |
| 中文关键词 | 双边投资协定 制度环境 对外直接投资 区位选择 |
| Key Words | Bilateral Investment Treaties; Institutional Environment; Outward FDI; Location Choice |
| 内容提要 | 双边投资协定是两国政府签署的双边协议，目的是促进和保护相互之间的投资。作为联系两国的双边制度因素，双边投资协定给企业提供了不同于国家制度环境的保护，因而可能对企业的投资区位决策产生影响。本文建立了关于双边投资协定和东道国与母国的制度环境对企业对外投资区位选择的影响的研究框架。基于中国上市公司2003年至2009年对外直接投资的数据，本文发现双边投资协定的作用取决于签约国的制度环境。首先，双边投资协定能够替补东道国制度的缺位——东道国的制度环境越差，签署双边投资协定对于促进对方国家企业来投资的作用就越大。其次，双边投资协定还能够弥补母国制度环境的不足，对于帮助非国有企业到签约国投资有着显著的积极作用。 |
| Abstract | Bilateral Investment Treaty（BIT）is a bilateral agreement signed by two countries and aims to promote and protect investments between them. As an institutional link of two countries, BIT provides different protections from that of institutional environment of the two countries, thus it may shape the FDI location decisions of the multinational firms. This study builds a framework of bilateral investment treaties, institutional environment and outward FDI location choices of firms. Using data of Chinese listed firms during 2003 to 2009, this paper shows that the influence of BITs depends on the institutional environment of signatory countries. First, BITs can substitute institutions in the host country and have more effect in promoting firms to invest in signatory countries with a worse institutional environment. Second, BITs can overcome the drawbacks of the institutions of home country. So compared with SOEs, non SOEs will prefer to invest in host countries which have signed BITs with their home country. |
| 文章编号 | WP135 |
| 登载时间 | 2011-09-29 |
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