自然资源学报 ›› 2020, Vol. 35 ›› Issue (11): 2724-2743.doi: 10.31497/zrzyxb.20201113

• 能源经济与环境 • 上一篇    下一篇

对外援助能促进能源对外直接投资吗?——来自中国企业的微观证据

黄友星1(), 李恒丞1, 杨宇2,3,4()   

  1. 1.中国海洋大学经济学院,青岛 266100
    2.中国科学院地理科学与资源研究所,区域可持续发展分析与模拟实验室,北京 100101
    3.中国科学院大学资源与环境学院,北京 100049
    4.粤港澳大湾区战略研究院,广州 510070
  • 收稿日期:2020-01-15 修回日期:2020-06-01 出版日期:2020-11-28 发布日期:2021-01-28
  • 通讯作者: 杨宇 E-mail:huangyouxing@ouc.edu.cn;yangyu@igsnrr.ac.cn
  • 作者简介:黄友星(1986- ),男,山东青岛人,博士,副教授,主要从事国际直接投资与跨国公司研究。E-mail: huangyouxing@ouc.edu.cn
  • 基金资助:
    国家自然科学基金项目(41871118);国家自然科学基金项目(41842056);青岛市哲学社会科学规划项目(QDSKL1901018);山东省社会科学规划项目(17CZKJ25)

Does foreign aid boost energy outward foreign direct investment? Micro-evidence from Chinese firms

HUANG You-xing1(), LI Heng-cheng1, YANG Yu2,3,4()   

  1. 1. School of Economics, Ocean University of China, Qingdao 266100, Shandong, China
    2. Key Laboratory of Regional Sustainable Development Modeling/Institute of Geographic Science and Natural Resources Research, CAS, Beijing 100101, China
    3. College of Resources and Environment, University of Chinese Academy of Sciences, Beijing 100049, China
    4. Institute of Strategy Research of Guangdong-Hong Kong-Macao Greater Bay Area, Guangzhou 510070, China
  • Received:2020-01-15 Revised:2020-06-01 Online:2020-11-28 Published:2021-01-28
  • Contact: Yu YANG E-mail:huangyouxing@ouc.edu.cn;yangyu@igsnrr.ac.cn

摘要:

使用由多个数据库链接的微观数据,对中国对外援助能否促进中国企业的能源对外直接投资(Outward Foreign Direct Investment,OFDI)决策进行计量检验,结果发现:中国在东道国的援助活动显著增大了中国企业对东道国进行能源OFDI的概率,且当年援助的投资促进效应大于累计援助的促进效应,该结果在多种模型设定下均表现稳健;进一步检验中,研究发现中国对外援助对能源OFDI的促进效应在援助形式、用途和国家类别上存在广泛异质性,其中复合化和高级化的援助形式如技术援助和出口信贷,直接用于经济基础设施、能源产业发展、东道国政府财政的援助,以及援助“一带一路”沿线国家更能激发中国对外援助的能源OFDI促进效应。本文为中国对外援助能够带动中国能源OFDI提供了直接的微观证据,也为如何发挥对外援助的能源OFDI驱动效应提供了有益启示。

关键词: 能源, 对外直接投资, 对外援助, 企业行为

Abstract:

Using a linked micro-level panel dataset, this paper formally investigates whether Chinese foreign aid stimulates the decisions of energy outward foreign direct investment (OFDI) conducted by Chinese firms. Results show strong evidence that Chinese aid significantly increases the probability of Chinese firms' decisions on energy OFDI in host countries, and the short-term effects are stronger than the accumulative effects. These results are robust with different model specifications. Furthermore, the promoting effects of Chinese foreign aid vary substantially with heterogeneous factors. Specifically, complex and advanced aid forms such as technical aid and export credit, aid for economic infrastructure, energy industry development, and host government finance, as well as the assistance to countries along the Belt and Road, significantly strengthen the promoting effects. This paper provides direct micro-evidence for the promoting effects of Chinese foreign aid on firms' energy OFDI, and also gives policy implications on the aid-driven strategy for stimulating energy OFDI.

Key words: energy, outward foreign direct investment, foreign aid, firm behavior