中国对欧盟直接投资潜力及其影响因素——基于随机前沿模型的估计.docx

中国对欧盟直接投资潜力及其影响因素——基于随机前沿模型的估计
摘要：
随着中国经济的迅速崛起和国际化进程的不断深入，中国与欧盟之间的经济关系越来越密切。而随着“一带一路”战略的实施，中国与欧盟之间的直接投资将进一步增加。本文采用随机前沿模型，研究了中国对欧盟直接投资潜力及其影响因素。研究结果表明，欧洲的经济规模、人均收入以及外贸规模等因素对于促进中国对欧盟直接投资起到了重要的作用。此外，欧盟国家之间的政策互动以及经济体制也是中国对欧盟直接投资的影响因素。
关键词：中国、欧盟、直接投资、随机前沿模型。
Introduction:
WiththerapidriseoftheChineseeconomyandthecontinuousdeepeningofinternationalization,theeconomicrelationshipbetweenChinaandtheEuropeanUnion(EU)hasbecomeincreasinglyclose.AstheOneBelt,OneRoadstrategyisbeingimplemented,directinvestmentbetweenChinaandtheEUisexpectedtoincreasefurther.ThispaperaimstostudythepotentialofChina'sdirectinvestmentintheEUanditsinfluencingfactorsusingthestochasticfrontiermodel.
LiteratureReview:
AlthoughmanystudieshavebeenconductedonChineseoutwardforeigndirectinvestment(OFDI),thereisstillalackofresearchonChina'sdirectinvestmentintheEU.ResearchfocusesmainlyontheOFDIofChinesecompaniesingeneral.Someresearchersexaminethemotivation,location,andeffectofChina'sOFDI.Somestudiesaimtoexploretheimpactofhostcountry-specificdeterminantsorfirm-specificfactorsonChineseOFDI.
TheoreticalFramework:
ThestochasticfrontiermodelisusedtoestimatethepotentialofChina'sdirectinvestmentintheEUanditsinfluencingfactors.Themodelconsiderstheproductionfrontierfunction,whichseparatesthetechnicalefficiencylevelandtherandomerrortermfromtheobservedoutput.Therandomerrortermcapturestheimpactofunobservablefactors,suchaspolicyregulationsandinstitutionalquality,ondirectinvestment.
EmpiricalResults:
TheresultsshowthatthesizeoftheEUeconomy,percapitaincome,andforeigntradevolumehaveasignificantpositiveimpactonChina'sdirectinvestmentintheEU.ThecoefficientofthesizeoftheEUeconomyisthelargest,indicatingthatChinapreferstoinvestinlargereconomies.Furthermore,thepoliticalandeconomicinteractionsbetweenEUcountriesmayaffectChina’sdirectinvestment.ThelevelofinstitutionalqualityalsohasapositiveeffectonChina'sdirectinvestment.
Conclusion:
ThisstudycontributestoexistingliteratureonChineseOFDIbyfocusingonChina'sdirectinvestmentintheEU.Theresultsh