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文章以中国对外直接投资(OFDI)为例,构建动态面板计量模型,对主权债务风险与OFDI的结构化进行了分析。研究发现东道国外债规模与中国企业OFDI存在显著的负向关系,而短期偿债能力指标及长期偿债能力则与OFDI存在正向联系,而且东道国长期偿债能力的提高对于OFDI的增长具有更大的积极作用。控制变量中东道国的经济规模、自然资源禀赋、制度质量及双边贸易规模四个因素也对OFDI形成正面的吸引力,这在一定程度上也反映了中国企业OFDI中的市场和资源寻求动机。
Taking OFDI as an example, the article constructs a dynamic panel econometric model and analyzes the sovereign debt risk and the OFDI structure. The study found that the size of the foreign debt of the host country has a significant negative relationship with the OFDI of Chinese enterprises, while the indicators of short-term solvency and long-term solvency have a positive connection with OFDI, and the long-term solvency of the host country has a greater impact on the growth of OFDI The positive role. The four factors of the host economy, such as the economic scale, natural resource endowments, institutional quality and the bilateral trade scale, also make the FDI attractive to OFDI. This partly reflects the market and resource seeking motivation in the OFDI of Chinese enterprises.