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| Bilateral Political Relation, Host Country Institutional Environment and Outward Foreign Direct Investment |
| LIU Xiaoguang, YANG Lianxing
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| National Academy of Development and Strategy / School of Economics, Renmin University of China |
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Abstract With respect to enterprises' outward foreign direct investments (OFDI), could bilateral political relationships have a complementary effect on institutional environment of host countries? Existing Literature does not place enough emphasis on the interactions between bilateral political relationships and institutional environment of host countries. This paper constructs a set of related indexes such as Bilateral Political Relationship and Differences with Host Country InstitutionalEnvironment, based on data of China's enterprises'OFDIfrom 2005 to 2014. The paper makes several important findings through empirical analysis. Firstly, amicable bilateral political relationship has a complementary effect on institutional environment of host countries, which boostsenterprises' OFDI; on the contrary, bilateral political conflicts lead toa deterioration effect on OFDI. Secondly, on either formal or informal institutional environment, amicable bilateral political relationship has a complementary effect by reducing institutionalobstacles in the host countries. Thirdly, the complementary effectbetween amicable bilateral political relationship and institutional environment of the host countriesalso promote the profits of enterprises' OFDI. Fourthly, the complementary effect is more significant in host countries with poor institutional environment. Based on the above analysis, in theimplementation of“the Belt and Road” strategy, Chinese government needs to strengthen relationship with host countries, in particular communicating with countries whose institutionalenvironment is diverse from China; meanwhile, it is also curialfor enterprises to build their own competitiveadvantages and ensure profits from outward investment.
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Received: 06 June 2016
Published: 01 January 1900
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