“一带一路”倡议背景下亚投行设立对中国海外投资的影响研究

After the global financial crisis in 2008, China's outward foreign direct investment (OFDI) has increased dramatically and further got promoted by issuing of the Belt and Road Initiative (B&R) and foundation of Asian Infrastructure Investment Bank (AIIB). Accordingly, influencing factors of China's OFDI have drawn much attention from both economists and geographers. However, few studies have examined the combined influences of the B&R Initiative and AIIB on Chinese OFDI. This paper aims to help narrow this gap by examining the factors influencing Chinese OFDI in countries along the B&R. Although we do not find evidence of significant impacts of AIIB policies on Chinese OFDI from the difference-in-difference model, we still find that Chinese OFDI is more likely to flow in member countries of the AIIB along the B&R; while the difference in Chinese OFDI between members and non-members of AIIB is insignificant in other regions. This finding suggests that the member countries of AIIB have better financial and economic environment, more friendly policies for Chinese investment and more expectations on the development of the B&R and thus more attractive for Chinese overseas investment. This study also shows that GDP and institutions of the host countries are important factors of Chinese OFDI in countries along the B&R. However, some other factors found important for OFDI in existing literature, such as geographical distance, technology, natural resource and trade, seem to have few effects on Chinese OFDI in countries along the B&R.