The financial risk of host country will not only pose a danger to the financial operation of its own country and neighboring countries,and bring adverse effects to its own economy,but also significantly affect the performance and income of the foreign direct investment(FDI).Therefore,the financial risk of host country is an important consideration of China's outward FDI(OFDI).This paper builds a spatial econometric model using data on the financial risk profile of 39 countries along"the Belt and Road"and stock of China's OFDI from 2006 to 2019,empirically examines the impact of host country financial risk on China's OFDI and its spatial spillovers.The results indicate that the host financial risk,including currency risk,credit risk,and liquidity risk have different effect on China's OFDI,and have varied spillover effects on neighboring countries.Besides,the impact of host financial risk on China's OFDI is significantly influenced by legal environment.The results of this study have positive significance for promoting the level of China's OFDI.
关键词
金融风险/对外直接投资/一带一路/空间计量模型/溢出效应
Key words
financial risk/OFDI/the Belt and Road/spatial econometric model/spillover effect
万方数据