The "Debt Trap" or the "Benefit Pie" View of China's Belt and Road Initiative on Host Countries: Evidence from Chinese Enterprises' Outward Foreign Direct Investment

被引：1
|
作者：
Wang, Ruping [1 ]
Pan, Zhen [1 ,3 ]
Yang, Liu [2 ]
机构：
[1] Nanjing Normal Univ, Sch Business, Nanjing, Peoples R China
[2] Nanjing Audit Univ, Sch Govt Audit, Nanjing, Peoples R China
[3] Nanjing Normal Univ, Sch Business, 1 Wenyuan Rd, Nanjing 210023, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2023年 / 59卷 / 07期
基金：
中国国家自然科学基金;
关键词：
Belt and Road Initiative; Chinese OFDI; debt trap; emerging market MNEs; institution-based view; INSTITUTIONAL DISTANCE; POLICY; MULTINATIONALS;
D O I：
10.1080/1540496X.2023.2172317
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The Belt and Road Initiative (BRI) attracts many Chinese multinational enterprises to invest abroad, but China's intention behind this policy has raised heated disputes. Drawing on an institution-based view and theories of emerging market multinational enterprises multinational enterprises, we analyze whether the initiative undermines host countries' financial conditions through outward foreign direct investment (OFDI). Using the time-varying Difference-in-Differences model based on Chinese enterprises' investment data from 2009 to 2020, we find the BRI facilitates Chinese OFDI to host countries but with no significant increase in distressed debt. Chinese OFDI eschews heavily indebted countries and shows little relevance to the growth of the BRI countries' non-repayable debt, which contradicts the "debt-trap" argument.
引用
收藏
页码：2269 / 2282
页数：14
相关论文
共 50 条
12345