本文建立了一个国际投资制度环境的分析架构，并在此基础上对国际投资制度环境对中国企业海外投资的影响进行了实证分析。对2003～2016年上市公司对外投资数据的计量分析表明，中国企业倾向于在制度环境更佳、制度风险更低的国家进行投资，而政治制度的改善对投资具有显著的促进作用。本文还对近年来全球投资制度环境的最新动向进行了分析，并从国家和企业两个层面提出了对策建议。
This paper establishes an analytical framework for the institutional environment of international investment. Based on the framework，it accesses the impact of such an environment on Chinese enterprises’ overseas investment. Econometric analysis on listed companies for the 2003-2016 period demonstrates that companies tend to invest in countries with better institutional environment and lower institutional risks，and the improvement of political systems plays a significant role in promoting investment. This paper also analyses latest developments in global investment regime and proposes countermeasures at both the state and firm levels.
