【摘要】 中国的基础设施投资以加强区域经济联系为目标,为区域价值合作奠定基础。本文以上海合作组织国家为研究对象,以区域经济联系是否加强作为投资效率的评价目标,构建了DEA-面板Tobit两阶段评价模型。定量分析结果表明,中国对上海合作组织国家的投资大部分是有效率的,即中国的跨境投资导致中国与上海合作组织国家的经济联系加强,投资效率不高的国家主要为俄罗斯;Malmquist指数分解表明,"一带一路"倡议实施后中国的投资效率高于倡议实施前,这说明政策是有效的;面板Tobit分析表明,影响投资效率的因素主要是投资国的投资者保护政策和破产问题解决政策。更多还原

【Abstract】 China’s infrastructure investment aims to strengthen regional economic ties and lay the foundation for regional value cooperation. This paper targets the members of the SCO and builds the two-stage evaluation model based on the DEA-panel Tobit. The quantitative results show that most of China’s investment in those countries is efficient,that is,China’s cross-border investment has led to the strengthening of economic ties between China and those countries. Russia is the main country with low investment efficiency. The decomposition of the Malmquist index shows that China’s investment efficiency since the start of the "Belt and Road"Initiative is higher than before,which proves that the initiative is effective. Panel Tobit analysis demonstrates that the factors affecting investment efficiency are mainly the polices of investment protection and bankruptcy solutions in those countries.更多还原