基于我国2003-2013年对外直接投资(OFDI)的82国面板数据,从东道国制度环境的角度出发,研究双边投资协定(BIT)对OFDI的长期影响.从整体上看,BIT对我国OFDI有正向促进作用,具体来说,BIT对OFDI的促进作用随东道国制度环境水平的提高呈现出先增加后减弱的倒U型特征.因此,与东道国制度水平中等国家签订的BIT对我国OFDI的促进效用最优.%Based on the panel data of China's outward foreign direct investment (OFDI) to 82 host countries between 2003 and 2013, this paper studies the influence of bilateral investment agreement (BIT) on OFDI from the perspective of host country's institutional environment. Generally, BIT has a positive role in promoting the OFDI from China. Specifically, the effectiveness of BIT increased first and then decreased along with the increase of the host country's institutional environment level, which overall presents an inversed-U shape. As a result, the BITs signed with the host countries in medium level of institutional environment are the most effective ones.
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