双边制度差异对我国能源类企业对外直接投资的影响

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中图分类号：F08 文献标识码：A 文章编号：1004-0714（2025）07-0087-

Abstract：Based on the micro-enterprise data from the China Global Investment Tracker （CGIT），this study identifies horizontal outward foreign direct investment （OFDI） and constructs a four-dimensional institutional difference index.Usinga high-dimensional fixed-effect model，this paper empirically examines the heterogeneity of the impact of bilateral institutional differences on the OFDI of China's energy enterprises.Theresultsshowthatthereisasignificant negativecorrelation between horizontalOFDIandthebilateral institutional difference index.Horizontal OFDI in energy industries is less negativelyaffected by differences in public institutions and business environments，while non-energy industries are more strongly negativelyimpacted by differences in financial institutions and labor institutions.

Keywords：Horizontal Outward Foreign Direct Investment; Bilateral Institutional Differences; Consumer Preferences

一、问题的提出

我国是全球能源消耗大国之一，能源问题关乎国家的发展、民族的命运。（剩余8328字）