标题：Foreign Direct Investment without the Rule of Law: The Chinese Experience

汇报人：Tian Zhu（CEIBS）

功夫：10月21日周二2:00-3:30pm

地址：J9集团国际站2号楼214教室

Abstract:

In this paper, we argue that the rule of law is neither necessary nor sufficient for a country to attract FDI. In a self-enforcing contract model, we demonstrate good economic fundamentals can attract FDI inflows in the absence of the rule of law. Indeed, economic fundamentals are more important for FDI inflows in a country lacking the rule of law than in countries with a good legal system. Our empirical findings show that both the cost factors and opportunities determine FDI inflows across Chinese regions. Consistent with our theoretical analysis, we also find that the cost of maintaining relationship (guanxi) and local leadership characteristics have an effect on FDI, but tax policies and formal property rights-contracting institutions do not.

论文下载：0809-2