2021五月份，经济管理研究中心助理教授赵龙的通讯作者论文“Foreign Direct Investment and Institutional Environment: The Impact of Bilateral Investment Treaties”发表在经济学国际期刊《Applied Economics》（合作者李石、沈灏）。本文研究了双边投资协定（BITs)对于发展中国家（中国）的企业的对外投资决策的影响。研究发现，投资国与东道国之间的文化，体制差异会阻碍投资。然而，当两国之间签订双边投资协定之后，文化差异引起的不确定可以被降低从而促成投资。文章还发现了私有企业比国有企业更依赖BITs来减少投资风险。

论文简介：

Abstract: Institutional factors are a critical driving force for the rapid growth of outward foreign direct investment (FDI) in developing countries. This article attempts to explain how developing countries can take advantage of bilateral investment treaties (BITs) to reduce investment uncertainties caused by informal institutional distance and help domestic companies invest abroad. The results confirm that the cultural difference between China and a host country is negatively associated with the likelihood of FDI entry into the host country. BITs function as a substitute for the host country’s institutional environment by reducing investment uncertainties caused by cultural distance. Moreover, state-owned enterprises are less responsive to BITs in host countries than private enterprises, suggesting that private firms rely more on BITs to reduce their investment risks abroad.

https://www.tandfonline.com/doi/abs/10.1080/00036846.2021.1883535