基于2003—2011年中国对发展中国家直接投资的跨国面板数据,运用Hansen门槛回归模型实证检验制度约束情境下东道国腐败对中国OFDI的影响。研究发现,当东道国的制度质量跨过一定的门槛水平时,腐败会对中国OFDI产生明显的负向效应;而低于特定门槛时,腐败对中国OF-DI的负向效应会逐渐减弱,甚至表现为显著的正向效应。本文进一步测算了影响东道国腐败对中国OFDI作用效应的一系列重要制度因素,如法治水平、监管质量、政府效能、民主自由等的门槛水平,结果表明,东道国较低的法治水平和监管质量会在一定程度上促使中国OFDI企业选择腐败作为替代性激励源,而政府效能、民主自由等对中国OFDI企业参与腐败行为动机的强化作用并不明显,但当这些制度因素跨过一定的门槛水平后,均会明显弱化中国OFDI企业参与腐败行为的动机。 Based on the cross-border panel data of China’s direct investment in developing countries from 2003 to 2011, Hansen’s threshold regression model was used to empirically test the impact of host country corruption on China’s OFDI under institutional constraints. The study found that when the quality of the host country’s system crosses a certain threshold level, corruption will have a significant negative effect on China’s OFDI. When the threshold is below a certain threshold, the negative effect of corruption on China’s OF-DI will gradually decline, and even The performance of the significant positive effect. This article further estimates a series of important institutional factors that affect the effect of host country corruption on China¡¯s OFDI, such as the level of the rule of law, the quality of supervision, government effectiveness, democratic freedom and other threshold levels. The results show that the host country’s low level of rule of law and regulatory quality in To some extent, OFDI enterprises in China are encouraged to choose corruption as an alternative incentive source. However, the government functions, democratic freedom and so on are not obvious for enhancing the motivation of Chinese OFDI enterprises to participate in corruption. However, when these institutional factors cross a certain threshold level, Will obviously weaken the motivation of China’s OFDI enterprises to participate in corrupt practices.