Both IDA and FDI are very important external financing channels for B&R countries. Considering B&R countries as the sample, this paper analyzes the impact of the IDA received by B&R countries on their FDI from both theoretical and empirical perspectives. Based on the different research objectives and data availability, the empirical analysis is considered as two sections. In the time series analysis, we use VECM model and the impulse response function to test the dynamic effects of different types of IDA on the FDI from the perspective of donor countries, and find that whether in the short, medium or long term, the complementary factor form of the aid to the recipient countries can promote FDI, and the material capital form of the aid to the recipient countries can crowd out their FDI. In the panel regression analysis, we examine the overall impact of the total amount of IDA accepted by the B&R recipient countries on FDI, including the direct impact of IDA on FDI and the moderating effects of institutional environment. Considering the direct impact, the results of the fixed effect regression analysis confirm the significantly negative effects of total IDA accepted by B&R recipient countries on their FDI. In the regression analysis of controlling endogeneity problem, the product terms of IDA variables and institutional environment variables are added to the regression models, and the results show that the institutional environment has significantly positive moderating effects in the process of IDA influencing FDI, indicating that the interaction between IDA and institutional environment helps to improve the impact of IDA on FDI and increase the attractiveness of recipient countries to FDI.

“一带一路”沿线国家的IDA和FDI都是非常重要的外部融资渠道。以“一带一路”沿线国家为样本，本文从理论和实证角度分析了“一带一路”沿线国家获得的IDA对其外国直接投资的影响。基于不同的研究目标和数据可用性，将实证分析分为两个部分。在时间序列分析中，我们使用VECM模型和冲激响应函数从捐助国的角度检验了不同类型的IDA对外国直接投资的动态影响，并发现无论短期，中期还是长期，互补性向受援国提供援助的要素形式可以促进外国直接投资，向受援国提供的物质资本形式可以挤出其外国直接投资。在面板回归分析中，我们研究了“一带一路”接受国接受的IDA总量对FDI的总体影响，包括IDA对FDI的直接影响以及体制环境的调节作用。考虑到直接影响，固定影响回归分析的结果证实了“一带一路”接受国接受的IDA总额对其FDI的显着负面影响。在控制内生性问题的回归分析中，将IDA变量和制度环境变量的乘积项添加到回归模型中，结果表明制度环境在IDA影响FDI的过程中具有显着的正调节作用，