Abstract: The paper takes the data of China’s OFDI in 60 countries along the “Belt and Road” from 2003 to 2021 as samples to analyze the impact of bilateral quality infrastructure on China’s OFDI, and uses the voting behavior of China and countries along the “Belt and Road” in UN General Assembly resolutions as a surrogate variable for bilateral political relations to evaluate the moderating effect of bilateral political relations. The research shows that China’s OFDI is affected by bilateral quality infrastructure, and the quality infrastructure gap between the two countries is inversely proportional to China’s OFDI. Furthermore, it is found that bilateral political relations have an inverted U-shaped moderating effect on the relationship between quality infrastructure and China’s OFDI. Moreover, under the adjustment of bilateral political relations, the promoting effect of quality infrastructure’s OFDI has industry heterogeneity. The energy and metals sectors had a more significant boost than real estate, transportation and other sectors.

Key words: quality infrastructure, foreign direct investment, the“Belt and Road”, bilateral political relations, threshold estimation model

摘要： 以中国在“一带一路”沿线60个国家2003—2021年对外直接投资为样本，分析母国与东道国双边的质量基础设施对中国企业对外直接投资的影响，并评估双边政治关系对两者的调节效应。研究表明：中国对外直接投资受双边的质量基础设施影响，且两国间的质量基础设施差距与中国对外直接投资成反比；双边政治关系在质量基础设施与中国对外直接投资关系中呈倒U型的调节效应，并且在双边政治关系的调节下，质量基础设施的对外直接投资促进效应存在行业异质性，其中能源行业与金属行业比房地产行业、交通运输行业及其他行业的促进效应更显著。

关键词: 质量基础设施, 对外直接投资, “一带一路”, 双边政治关系, 门槛估计模型