1.4.3　Data

This research is mainly based on country-level data，including the data of China and the host country.

Among them，China's outward foreign direct investment is collected from the 2020 Statistical Bulletin of China's Outward Foreign Direct Investment issued by the Ministry of Commerce of the People's Republic of China，the National Bureau of Statistics，and the State Administration of Foreign Exchange. The economic risk is collected from the International Country Risk Guide（ICRG）released by the Political Risk Service（PRS）Group. The institutional data is obtained from the World Governance Index（WGI）published by the World Bank database. Distance indicator is collected from the Centre détudes Prospectives et d'Informations Internationals of France（CEPII database）. The infrastructure index is collected from the Global Competitiveness Report form 2003 to 2019 released by the World Economic Forum. The economic freedom index is collected from the 2003-2019 report released by the Wall Street Journal and the American Heritage Foundation，and it includes 12 aspects，and the value range is between 0 and 100. The bilateral trade and investment data are collected from UN Comtrade. The R&D，GDP，population and natural resource endowment data are collected from the World Development Index（WDI）database of the World Bank.