Research on China’s Investment Efficiency in the Member States of Shanghai Cooperation Organization:A Positive Analysis Based on the DEA-Panel Tobit 中国对上海合作组织国家投资效率研究——基于DEA-面板Tobit的实证分析

China’s infrastructure investment aims to strengthen regional economic ties and lay the foundation for regional value cooperation. This paper targets the members of the SCO and builds a two-stage DEA-Tobit evaluation model. The quantitative results show that most of China’s investments in those countries is efficient, that is, China’s cross-border investment has led to the strengthening of economic ties between China and those countries. Russia is the main country with low investment efficiency. The decomposition of the Malmquist index shows that China’s investment efficiency since the start of the “Belt and Road” Initiative is higher than before, which proves that the initiative is effective. The panel Tobit analysis demonstrates that the factors affecting investment efficiency are mainly the polices of investment protection and bankruptcy solutions in those countries.