随着“走出去”和“引进来”战略的深入协调实施，中国投资领域对外开放进程不断推进。到2021年，中国吸引外商投资和对外直接投资流量分别达到1450亿美元和1810亿美元，是世界第二大资本流入经济体和第四大资本输出经济体，对全球投资格局产生深刻影响。而现代服务业作为我国对外开放的重点行业，对经济增长的贡献率逐渐提高，扩大现代服务业双向投资已成为中国新发展阶段的重要增长点。随着近年来逆全球化浪潮的出现以及全球突发公共卫生事件的冲击，投资市场风险不断加剧，全球投资，尤其是现代服务业对外直接投资格局变化叵测。在此背景下，研究全球现代服务业对外直接投资网络格局，剖析网络地位变化的影响因素，对于我国现阶段培育国际投资合作和竞争新优势，加快构建国内国际双循环发展格局具有重要意义。

因此，本文基于2003-2022年全球绿地投资数据，构建全球现代服务业对外直接投资网络，采用社会网络分析法进行网络特征和演化趋势描述，并结合实证分析研究网络结构的影响因素。本文研究结果表明：（1）全球现代服务业对外直接投资整体网络密度上升，各经济体之间的投资联系不断增强，网络具有小世界和“富人俱乐部”特征。（2）美国、英国和德国等经济体长期占据网络最核心位置，北美、西欧、东亚等经济体大多位于核心和次核心区域，非洲、拉丁美洲和亚洲部分经济体则处于边缘区域，网络呈现显著的“核心-边缘”特征；软件和信息技术服务业、商务服务业以及金融服务业三个主要的现代服务业细分行业，其对外直接投资网络也具有相似的网络特征和演化趋势。（3）法制环境和经济环境等投资环境因素以及经济水平、劳动力水平和技术水平等投资动机因素是影响全球现代服务业对外直接投资网络地位的驱动因素，自然资源禀赋则是制约网络地位提升的影响因素；进一步分析结果显示，以上影响因素对不同社团网络地位的作用存在异质性。

基于本文的研究结果，本文认为：在当下构建新发展格局、推动高质量发展的过程中，要从两端加快中国现代服务业投资领域的开放步伐，一方面鼓励国内企业积极“走出去”，在全球范围内投资，开设海外研发中心；另一方面要拓宽资本来源渠道，吸引更多海外跨国公司来华投资现代服务业。同时，要提升投资领域风险防范意识，关注区域现代服务业投资合作；加强双向投资领域市场和法律制度建设，重视科技研发投入和人力资本水平提升，助力中国实现现代服务业对外直接投资网络的地位攀升。本文拓展了投资网络相关研究，为我国在推动高水平开放过程中全面优化国际投资布局、促进多双边投资合作提供科学依据。

With the in-depth and coordinated implementation of the "going out" and "coming in" strategies, China's investment sector has been opening up to the outside world. By 2021, China has attracted foreign direct investment (FDI) and outward FDI flows of US$145 billion and US$181 billion respectively, making it the second largest capital inflow economy and the fourth largest capital export economy in the world, which has a profound impact on the global investment landscape. As a key sector in China's opening up to the outside world, the contribution of modern service industries to economic growth has gradually increased, and the expansion of two-way investment in modern service industries has become an important growth point in China's new development phase. With the emergence of the wave of counter-globalization and the impact of global public health emergencies in recent years, the risks in the global investment market have been increasing, and the pattern of global investment, especially OFDI in modern service industries, is changing unpredictably. Against this background, it is of great significance to study the changes in the global OFDI network pattern of modern service industries and analyze the influencing factors of the changes in network status, in order to cultivate new advantages in international investment cooperation and competition and accelerate the construction of a domestic and international double-cycle development pattern in China at this stage.

Based on global greenfield investment data, this paper develops a network of OFDI in modern services, uses SNA method to characterize the network and evolve trends, and combines empirical analysis to investigate the factors influencing network structure. The findings of this paper show that: (1) The overall OFDI network density of modern service industries is increasing, the investment ties between economies are growing, and the network has the characteristics of a small world and "rich club". (2) Economies such as the United States, the United Kingdom and Germany have long occupied the core position in the network; economies in North America, Western Europe and East Asia are mostly located in the core and sub-core regions; economies in Africa, Latin America and some Asian economies are located in the peripheral regions, and the network has a "core-edge" character. The three major modern service industry segments, namely software and information technology services, business services and financial services, also have similar network characteristics and evolutionary trends in their OFDI networks. (3) Investment environment factors such as the legal and economic environment, as well as investment motivation factors such as economic level, labor level and technology level, are the driving factors influencing the status of global modern services OFDI networks, while natural resource endowment is an influencing factor limiting the enhancement of network status.

Based on the findings of this paper, it is suggested that in the process of building a new development pattern and promoting high-quality development, the pace of opening up China's modern service industry investment sector should be accelerated from both ends, encouraging domestic enterprises to actively "go out", invest globally and open overseas R&D centers on the one hand, and widening the channels of capital On the other hand, we should broaden the sources of capital and attract more overseas multinational companies to invest in modern service industries in China; at the same time, we should raise the awareness of risk prevention and pay attention to regional cooperation in modern service industry investment; strengthen the construction of the market and legal system in the two-way investment sector, and pay attention to the investment in scientific and technological research and development and the improvement of human capital, so as to help China improve its position in the global outbound investment network in modern service industries. The research in this paper provides a scientific basis for expanding the existing outbound investment network research, optimizing the international investment layout and promoting multi-bilateral investment cooperation in the process of promoting high-level opening up in China.