异质性视角下服务企业对外直接投资动机研究

发布时间：2018-02-08 21:55

本文关键词： 异质性服务企业 FDI动机生产率溢价选择效应学习效应　出处：《武汉理工大学》2014年博士论文　论文类型：学位论文

【摘要】：全球经济的服务化促使跨国服务企业在国际直接投资中逐渐占据了主导地位，2008年全球金融危机向实体经济的扩散进一步强化了跨国服务企业的主体地位。与此同时，全球经济发展的不平衡以及科学技术的迅猛发展使得跨国企业对外直接投资动机日益凸显，在有形产品领域主要体现为生产价值链的碎片化和分散化，而在服务领域，由于服务产品的无形性、不可存储性等特殊属性，主要表现在拓展东道国市场和寻求较低生产及经营成本等形式上。在上述背景下，本文借鉴Helpman et al.（2004）将企业异质性引入“临近—集中权衡”中分析异质性企业出口与FDI抉择的思路，基于企业生产率异质性视角，解释了异质性跨国服务企业对外直接投资动机的行为。首先，基于世界银行提供的大样本企业层面微观数据，采取LP方法在克服同时性和选择性偏差的基础上考察了服务企业的生产率异质性，并进一步通过对投资动机的界定（市场寻求型和效率寻求型）考察了跨国服务企业对外直接投资的动机表现，在此基础上，从静态层面对异质性服务企业对外直接投资动机的生产率溢价进行了分析。结果显示：相对于制造业企业，服务企业的生产率水平普遍偏低，但拥有较强的异质性；在投资动机表现上，跨国服务企业的对外直接投资主要表现为市场寻求型，但拥有较强的效率寻求型投资动机强度；在东道国寻求效率的跨国服务企业的生产率高于市场寻求型跨国服务企业，即存在投资动机的生产率溢价。其次，为了解释跨国服务企业在静态层面表现出的生产率溢价，本文接下来分别从理论和实证两个视角进行了动态层面的分析。在理论分析上，通过在Helpman et al.（2004）的HMY模型中纳入FDI动机因素以及服务产品的特性因素（沟通成本），对异质性服务企业不同对外直接投资动机的自我选择效应进行了解释，并进一步通过构建反映不同投资动机的服务企业产出与劳动投入系数之间关系的函数，从规模经济效应路径对服务企业不同投资动机的学习效应进行了比较静态分析。在CES偏好和冰山贸易成本的假设下，所得理论预期主要有：生产率较高的跨国服务企业倾向于在东道国寻求效率，而生产率较低的服务企业在东道国生产和提供服务产品；沟通成本降低能够通过选择效应和行业内再配置效应带来母国该服务行业总体生产率水平的提升；市场寻求型和效率寻求型对外直接投资都能够促进跨国服务企业自身生产率的提高，但在东道国寻求效率的跨国服务企业具有更大的投资学习效应。在构建数理模型对投资动机的生产率溢价进行理论层面解释的基础上，为了验证所得理论预期在现实中的适用性，本文基于不同工作活动所需的沟通水平视角，并结合文化、语言、制度环境等因素分别构建了测算行业层面和国家层面的跨国服务企业与消费者等组织外部沟通水平的指数，在此基础上，采取美国跨国服务企业的微观层面数据，分别从母国和东道国视角对理论分析所得的理论预期进行了实证检验，估计结果显示：跨国服务企业对外直接投资动机的选择效应在国家层面显著存在，即生产率较高的服务企业倾向于在东道国寻求效率，但在行业层面投资动机的选择效应的表现不显著；异质性服务企业对外直接投资动机的学习效应在国家和行业层面均存在，即效率寻求型跨国服务企业存在显著的投资学习效应，其在东道国市场寻求生产和经营效率的同时提升了自身的生产率水平。最后，与制造业跨国企业的比较分析，发现：跨国服务企业与消费者等组织外部的沟通水平和成本高于制造业跨国企业；制造业跨国企业对外直接投资动机的学习效应在国家层面显著存在，但在行业层面未呈现出明显的选择效应，这与服务领域的分析结论是一致的；在投资动机的学习效应方面，制造业跨国企业无论在国家层面，还是行业层面，均发现制造业跨国企业不存在投资动机的学习效应在；总体层面上，投资动机的学习效应仅体现在跨国层面，，说明对外直接投资动机的学习效应在服务领域表现的更加明显。上述结论对于对于一国政府和企业，特别是像中国这样的引资和对外投资大国的服务业生产能力和发展水平的提升、服务贸易的快速发展、服务业引资和对外投资政策的制定以及服务企业“走出去”战略的选择等有着十分重要的现实意义。
[Abstract]:The global economy service to multinational enterprises in the international direct investment gradually dominate the global financial crisis in 2008, spread to the real economy to further strengthen the service multinational enterprise's main body status. At the same time, the imbalance of the global economic development and the rapid development of science and technology makes the motivation of foreign direct investment of multinational enterprises has become increasingly prominent, in the field of tangible products is mainly reflected in the production value chain fragmentation and decentralization, while in the service sector, due to the intangible service products, no special attributes of storage, mainly in the development of the host country market and seeking lower production and operating costs and other forms. Based on the above background, this paper uses Helpman (ET al. 2004) the firm heterogeneity introduced ideas heterogeneity analysis of export and FDI choice approaches - focus weigh ", based on the enterprise productivity The Heterogeneity Perspective explains the behavior of foreign direct investment motivation of heterogeneous multinational service enterprises.
First, a large sample of the micro enterprise level data provided by the World Bank Based on LP method and take in overcoming the basic and selective bias on the effects of productivity heterogeneity of service enterprises, and further through the definition of investment motivation (market seeking and efficiency seeking) effects of foreign direct investment of transnational service enterprise motivation and on this basis, from the static layer facing the motivation of foreign direct investment heterogeneity of service enterprise productivity premium was analyzed. The results showed that: compared with manufacturing enterprises, service enterprises through peaceful water productivity is low, but has strong heterogeneity; in the investment motive performance, foreign direct investment mainly for service enterprises the type of market, but has strong efficiency seeking investment motive strength; production rate for efficiency in the host country is higher than that of Multinational Enterprises Market seeking multinational service enterprises, that is, the productivity premium of investment motivation.
Secondly, in order to explain transnational service enterprises in the static level shows the productivity premium, then respectively from two aspects of theoretical and empirical analysis of the dynamic level. In the theoretical analysis, the Helpman et al. (2004) FDI into the motivation factors and characteristics of service products in the HMY model (the cost of communication), self selection effect of heterogeneous service enterprises of different foreign direct investment motives are explained, and further reflect the different investment motives through the construction of service enterprise output and labor input coefficient of the relationship between the function of learning effect from scale economy effect path of service enterprises of different investment motives were compared to static analysis. In the CES preference and the iceberg trade costs under the assumption that the theoretical expectations are: high productivity service transnational enterprises tend to seek efficiency in the host country, and The low productivity of service enterprises in the host country production and service products; to reduce communication costs through the selection effect and intra industry reallocation effects bring about the overall level of productivity of the home service industry; market seeking and efficiency seeking FDI can promote international service enterprise productivity, but the quest for efficiency in the host country the multinational service enterprises with investment in learning more effect.
The basic theory of interpretation in the construction of mathematical model of productivity premium investment motivation, in order to verify the applicability of the theoretical expectations in reality, this paper needs different activities based on the level of communication perspective, combined with the culture, language, system environment and other factors respectively, and constructs the industry level and the national level of multinational service enterprise and consumer organizations such as external communication level index, based on micro level data, take the United States multinational service companies, respectively from the theoretical analysis on expectations of income of host country and from the perspective of the empirical test results show that selection effects of motivation of foreign direct investment of transnational service enterprises is significant at the national level that is, the higher productivity of service enterprises tend to seek efficiency in the host country, but the selection effect at the industry level investment motivation table This effect is not significant; learning motivation of foreign direct investment of service enterprise heterogeneity exists both in the country and industry level, the efficiency of seeking transnational service enterprises investment learning effect, the host market seeking production and operation efficiency and improve the level of their productivity.
Finally, comparative analysis, and manufacturing multinational companies that multinational enterprises and consumer organizations such as external communication level and is higher than the cost of manufacturing enterprises; learning motivation effect of foreign direct investment of multinational manufacturing enterprises is significant at the national level, but at the industry level did not show obvious effect is consistent with selection, analysis this conclusion and service areas; learning effect in the motives of investment, multinational manufacturing enterprises both at the national level or industry level, were found in multinational manufacturing enterprises do not have the investment motivation of learning effect in the overall level, learning effect; investment motivation only reflected in the international level, learning effect explains the motivation of foreign the performance of direct investment in the service sector is more obvious.
The conclusion for government and enterprises, especially the production capacity and the level of development China such powers like investment and foreign investment promotion service industry, the rapid development of service trade, has very important practical significance of the service industry investment and foreign investment policy and service enterprises to "go out" strategy.

【学位授予单位】：武汉理工大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F719;F125.4

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