外向型对外直接投资与母公司生产率——对母公司特征和子公司进入策略的考察

发布时间：2018-06-27 23:29

本文选题：外向型对外直接投资 + 全要素生产率　；参考：《南开经济研究》2015年03期

【摘要】：基于2002—2008年我国制造业企业数据和对外直接投资的数据,本文考察了对外直接投资对母公司企业生产率的影响并着重考察了母公司特征和子公司进入策略在其中的作用。本文运用扩展的Olley-Pakes(1996)方法来估算企业生产率,并运用倾向得分匹配的方法考察了企业对外直接投资的生产率效应,得到了如下结论:(1)总体而言企业生产率确实能够从对外直接投资中获益,从首次进行对外直接投资后一年开始其生产率会显著高于无对外投资的企业。这种生产率效应会因母公司特征和子公司进入策略的不同而存在异质性。(2)对于吸收能力强的企业,其生产率提升效应从投资当年就开始显著;且这种生产率效应对非国有企业更加明显。(3)投资到OECD国家的企业生产率获益会高于投资到非OECD国家的企业。绿地投资能显著促进企业生产率提高,而兼并收购会给母公司带来更大挑战,但对能够在较长期成功应对挑战的母公司会带来更大的生产率获益。最后,本文还运用不同的生产率度量方法和实证估计方法检验了本文主要结论的稳健性。
[Abstract]:Based on the data of Chinese manufacturing enterprises and foreign direct investment (FDI) from 2002 to 2008, this paper examines the impact of FDI on the productivity of parent companies and focuses on the role of parent company characteristics and subsidiary entry strategies. In this paper, the extended Olley-Pakes (1996) method is used to estimate the productivity of enterprises. The main conclusions are as follows: (1) in general, the productivity of firms can benefit from FDI, and the productivity of OFDI will be significantly higher than that of firms without OFDI from one year after the first OFDI. This productivity effect will be heterogeneous because of the characteristics of the parent company and the entry strategy of the subsidiary company. (2) for the firm with strong absorptive capacity, the productivity enhancement effect has been significant since the year of investment; And this productivity effect is more obvious to non-state-owned enterprises. (3) the productivity gains of firms investing in OECD countries will be higher than those in non-OECD countries. Greenfield investment can significantly boost productivity, while mergers and acquisitions pose greater challenges for parent companies, but for parent companies that can successfully meet the challenges in the longer term, greater productivity gains. Finally, this paper uses different productivity measures and empirical estimation methods to test the robustness of the main conclusions of this paper.
【作者单位】：北京大学国家发展研究院中国经济研究中心;美国加州大学圣地亚哥分校;伦敦大学伯贝克学院;
【基金】：国家自然科学基金重点项目“跨越中等收入陷阱:以沿海地区产业率先转型升级为突破口”(批准号:7135000)资助
【分类号】：F425;F832.6

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