企业异质性框架下山东省企业对外直接投资的自我选择效应研究

发布时间：2018-02-03 19:15

本文关键词： 企业异质性对外直接投资自我选择效应　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文是基于企业异质性理论框架结合山东省对外直接投资现实进行的理论分析和实证检验。企业异质性理论是当前国际经济理论研究的前沿。然而该理论是在发达国家市场背景下发展起来的,在发展中国家背景下是否同样适用值得商榷,发展中国家市场经济正处于发育阶段,在制度设计、产权分配、产业结构等方面仍有许多不足,政府政策的干预、市场机制的不成熟等诸多因素都可能会通过不同的作用机理影响企业异质性模型的解释力。目前国内对企业异质性理论的研究主要集中于企业出口行为与生产率的实证检验,而关于对外直接投资行为与生产率的研究则相对较少。近年来山东省对外直接投资发展迅速,成果显著,但也存在着投资规模偏小、投资效率不高、企业跨国经营能力较为欠缺等问题,有关山东省对外直接投资的研究主要集中于宏观层面,缺乏微观研究视角。本文首先对企业异质性理论模型的有关研究进行了梳理。总结了国内外学者对企业异质性模型的理论分析、实证检验以及对模型的补充和发展。通过总结梳理前人的有关研究,为本文研究奠定了理论基础。其次,本文通过山东省对外直接投资的发展现状,结合企业对外直接投资的经验事实,总结了近年来山东省对外直接投资发展的典型特征,在经典企业异质性模型的基础上,本文对上述特征进行了模型化抽象,通过变动理论模型假设和添加变量,构建了相应的数理模型,从理论上入手对企业对外直接投资与生产率之间的关系进行了分析。随后,本文选用山东省上市公司企业数据,采用多种企业层面生产率计算方法,对山东省企业对外投资行为与企业生产率之间的关系,即对外直接投资的企业自我选择效应进行了实证检验,检验结果与经典企业异质性理论的预期并不一致,而与本文所构建理论模型结论较为吻合。由此得出结论：生产率虽然是影响山东省企业对外直接投资的重要因素,但不是企业对外直接投资自我选择效用的唯一决定性因素。最后,本文对检验结果与企业异质性理论预期不一致的原因进行了分析,并山东省对外直接投资提出了相应的政策建议。
[Abstract]:This paper is based on the theoretical framework of firm heterogeneity combined with the reality of FDI in Shandong Province. The theory of enterprise heterogeneity is the frontier of the current international economic theory. However, the theory is developing. Developed in the context of the national market. Under the background of developing countries, it is open to question that the market economy of developing countries is in the developing stage, there are still many deficiencies in system design, property rights distribution, industrial structure, and government policy intervention. Many factors, such as immature market mechanism, may influence the explanatory power of enterprise heterogeneity model through different action mechanisms. At present, domestic researches on enterprise heterogeneity theory mainly focus on firm export behavior and productivity. Empirical test. However, there are few researches on the behavior and productivity of OFDI. In recent years, OFDI in Shandong Province has developed rapidly and achieved remarkable results, but there is also a small scale of investment and low investment efficiency. The research on Shandong Province's foreign direct investment is mainly focused on the macro level and lacks the micro research perspective. In this paper, first of all, the relevant research on the enterprise heterogeneity model is reviewed, and the theoretical analysis of the enterprise heterogeneity model by domestic and foreign scholars is summarized. Empirical test and the supplement and development of the model. Through summing up and combing the previous studies, this paper lays a theoretical foundation for this study. Secondly, this paper through the development of Shandong Province foreign direct investment status. Combined with the empirical facts of FDI, this paper summarizes the typical characteristics of the development of FDI in Shandong Province in recent years. On the basis of the classic enterprise heterogeneity model, the above characteristics are modeled and abstracted. Through the hypothesis of change theory model and the addition of variables, the corresponding mathematical model is constructed, and the relationship between OFDI and productivity is analyzed theoretically. This paper selects the enterprise data of listed companies in Shandong Province, and uses a variety of enterprise level productivity calculation methods to analyze the relationship between the behavior of enterprises investing abroad and the productivity of enterprises in Shandong Province. That is, the self-selection effect of foreign direct investment (OFDI) is tested empirically, and the results are not consistent with the expectation of classic enterprise heterogeneity theory. The conclusion is consistent with the conclusion of the theoretical model constructed in this paper. It is concluded that productivity is an important factor affecting FDI of Shandong enterprises. But it is not the only decisive factor in the self-selection utility of FDI. Finally, this paper analyzes the reasons why the test results are inconsistent with the heterogeneity theory. And Shandong Province foreign direct investment proposed the corresponding policy proposal.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6;F279.27

【参考文献】