FDI进入的动态变化对内资企业绩效的影响研究

发布时间：2018-03-31 00:36

本文选题：外资进入程度　切入点：模仿壁垒　出处：《宁波大学》2014年硕士论文

【摘要】：既往研究仅仅从静态视角出发探讨外商直接投资对内资企业绩效的影响。近年来,有学者观察到外资进入动态变化会对内资企业绩效产生影响。本文认为受到内资企业吸收能力、竞争能力等因素的影响,外资进入程度会影响到内资企业绩效的提高。并且不同外资由于自身特点差异,对内资企业绩效的影响也各不相同。本文利用我国制造业1999-2007年间企业层面数据,从异质性外资角度出发动态探究了外资进入程度对内资企业绩效的影响,并分析了外资模仿壁垒的调节作用。实证结果表明:(1)外资进入程度对同行业和上游行业的内资企业绩效有正向的影响,而对下游行业的内资企业绩效的影响较弱;(2)在行业内:当模仿壁垒较高时,即FDI更无规律地进入、无形资产比重更高时,负向调节外资进入程度对内资企业绩效的影响;在行业间:外资不规律地进入负向调节作用不明显,无形资产比重更高却有利于外资进入程度对内资企业绩效的影响。进一步对行业内溢出效应分析发现:(1)外资进入程度正向影响内资企业绩效,但是随着外资进入程度的增加该正向溢出效应逐渐减弱;(2)从外资来源异质性来看,相比于港澳台外资,西方外资在短期内不利于内资企业绩效的提高,但是随着其进入程度的增加,其正向溢出效应逐渐增强;(3)从外资市场导向异质性来看,随着外资进入程度的增加,出口导向型和东道国市场导向型外资企业均可使内资企业获得正向溢出效应;(4)从外资进入模式异质性来看,相较于外商合资企业,内资企业更可能从外商独资企业中获益。本文突破了既往认为外资即刻或固定产生溢出效应的理论假设,通过将外资进入程度和外资企业异质性整合至同一理论框架,显著推进了外资溢出效应的研究边界。实证研究结果为政府如何在战略高度上深化引资政策提供了新的方向:应注重以合理的速度和更加有规律地引入外资;鼓励外资企业在国内市场销售产品;引导外资企业与内资企业建立战略联盟;促进外资企业与国内上、下游企业间的互动关联;有差别的引用不同种类外资;鼓励我国内资企业提高自身的模仿能力。
[Abstract]:Previous studies have only explored the impact of foreign direct investment (FDI) on the performance of domestic enterprises from a static perspective. Some scholars have observed that the dynamic changes of foreign capital entry will have an impact on the performance of domestic enterprises. The degree of entry of foreign capital will affect the performance of domestic enterprises, and different foreign capital will have different effects on the performance of domestic enterprises because of their own characteristics. This paper makes use of the enterprise level data of China's manufacturing industry from 1999 to 2007. From the perspective of heterogeneous foreign investment, this paper explores the influence of the degree of foreign capital entry on the performance of domestic enterprises. The empirical results show that the level of foreign capital entry has a positive effect on the performance of domestic enterprises in the same industry and upstream industry. But the influence on the performance of the domestic enterprises in the downstream industry is weaker than that in the industry: when the imitation barrier is higher, that is, the FDI enters more irregularly, and the proportion of intangible assets is higher, the negative adjustment of the foreign capital entry degree will affect the performance of the domestic enterprises; Between industries: foreign capital irregularly enters the negative regulation function is not obvious, A higher proportion of intangible assets is conducive to the impact of foreign capital entry on the performance of domestic enterprises. Further analysis of intra-industry spillover effects shows that the level of foreign capital entry positively affects the performance of domestic enterprises. However, with the increase of the degree of foreign capital entry, the positive spillover effect gradually weakens. From the perspective of the heterogeneity of foreign capital sources, compared with that of Hong Kong, Macao and Taiwan, western foreign investment is not conducive to the improvement of the performance of domestic enterprises in the short term. However, with the increase of the degree of entry, the positive spillover effect increases gradually) from the point of view of the heterogeneity of foreign capital market orientation, with the increase of the degree of foreign capital entering, Both export-oriented and market-oriented foreign enterprises can make domestic enterprises obtain positive spillover effects. (4) from the perspective of the heterogeneity of foreign capital entry patterns, compared with foreign joint ventures, Domestic enterprises are more likely to benefit from wholly foreign-owned enterprises. This paper breaks through the theoretical hypothesis that foreign investment has spillover effect immediately or fixed, and integrates the degree of foreign capital entry and heterogeneity of foreign-funded enterprises into the same theoretical framework by integrating the degree of foreign capital entry and heterogeneity of foreign-funded enterprises into the same theoretical framework. The empirical results provide a new direction for the government to deepen the policy of attracting foreign investment in the strategic height: we should pay more attention to introducing foreign capital at a reasonable speed and more regularly; Encourage foreign-funded enterprises to sell products in the domestic market; guide foreign-funded enterprises to establish strategic alliances with domestic enterprises; promote interaction between foreign-funded enterprises and domestic upstream and downstream enterprises; Encourage China's domestic enterprises to improve their ability to imitate.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6;F279.2

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