中国企业对外直接投资存在“生产率悖论”吗——基于上市工业企业的实证研究

发布时间：2018-06-30 09:07

本文选题：企业异质性 + 对外直接投资　；参考：《财贸经济》2015年12期

【摘要】：许多研究发现,中国存在生产率低的企业更倾向于出口的"生产率悖论"现象。对外直接投资作为企业国际化的另一种重要选择,是否也存在类似的现象?本文使用中国2006—2012年A股上市工业企业样本对这一问题从对外直接投资类型、企业性质、企业资本密集度、对外直接投资数量、目的地5个方面进行了详尽的实证研究。结果发现,生产率对投资、资源类对外直接投资及国有和有政治关联企业的对外直接投资并无显著性影响;而对贸易型、制造型、研发型对外直接投资及劳动密集型企业、投向低收入东道国的企业而言,生产率均显著正向影响企业进行对外直接投资的可能性。此外,本文也发现,生产率对企业对外直接投资的金额和范围也有显著正向的影响。以上经验证据都表明,中国大型工业企业的对外直接投资并不存在明显的"生产率悖论"。
[Abstract]:Many studies have found that low-productivity firms tend to export a "productivity paradox" in China. Is there a similar phenomenon in OFDI as another important choice for enterprise internationalization? This paper makes a detailed empirical study on this problem from five aspects: the type of foreign direct investment (FDI), the nature of enterprises, the capital intensity of enterprises, the quantity of foreign direct investment (FDI) and the destination of China's A-share listed industrial enterprises from 2006 to 2012. The results show that the productivity has no significant influence on the foreign direct investment (FDI) of investment, resources and state-owned and political affiliated enterprises, while it has no significant effect on the foreign direct investment (FDI) and labor-intensive enterprises (OFDI) of trade type, manufacturing type, R & D type, and so on. For enterprises in low-income host countries, productivity has a significant positive impact on the possibility of OFDI. In addition, the paper also finds that productivity has a significant positive impact on the amount and scope of OFDI. The above empirical evidence shows that there is no obvious "productivity paradox" in OFDI of large industrial enterprises in China.
【作者单位】：广东省委党校经济学教研部;广东外语外贸大学粤商研究中心;
【基金】：国家社科基金青年项目(15CJY002);国家社科基金重点项目(12AZD028) 教育部重大课题攻关项目(14JZD021)的资助成果之一
【分类号】：F279.27;F832.6

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