中国对外直接投资的逆向溢出效应——基于企业异质性与微观面板数据的考察

发布时间：2019-02-12 11:20

【摘要】：自"走出去"战略实施以来,中国企业的对外直接投资迅速增长,投资成效也备受关注。现有关于对外直接投资逆向溢出效应的研究并未取得一致的结论,而且较少关注企业对外直接投资后的微观绩效。基于商务部中国对外直接投资企业名录和2003-2009年中国工业企业数据,结合倾向得分匹配法与倍差法,在控制内生性问题的基础上,检验对外直接投资的逆向溢出效应,并考察企业异质性对溢出效应的影响。研究结果表明,对外直接投资能够显著提升母公司的全要素生产率以及劳动生产率,母公司的负债比率也明显提升;母公司企业规模、资本密集度对全要素生产率和劳动生产率提升有显著的正向作用;母公司具有外资背景和国际经营经验能更好地吸收逆向溢出效应,但含有外资股权以及具有出口行为对母公司的财务状况产生负向影响。
[Abstract]:Since the implementation of the "going out" strategy, the foreign direct investment of Chinese enterprises has increased rapidly, and the effect of investment has attracted much attention. The existing research on reverse spillover effect of FDI has not reached a consistent conclusion, and less attention has been paid to the micro-performance of OFDI. Based on the list of China's foreign direct investment enterprises of the Ministry of Commerce and the data of China's industrial enterprises from 2003 to 2009, the reverse spillover effect of foreign direct investment (FDI) is tested on the basis of controlling the endogenous problems by combining the tendency score matching method and the double difference method. The influence of heterogeneity on spillover effect is also investigated. The results show that OFDI can significantly improve the total factor productivity and labor productivity of the parent company and the debt ratio of the parent company. The size of the parent company and the capital intensity have a significant positive effect on the total factor productivity and labor productivity. The parent company with foreign capital background and international operation experience can absorb the adverse spillover effect better, but it has negative influence on the financial condition of the parent company with foreign equity and export behavior.
【作者单位】：暨南大学经济学院;
【基金】：国家自然科学基金青年项目“基于技术溢出和吸收能力的本土供应商生产率提升研究”(项目编号:71203077,项目主持人:杨亚平);国家自然科学基金重点项目“推动经济发达地区产业转型升级的机制与政策研究”(项目编号:71333007,项目主持人:胡军) 中央高校基本科研业务费专项资金资助项目“我国外向FDI的学习效应及其机制研究”(暨南启明星计划15JNQM001) “区域成本差距、产业转移与产业升级”(暨南大学引进人才项目12614802)
【分类号】：F832.6

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