企业多元异质性与中国战略资产获取型OFDI的自我选择

发布时间：2018-05-18 07:07

  本文选题：多元异质性 + 自我选择　； 参考：《山东大学》2016年博士论文

【摘要】：关于国际直接投资理论,经济学家们已经建立了理论框架研究企业为什么和怎样进行FDI,但是发展中国家跨国公司的出现为FDI理论研究提供了进行实证检验、提炼以及扩展的独特的研究背景。与传统跨国公司相比,由于经济发展水平低,存在体制漏洞等,发展中国家跨国公司在国际化进程中具有不同的投资动机、竞争战略和风险承受能力；发展中国家OFDI“体现出获取国内企业所缺乏的技术、管理和战略技能的特征”,即战略资产获取动机。随着全球FDI自由化的推进,大量中国企业通过OFDI涌入国际市场,进行战略资产获取；在激烈的国际市场竞争中,有的企业越来越强大,建立起自己的所有权优势,有的企业艰难生存,直至退出市场。中国OFDI企业国际经营绩效的差异以及市场的进入和退出体现了异质性企业FDI理论的主要观点,即企业异质性是国际化自我选择和国际经营绩效差异的主要原因。本文尝试利用最新的异质性企业FDI理论的研究框架对发展中国家战略资产获取型OFDI的自我选择和投资绩效进行研究。当异质性企业理论框架置于发展中国家OFDI情境中,特别是考虑到发展中国家普遍存在的战略资产获取型OFDI时,必须改变相关假设条件,如加入逆向溢出的假设。相应地,模型中原有的FDI与生产率、FDI学习效应、FDI自由化与福利影响等关系也需要重新加以考虑；在这种情况下,简单的静态模型分析已不足以对现实进行全面解释,需要在模型中融入企业异质性的动态化。本文理论和实证研究得到的主要结论如下：(1)本文通过对Helpman et al.(2004)的异质性企业FDI理论模型进行修正,将不同于普通FDI的战略资产获取型FDI引入理论框架；并在此基础上引入生产率驱动因子的概念对企业生产率进行动态化,从而建立一个包含内生周期变动的、刻画企业自我选择的长期均衡模型。该模型的内生“自我选择”动态过程表明企业会有目的地采取行动去提高生产率水平,并基于自身生产率异质性进行“自我选择”,从而引导市场的动态变化。生产率最低的企业,不对生产率驱动因子进行投资,其生产率将逐步下降为零,最终被驱逐出市场。生产率高的企业选择进入国际市场并不断对生产率驱动因子进行投资,其生产率水平、利润和产量持续得以提升；其中只有生产率最高的企业才会选择进行战略资产获取型FDI,因为与普通FDI相比,该类FDI需要投入更高的进入成本和生产率驱动因子投资成本。(2)本文利用L-P方法对中国制造业上市公司进行全要素生产率估计,结果表明生产率异质性与生产率悖论并存。一方面即使对于像中国这样的发展中国家,异质性企业FDI理论也能够对问题做出一定的解释；另一方面在某些行业中,企业的国际化经营决策存在着“FDI——生产率悖论”和“战略资产获取型FDI—生产率悖论”。为此本文在理论模型中引入重要的FDI逆向溢出效应,改变了企业的生产成本、企业国际化经营的利润、以及企业各种国际化决策的临界生产率水平；在假设FDI和战略资产获取型FDI的逆向溢出效应足够大的情况下,可以对“FDI——生产率悖论”和“战略资产获取型FDI——生产率悖论”做出—定的合理解释。(3)本文利用2005-2014年中国制造业上市公司数据,对基于企业多元异质性的中国战略资产获取型OFDI的自我选择进行了探讨；面板多元排序probit(logit)模型的回归检验结果显示,中国战略资产获取型OFDI的自我选择是基于包括生产率差异在内的企业多元异质性。与非OFDI和普通OFDI企业相比,中国战略资产获取型OFDI企业的生产率更高、规模更大、多为民营企业、多位于沿海开放城市、创新能力更强、更注重品牌塑造、长期偿债能力更强、增长速度较慢；上述企业多元异质性的影响在中国区域间和行业间存在着差异。金融危机带来的“游戏规则改变”为中国向发达国家进行“跳板”式战略资产获取提供了机会,引入金融危机虚拟变量的回归分析证明中国战略资产获取型OFDI的自我选择在2008年金融危机前后确实存在着“经济结构变动”情况。(4)本文运用2005-2014年中国1844家制造业上市公司数据对OFDI学习效应进行的实证检验结果显示：中国企业海外投资具有明显的OFDI学习效应,与基期相比,OFDI企业TFP有显著提高；特别地,战略资产获取型OFDI的学习效应比OFDI整体要更明显。鉴于OFDI学习效应模型无法刻画企业多元异质性的动态演变对中国战略资产获取型OFDI企业绩效的影响,本文运用2005-2014年中国740家制造业OFDI上市公司的面板数据,对企业多元异质性和企业绩效之间的关系进行了回归分析。结果发现：企业多元异质性对不同动机的OFDI企业绩效的影响存在着显著的差异；战略资产获取型OFDI企业绩效水平的提高显著表现在那些全要素生产率高、成立时间短、长期债务负担轻,成长迅速、职工报酬高的企业上。与现有文献相比,本文的创新体现在以下三个方面：(1)从发展中国家的角度对异质性企业FDI理论进行扩展和修正,构建了战略资产获取型FDI的理论模型。该理论模型是在Helpman et al.(2004)经典异质性企业FDI理论模型的基础上引入战略资产获取型FDI；同时参考Orlando Gomes (2014)的包含生产率驱动因子的内生非线性发展模型对静态模型进行动态化,从而建立起包含内生周期变动的、刻画企业自我选择效应机制的长期均衡模型。该模型能够解释基于生产率异质性的战略资产获取型FDI的自我选择,以及对生产率驱动因子进行不断投资带来的动态演进,从理论上弥补前人研究的空白；同时本文还依据实证检验的结果对该理论模型进行适时修正,引入关键的逆向溢出效应,以解释“战略资产获取型FDI——生产率悖论”。(2)从动态角度把握基于企业多元异质性的中国战略资产获取型OFDI的自我选择。通过考察中国企业OFDI的发展历程,指出生产率差异不是企业异质性的全部,中国战略资产获取型OFDI的自我选择是包括生产率在内的企业多元异质性共同作用的结果。运用2005-2014年中国企业的面板数据考察了基于多元异质性的中国战略资产获取型OFDI的自我选择,以及其在中国区域和行业间的差异。特别地,利用虚拟变量法,本文发现中国战略资产获取型OFDI的自我选择在2008年全球金融危机前后存在着“经济结构变动”情况。(3)本文建立的基于动态企业异质性的战略资产获取型FDI理论模型以及相关实证检验的结果丰富了现有异质性企业FDI理论和战略资产获取型FDI理论交叉研究的成果；对企业多元异质性的探讨和深入研究有利于揭开企业内部组织的“黑匣子”,更好地探究企业生产率提升和绩效改善的有效途径。
[Abstract]:On the theory of international direct investment, economists have established a theoretical framework to study why and how enterprises carry out FDI, but the emergence of multinational corporations in developing countries provides a unique research background for the empirical test, refining and expansion of FDI theory. Compared with the traditional multinational corporations, the level of economic development is low. In the process of internationalization, developing country MNCs have different investment motives, competitive strategies and risk tolerance. Developing countries' OFDI "embodies the characteristics of acquiring technology, management and strategic skills that domestic enterprises are lacking", that is, the motivation of acquiring strategic assets. With the promotion of global FDI liberalization, A large number of Chinese enterprises are pouring into the international market through OFDI to obtain strategic assets. In the fierce competition of the international market, some enterprises are becoming more and more powerful and have their own ownership advantages. Some enterprises are hard to survive and withdraw from the market. The difference in performance of international operation and the entry and exit of the market in China's OFDI enterprises are different. The main point of FDI theory in qualitative enterprise is that enterprise heterogeneity is the main reason for international self selection and international business performance differences. This paper tries to study the self selection and investment performance of strategic asset acquisition type OFDI in developing countries by using the latest research framework of heterogeneous enterprise FDI theory. When the framework is placed in the OFDI situation of developing countries, especially considering the common strategic asset acquisition OFDI in developing countries, the relevant assumptions must be changed, such as the assumption of the addition of reverse spillovers. Accordingly, the relationship between the original FDI and productivity, the learning effect of FDI, the liberalization of FDI and the impact of the welfare effect in the model also needs to be renewed. In this case, the simple static model analysis is not sufficient to fully explain the reality, and it is necessary to integrate the dynamics of enterprise heterogeneity in the model. The main conclusions of this paper are as follows: (1) this paper will modify the Helpman et al. (2004) heterogeneous enterprise FDI theoretical model, and will be different The strategic asset acquisition FDI of FDI is introduced into the theoretical framework, and on this basis the concept of productivity driving factor is introduced to the dynamic of enterprise productivity, thus establishing a long-term equilibrium model that contains endogenous periodic changes and portrays enterprise self selection. The industry will take action to improve the productivity level and "self selection" based on the heterogeneity of its own productivity to guide the dynamic changes in the market. The lowest productivity enterprises will not invest in the productivity drivers, and their productivity will gradually decline to zero and eventually be expelled from the market. To enter the international market and continue to invest in productivity drivers, the productivity level, profit and production continue to increase; only the most productive enterprises will choose the strategic asset acquisition FDI, because compared with the common FDI, the FDI needs to invest in higher entry cost and productivity drivers. (2) this paper uses the L-P method to estimate the total factor productivity of Chinese manufacturing listed companies. The results show that the productivity heterogeneity and productivity paradox coexist. On the one hand, even for developing countries like China, the FDI theory of heterogeneous enterprises can make some explanations to the problem; on the other hand, in some industries, There are "FDI - productivity paradox" and "strategic asset acquisition FDI - productivity paradox" in the international business decision making. In this paper, an important FDI reverse spillover effect is introduced in the theoretical model, which changes the production cost of the enterprise, the profit of the enterprise's international operation, and the critical productivity of the enterprise's various international decisions. On the assumption that the reverse spillover effect of FDI and strategic asset acquisition FDI is large enough, it can make a reasonable explanation of "FDI productivity paradox" and "strategic asset acquisition FDI - productivity paradox". (3) this paper uses the data of the 2005-2014 year Chinese manufacturing listed companies to be based on the diversification of enterprises. The self selection of the qualitative Chinese strategic asset acquisition type OFDI is discussed. The regression test results of the panel multiple ranking probit (logit) model show that the self selection of the Chinese strategic asset acquisition OFDI is based on the diversification of enterprises, including the difference in productivity. Compared with the non OFDI and ordinary OFDI Enterprises, China's strategic assets are compared. OFDI enterprises have higher productivity, larger scale, more private enterprises, more located in the coastal open cities, more innovative ability, more emphasis on brand building, more long-term debt paying ability and slower growth rate; the influence of multiple heterogeneity in these enterprises is different between regions and industries in China. The "game" brought by the financial crisis is the "game" The rule change provides the opportunity for China to carry out the "springboard" strategic asset acquisition to the developed countries. The regression analysis of the virtual variables of the financial crisis proves that the self selection of the Chinese strategic asset acquisition type OFDI does exist in the "economic structure change" before and after the 2008 financial crisis. (4) this paper uses 2005-2014 years of China 1. The empirical test results of 844 manufacturing listed companies' data on the learning effect of OFDI show that the overseas investment of Chinese enterprises has an obvious OFDI learning effect. Compared with the base period, the TFP of the OFDI enterprise has been significantly improved; in particular, the learning effect of the strategic asset acquisition OFDI is more obvious than that of the OFDI as a whole. In view of the OFDI learning effect model The method depicts the impact of the dynamic evolution of multiple heterogeneity of enterprises on the performance of Chinese strategic asset acquisition OFDI. This paper uses the panel data of 740 manufacturing companies in China for 2005-2014 years to analyze the relationship between multiple heterogeneity and enterprise performance. The results show that the diversification of enterprise heterogeneity is different to different enterprises. There are significant differences in the impact of the OFDI performance of motivation; the improvement of the performance level of the strategic asset acquisition OFDI is manifested in those enterprises with high total factor productivity, short time, light debt burden, rapid growth and high remuneration for workers. The innovation of this paper is reflected in the following three aspects. (1) to expand and amend the FDI theory of heterogeneous enterprises from the perspective of developing countries, the theoretical model of strategic asset acquisition FDI is constructed. The theoretical model is based on the introduction of strategic asset acquisition FDI on the basis of the Helpman et al. (2004) classic heterogeneous enterprise FDI theory model; meanwhile, it refers to the inclusion of Orlando Gomes (2014). The endogenous nonlinear development model of yield driving factor is dynamic to the static model, thus establishing a long-term equilibrium model that contains endogenous periodic changes and depicts the mechanism of enterprise self selection effect. This model can explain the self selection of the strategic asset acquisition type FDI based on productivity heterogeneity and the productivity driving factor. The dynamic evolution of continuous investment is made to make up the blank of previous research in theory; at the same time, the theoretical model is revised in time according to the results of empirical test, and the key reverse spillover effect is introduced to explain the "strategic asset acquisition FDI - productivity paradox". (2) from the dynamic perspective, it is based on the diversification of the enterprise. The self selection of Chinese strategic asset acquisition type OFDI is heterogeneous. By examining the development process of Chinese enterprise OFDI, it is pointed out that the difference in productivity is not the whole of the heterogeneity of the enterprise. The self selection of the Chinese strategic asset acquisition type OFDI is the result of the multiple heterogeneity of enterprises, including productivity, including the productivity of 2005-2014 years. The panel data of the industry examines the self selection of China's strategic asset acquisition based OFDI based on multiple heterogeneity and its differences in China's regions and industries. In particular, using the virtual variable method, this paper finds that the self selection of China's strategic asset acquisition OFDI has "economic structure changes" before and after the 2008 global financial crisis. (3) (3) the theoretical model of strategic asset acquisition based on dynamic enterprise heterogeneity and the results of relevant empirical tests have enriched the results of the cross study of the existing heterogeneous enterprise FDI theory and the strategic asset acquisition FDI theory, and the discussion and in-depth study of the diversification of enterprises is beneficial to uncover the internal enterprise. The organization's "black box" can better explore effective ways to improve productivity and performance of enterprises.
【学位授予单位】：山东大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.3;F279.2
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本文编号：1904901