地区服务业发展是否促进了中国企业对外直接投资——基于投入产出关系的研究

Does the Development of Domestic Service Industry Promote OFDI of Chinese Manufacturing Firms——Research Based on Input-Output Linkages

本文使用中国2004—2013年地区服务业发展与企业对外直接投资的数据,探究了上游服务业的发展能否以及如何促进企业的对外直接投资行为。研究结果显示:上游服务业的发展主要通过降低下游企业生产成本、提高企业效率、降低企业对外直接投资所面临不确定性等途径促进下游制造业企业对外直接投资;上游服务业发展仅能有效促进下游企业的垂直类与生产服务类对外直接投资,无法促进水平类对外直接投资;当投资目的地的服务业发展水平较高时,上游服务业的发展对下游制造业企业对外直接投资的促进作用更强。

Combining firm-level OFDI data with provincial statistical yearbook of the tertiary industry over the period 2004-2013,this paper studied whether and how the development of upstream local service in a home country affected a downstream firm’s decision to be a multinational.It reveals that the development of upstream service industry promotes the OFDI of downstream manufacturing firms,which is driven by lower marginal cost,higher productive efficiency and less uncertainty in their potential market.This finding is driven by vertical OFDI rather than horizontal OFDI.Upon a well-developed destinations,it is the upstream service industry that exerts the stronger effect in promoting OFDI.This paper sheds new light on a mutually-enhanced development strategy,in which policy makers may facilitate local industrial services on one hand,and promotes OFDI on the other.