中国企业对外直接投资的微观障碍分析——基于生产率异质性理论的分析方法

The Micro-Barriers of Chinese Firms OFDI:A Study based on the Methods of Productivity Heterogeneity

论文以Melitz(2003)的生产率异质性方法为基础,以湖南省87家"走出去"企业为例进行经验分析。研究发现:从生产率总体水平看,没有1家企业4项指标都达标准分值,无优势企业特征明显;投资主体的企业性质和组织方式直接制约企业"走出去"生产率水平的提升;在投资决策和经营战略层面都存在异质企业行为趋同现象,严重影响投资后的整合竞合绩效和可持续发展。结果表明,无优势企业对外投资可能会出现Melitz(2003)提出的产业内演进效应,面临典型的进入-退出轨迹。为此,论文从中国国际生产网络及其组织机制的构建进行策略设计,提出依托国际生产组织、促成企业与政府合力是推进当前我国无优势企业对外投资的有效路径。

Based on Melitz's(2003) methods of productivity heterogeneity,the paper investigates 87 going global firms of Hunan province and finds out:None of firms can achieve standard scores in 4 productivity index,which to be topic no-advantage firm feature.The nature of firms and organization mode restrict productivity level of going global firms.The heterogeneous firms conduct no discrepancy in investment decisions and market strategies so that influence the M&As effects and sustainable development of OFDI.The results show that no-advantage firms OFDI maybe conform to Melitz′s intra-industry reallocations effects and the topic path of firms′ entry and exit.Finally,the paper insists that China should contribute to the union of firms and government,and build up China′s international production metworks and its organization mechanism to deal with these barriers.