外资来源、内生组织形式与生产率溢出——来自中国制造业的经验证据(1998～2007)

FDI's Origin,Endogenous Organization Form and Productivity Spillover——An Empirical Evidence from Chinese Manufacturing Industry(1998～2007)

外资来源的异质性问题在以"量"为主的外资政策语境下,长期以来被研究者忽略。而外资企业组织形式选择的内生性,使得以外资份额为解释变量的相关研究面临严重的估计偏误问题。本文运用1998～2007年中国制造业微观企业数据,考察了外资来源的异质性和组织形式的差异对不同所有制企业生产率外溢效应的影响。研究结果表明,外资份额和外资企业的组织形式选择具有内生性;西方外资的进入提升了国有企业生产率、抑制了私营企业生产率提高,而港、澳、台资的进入对国有和私营企业生产率均有显著正向溢出效应;以合资形式进入的外资对国有企业生产率影响最大,而合作形式的外资对私营企业生产率影响最大,独资形式的外资对两类企业都有显著的正向生产率外溢效应。本文的结果对外资分类管制、外资企业组织形式的限定等具有重要的政策含义。

The Country-of-Origin effects of FDI have recently attracted considerable attention, from both a theoretical and an empirical perspective. FDI from different countries acts differently in three ways. First, their entry motivation varies. FDI from non-Chinese western source countries targets domestic huge market, while FDI from Hong Kong, Macao and Taiwan （ HMT for short） tries to utilize cheap labor force. Second, investment sizes are different. The average FDI project size invested by HMT firms is relatively lager than those invested by non-Chinese western firms. Third, their own advantages are also unique. Western firms focus more on technology than HMT firm does. Furthermore, different FDI may choose different organization forms when they enter Chinese market, such as joint venture companies, cooperate companies and individual proprietorship companies. That means the seemingly exogenous organization form of FDI is actually endogenous. From these perspectives, we expect FDI from different source countries may spillover their productivity differently, which motives this study. The goal of the paper is to address the concerns described above and find out in what way FDI affects local firms. By employing a micro-level Chinese manufacturing firm data over the period of 1998 - 2007, we first formally test the endogeneity of FDI share ratio and its endogenous chosen on organization forms following Hausman test procedure. To correct the bias aroused by employing OLS method, following existing studies, we select one-period lagged FDI share ratio as an instrument variable, and then estimate our models using Two-Stage OLS （2SLS）to get unbiased results. Also,for robustness check, we use another different measure of total factor productivity （TFP）to run the regressions, the results remain unchanged. The main findings of this paper can be described as follows. First ,the heterogeneity of FDI in terms of their origin has different impacts on domestic firms＇ productivity, and this impact varies across ownerships, from state-owned firms to private firms. For state-owned firms, the entry of western FDI and HMT＇ s FDI significantly enhance their productivity. But this law doesn＇ t hold for private firms, the entry of western FDI does not improve, in fact, it decreases private firms＇ productivity. The entry of HMT＇ s FDI, however, benefits private firms significantly. Second, the spillover effect of FDI also varies by means of FDI＇ s different organization forms. Those who choose joint venture form have the deepest influence on domestic firms＇ productivity. Cooperation form FDI spillovers more for stateowned firms, but individual proprietorship FDI impacts private firms heavier than it does to state-owned firms. These results have profound implications on both theory of FDI and policies related to FDI regulation. First, empirical results indicate that it does matter where FDI comes from. Our results support the idea that HMT＇ s FDI spill- over more than western FDI,indieating that, we should emphasis more on attracting more HMT FDI. Cultural similarity helps domestic firms to absorb their productivity spillover. Second, the target of our FDI policy today is to attract more and more FDI, but in order to make sure they can benefit local firms, we need to guide, interrupt and regulate FDI＇ s organization form when making FDI related policies. Currently, the organization form regulation is only found in natural resource industries and industries strategically crucial to country safety, in fact, it also relates to productiv- ity. Third, the degree of regulation should be different according to their source countries. The focus of regulation of FDI should be on western firms who choose individual proprietorship form when entering. And finally, this paper of- fers a framework on the combination of FDI＇ s origin and domestic firms with different ownership structure. Generally, western FDI plus domestic state-owned firms and HMT FDI combine domestic private firms will perform better.