上市公司对外直接投资的自我选择效应和学习效应

Listed company overseas direct investment' s self selection effect and learning effect

本文使用广东省上市公司2008-2012年面板数据来研究企业对外直接投资与全要素生产率之间的关系。结果显示上市公司在进行对外直接投资时不存在自我选择效应,甚至存在一定的生产率悖论。企业规模,利润,人力资本,所有制结构都是影响企业进行对外直接投资的重要因素。企业进行对外直接投资存在显著的学习效应,学习效应的发挥受到母公司人力资本和当地金融发展水平的影响。

Based on the panel data of the listed com~ pany in Guangdong province from 2008 to 2012. this pa- per analyzes the relationship between the OFDI and the firm＇s total factor productivity .The results show that self-selection effect is not obvious when the listed company conducts OFDI; even there is a certain produc~ tivity paradox. The company＇s scale ,profit ,human cap- ital,the ownership structure are both the important factors that affect the OFDI decision. There is obvious learning -by-investment effect and this effect is af- fected by the parent company ＇human capital level and the level of financial development in the home country.