时间演进下外资进入程度对内资企业绩效的影响

The Influence of FDI Inflow on the Performance of Domestic-funded Enterprises over Time

利用中国制造业1997—2007年间企业层面数据，分析了行业内、行业间外资进入程度对内资企业绩效的影响以及模仿壁垒的调节作用。实证结果表明：外资进入程度对同行业和上游行业的内资企业绩效均有正向影响，而对下游行业的内资企业绩效的影响较弱；在行业内，当模仿壁垒较高时，即FDI不规律进入、无形资产比重更高和出口程度更高时，负向调节外资进入程度对内资企业绩效的影响；在行业间，出口程度与行业内得出的结论一致，而外资不规律地进入负向调节作用不明显，无形资产比重更高却有利于外资进入程度对内资企业绩效的影响。该研究结果进一步拓展了外资溢出效应的研究边界，为深化外商直接投资政策提供了新的方向。

Based on the enterprise level data of manufacturing industry in China from 1997 to 2007, the paper analyses the influence of FDI inflow on the performance of domestic - funded enter- prises in both intra- manufacturing industry and inter- manufacturing industry and the adjustment function of barrier to imitation. Empirical results show that the degree of FDI inflow has positive in- fluence on the domestic -funded enterprises of the same industry and the upstream industry, while the influence on the performance of the downstream industry is comparatively weak. For inter - man- ufacturing industry, when the barrier to imitation is high, that is, the inflow of FDI is irregular, the proportion of intangible asset is high and the export intensity is high, we can find negative adjust- ment function of the impact of FDI inflow on the performance of domestic - funded enterprise. For intra - manufacturing industry, the result of export intensity is the same with the inter - manufactur- ing industry, but the negative adjustment function of irregular FDI inflow is insignificant, and the higher proportion of intangible asset is beneficial to the impact. search boundary of FDI spillover effect, and provides new ideas This study further expands the re- on deepening FDI policy.