我国跨国公司OFDI的市场效应——基于不同所有制企业的分析

Market Effects of Chinese OFDI: An Ownership Approach

本文采用系统GMM方法控制内生性问题,使用1998-2007年我国制造业企业的微观数据,基于企业的不同所有制特征,研究跨国公司OFDI的市场效应。结果表明:国际市场上,跨国公司OFDI数量对本土企业出口具有积极作用,而跨国公司OFDI广度对出口具有消极作用,投资国越多、越分散,会替代企业出口;国内市场上,跨国公司OFDI的市场效应因企业的所有制性质而异,OFDI数量增加会减少国有企业和集体企业的国内销售,增加私营企业的国内销售,OFDI广度增加会增加国有企业和私营企业的国内销售,对集体企业没有显著影响。

This paper puts forward four hypotheses on the impact of outward foreign direct investment （OFDI） on the international and home markets. Firm-lev- el data of Chinese manufacturing industry from 1998 to 2007 are used to test the hypotheses with a system GMM method. Considering the heterogeneity, this paper classifies firms according to their ownership types. The results show that OFDI by multinational enterprises （MNEs） has a significant effect both on the in- ternational market and home market. On the international market, the quantity of OFDI has a positive effect on indigenous firms＇ exports, but the scope of OFDI has a negative effect on their exports. On the domestic market, OFDI＇s market effects vary with firms＇ ownership types. Specifically, the quantity of OFDI has a negative effect on domestic sales of state-owned enterprises （SOEs） and collec- tively-owned enterprises （COEs）, but has a positive effect on domestic sales of privately-owned enterprises （POEs）. The domestic sales of SOEs and POEs, but mestic sales. The findings help MNEs to scope of OFDI has a positive effect on has no significant effect on COEs＇ do- develop their marketing strategies.