对外直接投资如何影响出口——基于制造业企业的匹配倍差检验

Influences of OFDI on Export of Chinese Manufacturing Firms: Evidence from Difference-in-Difference Approaches Based on Propensity Score Matching

本文通过整合"中国工业企业数据库"和"境外投资企业(机构)名录",运用倾向得分匹配和倍差法考察中国制造业企业对外直接投资的出口效应。实证结果表明,商贸服务型对外直接投资的出口促进效应显著,当地生产销售型对外直接投资可能带动资本品等的出口;总体看,2005-2009年期间中国对外直接投资正向影响出口贸易的发展,在改变样本匹配方法和模型设置以及控制加工贸易等情形下,这一结论是稳健的。本文的研究为协调对外贸易和对外投资等宏观决策提供了微观层面的经验证据。

Using the merged data of Chinese industrial enterprises database and overseas investment enterprises （institutions） list database, the paper examines how outward FDI affects firms＇ export based on propensity score matching and difference in difference approaches from 2005 to 2009 in China. The empirical results show that the outward FDI of manufacturing firms can promote the export growth of firms, and the conclusion remains the same for various robustness tests. The findings in this paper provide a microeconomic foundation for the macroscopic policy-makings.