基于不同投资动机的跨国服务企业FDI学习效应研究

FDI Learning Effects of Multinational Services Firms:A Perspective of Different Investment Motivations

在跨国服务企业已成为FDI主体和FDI动机日益凸显的背景下,文章通过引入沟通成本因子在理论层面考察了不同投资动机的跨国服务企业的FDI学习效应,并利用美国跨国服务企业的样本数据,分别基于母国和东道国视角进行了动态面板GMM检验。研究表明:寻求效率的跨国服务企业存在显著的FDI学习效应,而市场寻求型FDI的学习效应不存在;企业自身及东道国较高的研发水平能够促进效率寻求型FDI的学习效应,但东道国的经济发展水平具有抑制作用;与制造业的比较发现,制造业跨国企业不存在FDI学习效应,但内外部因素对其FDI学习效应的现实影响与服务领域基本一致。文章结论对于我国政府今后支持服务企业"走出去"的战略选择以及提高国内服务业的发展水平和国际竞争力具有一定的启示。

In the context of FDI activities dominated by multinational services firms and increasingly highlighted FDI motivations,this paper introduces communication costs,theoretically analyzes the FDI learning effects of multinational services firms with different investment motivations,and makes a dynamic panel GMM test from the perspectives of home and host countries by the micro-data of multinational services firms in the US.It comes to the results as follows：firstly,there is significant FDI learning effect in multinational services firms seeking efficiency,but there is no FDI learning effect in multinational servicesfirmsseekingmarket;secondly,theRDlevelsofmultinational services firms and the host country have the significantly positive impacts on FDI seeking efficiency,but the economic development of the host country plays the inhibition role in FDI seeking efficiency;thirdly,compared with the manufacturing sector,there are no significant FDI learning effects in the multinational manufacturing firms,but the real impact of internal and external factors on FDI learning effect is similar with the one in the services sector.The results provide some implications for future go-out strategy of services firms encouraged by Chinese government and the improvement of the development and international competitiveness of domestic services.