中国对外直接投资企业生产率影响因素研究

Study on Influencing Factors of Productivity of China's OFDI Firms

本文选取1999-2010年沪深证券交易所上市的对外直接投资企业为研究样本,在对外直接投资理论的基础上结合资源基础理论、产业组织理论、制度理论,从不同视角分析中国对外直接投资企业生产率的影响因素。实证结果发现,对外直接投资企业的资本劳动比、员工受教育程度、企业运营成本、行业内竞争程度、市场占有率对其生产率有正向影响;企业规模、国家所有权水平对其生产率有负向影响。同时本文还揭示了现实中出现的与传统理论不符的现象,如投资到发达国家反而会使母国企业生产率降低、企业经营成本越高其生产率也越高等现象,本文结合实际针对这些现象给出了合理解释,并对如何提高中国对外直接投资企业生产率分别向企业和政府提出了政策建议。

Based on FDI, RBT, IO and the institutional theory, this paper conducts an empirical analysis on the influencing factors of productivity of China＇ s OFDI firms by using data of listed firms from 1999 to 2010. The findings show that the firm age, capital- labor ratio, education of employees, operating costs, industry competition degree and market share have positive effects on pro- ductivity of OFDI firms, while the firm size and the state- owned share have negative effects. In addition, this paper reveals the phenomenon that investing in the developed countries could decrease the productivity of the home country and higher operating costs could create higher productivity, which are inconsistent with the traditional theories. And this paper offers rational explanation. Moreover, according to the analysis, this paper puts forward suggestions of improving pro- ductivity for OFDI firms and the government respectively.