民营企业对外直接投资决策内部影响因素——基于温州微观层面企业数据的实证研究

The Internal Factors Influencing Private Enterprises' Decision Concerning Foreign Direct Investment——An Empirical Study Based on Micro-level Enterprise Data of Wenzhou

文章聚焦于民营企业对外直接投资决策的内部影响因素,通过匹配温州市商务局的民营企业对外直接投资信息和《中国工业企业数据库》中温州民营企业的微观数据发现,对外直接投资的民营企业和非对外直接投资的民营企业存在较大的内部差异。进一步地,通过构建二值选择模型进行的实证研究发现,企业规模和出口倾向是民营企业对发达国家(地区)和发展中国家(地区)进行对外直接投资决策的共同正向影响因素;而在民营企业对发展中国家(地区)的对外直接投资决策中,生产率和技术能力也是正向影响因素,企业内部管理效率则是负向影响因素。这种差异产生的原因在于,民营企业对发达国家(地区)和发展中国家(地区)进行对外直接投资的动机不同。

In this paper, we have focused on the internal factors influencing private enterprises＇ decision concerning foreign direct investment. Through comparing the information about private enterprises＇ foreign direct investment from Wenzhou Com- merce Bureau and Wenzhou private enterprises＇ micro-level data from ＂China Industrial Enterprises Database＂ , we have found that there exists great internal difference between private enterprises which have launched direct foreign investment and the private enterprises which have not. Furthermore, through the empirical research using the constructed binary choice model for empirical research, we have found that the firm size and export tendency are common positive factors influencing private enterprises＇ direct foreign investment to the developed and developing countries. Productivity and technology capability are also positive factors influ- encing private enterprises＇ direct foreign investment to developing countries, while the internal management efficiency is a nega- tive factor. This difference is due to the different motives between private enterprises＇ direct foreign investment to developed coun- tries and developing countries.