外向型对外直接投资与母公司生产率——对母公司特征和子公司进入策略的考察

Outward Foreign Direct Investment and Firm′s Productivity:Emphasis on the Characteristics of Parent Firms and Entry Strategies of Subsidiaries

基于2002—2008年我国制造业企业数据和对外直接投资的数据,本文考察了对外直接投资对母公司企业生产率的影响并着重考察了母公司特征和子公司进入策略在其中的作用。本文运用扩展的Olley-Pakes(1996)方法来估算企业生产率,并运用倾向得分匹配的方法考察了企业对外直接投资的生产率效应,得到了如下结论:(1)总体而言企业生产率确实能够从对外直接投资中获益,从首次进行对外直接投资后一年开始其生产率会显著高于无对外投资的企业。这种生产率效应会因母公司特征和子公司进入策略的不同而存在异质性。(2)对于吸收能力强的企业,其生产率提升效应从投资当年就开始显著;且这种生产率效应对非国有企业更加明显。(3)投资到OECD国家的企业生产率获益会高于投资到非OECD国家的企业。绿地投资能显著促进企业生产率提高,而兼并收购会给母公司带来更大挑战,但对能够在较长期成功应对挑战的母公司会带来更大的生产率获益。最后,本文还运用不同的生产率度量方法和实证估计方法检验了本文主要结论的稳健性。

This paper investigates the effect of outward foreign direct investment （OFDI） on parent finn＇s productivity using novel firm-level data of OFDI and manufacturing production from China in the period 2002-2008. Finn-level total factor productivity （TFP） is measured using an augmented Olley-Pakes （1996） method, and our research shows that overall finns investing abroad become more productive after they start OFDI, based on a method of propensity-score matching. The productivity effect varies because of the parent firm and host country heterogene- ity. Firms with strong absorptive capability become more productive once they start investing abroad. Non-SOEs gain much more productivity benefit from OFDI than SOEs. Using informa- tion of finn-level investment destination, we find that productivity gains are higher for firms in- vesting in OECD countries. Greenfield investment will promote parent finns＇ productivity, while merge and acquisition bring bigger challenges for parent firms. These results are also robust to different TFP measure and different estimation specification.