外资企业集聚对本土企业国有占股比例的影响——基于区域禀赋差异分析

An empirical analysis of foreign firm presence on privatization in China:The role of regional endowment

旨在研究企业所在地的地区禀赋差异如何通过外资企业集聚影响本土企业国有占股比例的调整。因变量为企业国有占股比例,关键自变量为通过地区自然及人文禀赋差异作为工具变量代理的外资企业集聚程度,以及企业所在的地理区位特征,包括交通和经济区位。基于世界银行工业调查数据库企业调查数据并运用IV-Tobit估计方法,研究发现:1较高的外资企业集聚程度将降低同行业内本土企业国有股份占股比例;2主要矿产资源越丰富的地区,外资企业集聚程度相对较低,而人文科技教育越发达的地区,外资企业集聚程度越高;3传统的沿海沿江及经济特区等区位特点对企业所有制结构的影响逐渐减弱,而当地交通货运发达程度对混合所有制经济发展的作用正日益显现。最后,在此基础上提出关于发展混合所有制经济的政策建议。

This paper investigates the role of various regional endowments in influencing the privatization decision for domestic establishments in China through foreign firm presence. The regional endowment has been divided into three categories： geographical endowment, natural endowment, and social endowment.The dependent variable is firm-level state ownership, a percentage variable from zero to hundred percent. The key explanatory variable is firm- level foreign enterprise presence,measured by net fixed asset of a local firm relative to that of an average level of that of foreign firms within the same sector. Because of endogeneity, the instrument variable for foreign firm presence are natural and social regional endowments, represented by regional mineral reserves, including petroleum and coal, regional total sown area, and regional total number of full- time faculty in local institutions and universities. The important control variable is geographical endowment, represented by following two variables, a dummy variable indicating whether the city where a local firm is located is a coastal city,Changjiang riverside city, or special economic zone, and a quantitative variable calculating the regional freight gross of roads, waterways and railways where the local firm is located.By implementing IV- Tobit estimation and using enterprise surveys by the World Bank of more than twelve thousand Chinese firms located over approximately a hundred Chinese cities, we find the following empirical results based on the support of empirical evidence：first, averagely, increasing in foreign firm presence of a local firm decreases the state ownership of that firm; Second, the richer the regional mineral reserves, the lower the presence of foreign firms within that region; However, the cities with wealthy educational resource attract foreign enterprises to be located there. Third, as the opening up policies launching gradually from eastern to central and western China, the positive beneficial effect brought by being in coastal cities, Changjiang riverside cities, and special economic zones to the firm-level ownership structure reform has been faded out. Notwithstanding, the regional transportation development shows its significant impact on mixed ownership economy.