中国对外直接投资的逆向溢出效应——基于企业异质性与微观面板数据的考察

Reverse Spillovers of China's Outward FDI:Based on the Firms' Heterogeneity and Micro-panel Data

自"走出去"战略实施以来,中国企业的对外直接投资迅速增长,投资成效也备受关注。现有关于对外直接投资逆向溢出效应的研究并未取得一致的结论,而且较少关注企业对外直接投资后的微观绩效。基于商务部中国对外直接投资企业名录和2003-2009年中国工业企业数据,结合倾向得分匹配法与倍差法,在控制内生性问题的基础上,检验对外直接投资的逆向溢出效应,并考察企业异质性对溢出效应的影响。研究结果表明,对外直接投资能够显著提升母公司的全要素生产率以及劳动生产率,母公司的负债比率也明显提升;母公司企业规模、资本密集度对全要素生产率和劳动生产率提升有显著的正向作用;母公司具有外资背景和国际经营经验能更好地吸收逆向溢出效应,但含有外资股权以及具有出口行为对母公司的财务状况产生负向影响。

This paper analyzes the reverse spillover of outward foreign direct investment（ OFDI） using firm- level data of OFDI and Chinese industrial enterprises in the period of 2003 to 2009. Based on the method of propensity score matching and difference in difference estimator,we find that the productivity of parent firms is significantly improved,no matter it is measured by TFP or labor productivity,whereas OFDI may results in a higher debt ratio of parent firms. This research also shows that the parent firms will be more productive when they have the cooperation with foreign firms and experience of exporting.