中国对外直接投资如何影响了企业加成率：事实与机制

How Outward Foreign Direct Investment Affects Chinese Manufacturing Firms' Markups:Facts and Mechanisms

本文使用中国制造业企业的生产和贸易数据,深入考察了对外直接投资(OFDI)对企业加成率的微观影响和作用机制。研究发现,对外直接投资显著提高了企业加成率,其中投资高收入国家对企业加成率的提升作用要明显大于投资中低收入国家。此外,研发加工型和多样化型OFDI对企业加成率的影响程度相对较大。进一步对影响机制的检验表明,一方面,OFDI促进了企业进行新产品创新,降低了需求弹性,从而有利于企业制定更高的价格;另一方面,OFDI提高了企业的生产效率,从而可能降低企业的边际生产成本。

By using the production and trade data about Chinese manufacturing firms, this paper for the first time investigates the micro effects and the mechanisms of outward foreign direct investment （ OF- DI） on firms＇ markups, and the results are significantly positive. Focusing on investment destinations and business types, we find that OFDI in high-income countries exhibits greater effect on firms＇ markups than that in low- and middle-income countries, and that diverse OFDI in R＆D processing has a more compelling effect. Further tests on mechanisms show that, on one hand, OFDI promotes firms＇ innovation on new prod- ucts, which can reduce the demand elasticity and then help firms set higher prices ; on the other hand, OF- DI enhances firms＇ production efficiency, which tends to reduce the marginal costs.