资本扭曲与企业对外直接投资——以全要素生产率为中介的倒逼机制

Capital Distortion and Outward Foreign Direct Investment——Reversal Pressure Mechanism from Mediating Effect of Total Factor Productivity

中国企业的对外直接投资行为表现特殊。不完善的信贷市场和特定范围的政策支持带来了普遍的资本扭曲,在造成成本负担的同时,也迫使企业提升生产率,并在客观上产生了增强其对外直接投资能力及意愿的效果。围绕这种复杂的影响机制,本文以中国工业企业数据库与《境外投资企业(机构)名录》的匹配数据为基础,采用两种半参数方法测算全要素生产率,利用间接法构建资本扭曲测度指标,并在考虑稀有事件偏误等问题的基础上进行了实证分析。结果表明,企业生产率与资本扭曲分别会对企业的对外直接投资决策产生正向和负向的直接影响,但同时,资本扭曲会给企业带来更高的生产率要求,进而通过生产率的中介作用产生正向的间接影响,即出现与其阻碍效应相反的倒逼机制。上述结论表明,推动企业对外直接投资的关键仍在于提高生产率水平,其中优化资本环境与鼓励技术创新的政策更具有长期意义。

Chinese firms＇ outward foreign direct investment shows specificities. Imperfect credit system and biased policy bring common capital distortion, resulting in cost burden. Capital distortion also drives firms to improve outward. To stu database and MN productivity, which can objectively enhance firms＇ ability and intention of investing dy this complex mechanism, we merge the data of Chinese Industrial Enterprises Cs data to measure total factor productivity （TFP）. By two semi-parameter methods. Further, we modify and build a method to measure capital distortion by indirect method. Rare events bias is also modified. The conclusion shows that productivity and capital distortion have directly positive and negative impacts on OFDI decision respectively. Meanwhile, capital distortion also requires higher productivity so that it affects OFDI decision positively and indirectly by productivity＇s mediating effect. This is a reversal pressure mechanism opposite to its impediment effect. We may find that increasing firm＇s productivity is very important for driving investment oversea, showing a long-term significance on improve social capital environment and encourage technical innovation.