上市公司外商直接投资持续时间及其决定因素研究

Study on the Duration and Determinants of Foreign Direct Investment (FDI) in listed Corporation

为了促进外资长期投资,进而稳定国际资本账户收支,促进经济长期稳步发展,通过KaplanMeier乘积限法,COX比例风险模型和weibull检验法研究了上市公司外商直接投资持续时间及其决定因素。研究发现,宏观层面上,国内生产总值的增加和东道国官方汇率的上升、相对劳动力成本与企业所得税率的降低有利于上市公司外商直接投资生存;在微观层面上,投资收益、每股收益与营业总收入三因素的增加,资产现金回报率的降低有利于上市公司外商直接投资生存,且企业性质与语言共通性对不同决定因素有影响。

In order to promote the long-term foreign investment,stabilize international capital account balance,and promote the steady development of the economy,we use the Kaplan-Meier product method,the COX proportional hazard model and Weibull test method to analyze the duration and determinants of foreign direct investment(FDI)in listed corporation.We found that on the macro level,the increase of GDP and host of the official exchange rate,the decrease of relative labor costs and corporate income tax rate are in favor of the survival of listed corporation to maintain foreign direct investment.On the micro level,The increase in three factors beneficial of earnings per share,revenue of investment and total revenue of operating are benefit for foreign direct investment to survive,and the decrease of the cash return on assets is in favor of it.Besides,the nature of enterprises and language interlink are influential on the determinants in different degree.