中国企业对外投资与经济绩效生产率悖论检验

A Test on China Enterprise OFDI and Economic Performance Productivity Paradox

短期内我国大量企业参与海外投资很难解释为是由于生产率水平的提高。利用LP方法对样本企业的全要素生产率进行测算,总体来看,OFDI企业相比于非OFDI企业具有更好的绩效表现。在控制了企业规模等影响企业生产率水平的一系列影响因素之后,OFDI企业相比于与之匹配的非OFDI企业并不具有明显更好的经济绩效,论证了中国OFDI企业存在"生产率悖论"的质疑。放开对非国有企业各种投资许可限制,取消各种融资歧视是制度完善的方向。

The recent growing participation of China enterprises into OFDI is hard to be explained by the increase of productivity levels. This paper measures sample enterprises＇ TFP with the LP method. Overall, the OFDI enterprises present a better performance compared to the non-OFDI ones. The control of a series of factors affecting the productivity level such as enterprise scale produced no obvious better performance for OFDI enterprises,compared to the non-OFDIs,which demonstrates a＂productivity paradox＂ existing in China＇s OFDI enterprises. The suggestion for institutional improvement is to lift the restrictions on investment licenses for non-state-owned enternrises and other financing discriminations.