生产率异质性、东道国市场条件与中国企业对外直接投资

Heterogeneity of Productivity,Market Conditions of Host Country and Foreign Direct Investment of Chinese Enterprises

使用2006~2012年A股上市工业企业样本数据,实证研究了具有生产率异质性的中国跨国企业如何在具有不同市场条件的东道国进行对外直接投资的区位选择。研究结果表明:相比生产率较低的企业,生产率更高的中国企业更有可能在一些市场条件较差的国家进行投资。其内在逻辑是:市场规模较小、进入成本更高、制度质量较差的国家对中国企业而言有着更高的临界生产率,由此吸引更多生产率较高的中国企业在该国投资。在使用多种方法处理企业生产率与对外直接投资行为之间可能的逆向因果关系之后,这一结论依然是稳健的。

In this paper, using China A-share listed large industrial enterprises in 2006-2012 as sample, We study how Chinese multinational enterprise with productivity heterogeneity to choose OFDI host country with different market conditions. The results of the study show that： compared to the enterprises with low productivity, the higher productivity Chinese enterprises are more likely to invest in countries with poor market conditions. The internal logic is, countries with small market scale, higher entering cost and poorer institutional quality tend to have a higher investment threshold（the critical productivity）, which will attract higher productivity Chinese enterprises investment in the country. This conclusion is still robust after using a variety of methods to try to solve the possible reverse causality between the productivity and foreign investment behavior.