生产率和出口在企业OFDI选择中的作用——来自中国工业企业的证据

The Role of Productivity and Export in the Decision of OFDI:Evidence from China's Industrial Enterprises

本文运用2003-2007年的工业企业微观数据,首先通过一阶随机占优K-S非参检验方法对生产率在企业出口和对外直接投资(OFDI)中的作用进行了检验,其次通过Probit模型检验了出口对OFDI的影响。得到如下结论:第一,生产率是影响企业国际化形式选择的重要因素,生产率最高的企业选择对外直接投资的方式参与国际市场,生产率次之的企业出口;第二,出口对OFDI表现为促进作用,具有出口经验的企业更容易对外直接投资,且出口会通过提高生产率的方式进一步促进企业的投资活动。

Using firm level data from 2003 to 2007, We tested the effects of TFP on the choice between export and OFDI by the first-order stochastic dominance K-S nonparametric test. Then We tested the effects of export on OFDI by the Probit model. The conclusions are as follows ： Firstly, TFP is determined in international activities, enterprises with higher productivi- ty will choose the form of OFDI, while the less productive enterprises will export; Secondly, export and OFDI decisions are complementary, enterprises with export experiences are more likely to conduct foreign direct investment easily, in addition, exports will further promote OFDI by improving productivity.