对外直接投资与劳动收入份额——来自中国微观企业的经验证据

Outward Foreign Direct Investment and Labor Income Share:Evidence from China's Enterprise Data

企业海外直接投资势必引发母国生产要素流动和要素价格变动,是"促进"还是"抑制"了母国劳动收入份额?针对该问题,文章首先从理论上分析异质性投资动机OFDI对母国劳动收入份额的影响机制,然后利用微观企业数据,采用马氏距离匹配和倍差法实证检验企业对外直接投资对母公司劳动收入份额的影响。结果表明:就总体而言,母国总公司劳动收入份额与企业对外直接投资负相关;就异质性投资动机看,商贸服务类OFDI显著降低了母公司劳动收入份额,资源寻求类OFDI和技术寻求类OFDI则显著提升了母公司劳动收入份额;就异质性东道国(地区)看,投资于发达国家的OFDI显著提升了母公司劳动收入份额,但投资于发展中国家的OFDI则对母公司劳动收入份额具有抑制作用。

This study focuses on the share of labor income. First the impact of China＇s outward foreign direct investment on we analyze the influence mechanism of heterogeneous investment motivations OFDI on the labor income share. And then we use firm-level data to examine the effect of OFDI on the labor income share by using the Mahalanobis matching and Different- inDifferent method. The results of our examination present some evidences. First, OFDI reduce the labor income share. Second, the business-like class OFDI significantly reduces the share of labor income in the home country, the resource -seeking class OFDI and the technology-seeking class OFDI significantly increases the share of labor income. Thirdly, if the host country is developing counties, OFDI reduces the share of labor income in the home country. If the host country is a developed country, OFDI significantly increases the share of labor income.