全球价值链视角下提升中国制造业海外投资效率研究——基于PSM的实证分析

A Study on Improving the Efficiency of Overseas Investment in China's Manufacturing Industry from the Perspective of Global Value Chain:An Empirical Analysis Based on PSM

基于PSM倾向得分匹配方法,通过使用国泰安数据库中2013-2015年456家中国制造业民营上市企业数据,实证检验对外直接投资对制造业企业全要素生产率的影响。研究结果显示,对外直接投资对企业全要素生产率有正向推动作用,并且投资于发达国家(地区)的溢出效果更大。因此,应积极发挥对外直接投资对企业全要素生产率的溢出作用,着力提高中国企业在全球价值链中的分配位势;加大对发达国家(地区)的投资,提高企业生产效率,努力构建自己的全球价值链。

Based on the PSM method, this paper examines the impact of foreign direct investment on the total factor productivity of manufacturing enterprises by using 456 Chinese manufacturing private listed companies in CSMAR database from 2013 to 2015.The results show that OFDI has a positive effect on the total factor productivity of enterprises, and the investment in developed countries （regions） is more effective.Therefore,it is necessary to exert the spillover of OFDI to the total factor productivity of enterprises,and strive to improve the distribution of Chinese enterprises in the global value chain potential. We should increase investment in developed countries （regions）,improve production efficiency,and strive to build our global value chain.