企业异质性与中国服务业对外直接投资

Firms Heterogeneity and OFDI in Service Industry of China

本文构建了一个包含中国服务业企业对外直接投资(OFDI)信息的微观数据集,从企业异质性角度检验了中国服务业企业对外直接投资的决定因素。结果表明,企业生产率、人力资本、资本密集度和企业年龄与服务业企业"走出去"具有显著正向关系,这种正向关系不受变量选择和数据样本范围的影响。在2008年,中国服务业企业生产率每增加1%,其对外直接投资流量将增加约2.5%,存量将增加约2%。人力资本是仅次于企业生产率的影响因素,其每增加1%,服务业企业对外直接投资流量将增加1.1%,存量将增加约1.4%。此外,企业生产率及人力资本对服务业企业向中高收入地区OFDI的影响较大。同时,资本密集度对于制造业和服务业企业OFDI影响的差异凸显了服务业企业OFDI中"人"比"物"更重要的特征。

Recently the outward foreign direct investment（ OFDI） of China service industries has grown rapidly. This paper empirically investigates the impact of the heterogeneity of firms on the OFDI.Our estimation,based on large firm-level datasets from China in 2008,suggests that productivities,human capitals,capital intensities and the ages of firms all have significant positive effects on the OFDI. Every1% increase in productivity will lead to a 2. 5% increase of the OFDI flow and a 2% increase of the OFDI stock. In addition,an 1% increase in human capital will increase the OFDI flow and the OFDI stock by1. 1% and 1. 4%,respectively. Further analysis shows that such effect also depends on the income level of the country where the investment goes into. The impact in service industries differs from that in the manufacturing sectors. Finally,human capital plays a much more significant role than physical capital in influencing the OFDI.