中国“天生对外直接投资”企业的特征与影响因素——基于微观层面数据的实证研究

The Characteristics and Influencing Factors of “Born OFDI” Firms in China——An Empirical Study Based on Micro-Level Data

"天生对外直接投资"企业指的是成立短期内进行对外直接投资的企业,这类企业与其他对外直接投资企业相比具有较大的差别,本文以成立3年为标准对其进行界定并展开实证研究。在匹配《境外投资企业(机构)名录》和《中国工业企业数据库》构建微观数据库的基础上,本文使用二值选择模型进行回归,结果表明:在内部因素中,就业和资产规模较小、管理效率更高的企业有更大的倾向成为"天生对外直接投资"企业;在区位因素中,对劳动成本较低及风险较低东道国进行投资的企业有更大的倾向成为"天生对外直接投资"企业。此外,按外部条件和内部条件差异性进行的分组回归也表明"天生对外直接投资"企业具有类似的影响因素,验证了本文回归结果的稳健性。

＂Born OFDI＂refers to the firms which carry outward foreign direct investment shortly after their establishment, and such firms have great difference compared to other OFDI firms. In this paper we take three years after establishment as a standard to define ＂Born OFDI＂ and start empirical research.Based on matching ＂Directory of foreign investment enterprises（agencies）＂ and＂China＇s industrial enterprise database＂to construct our micro-database, we use binary selection model regression to research, and find that for the internal factors, the firms which own smaller employment, assets scale and higher management efficiency have greater tendency to become ＂born OFDI＂ firms; and for the location factors, the firms which invest to lower labor costs and lower risk countries have a greater tendency to become＂born OFDI＂firms.