对外直接投资速度与母公司绩效:基于吸收能力视角分析

OFDI Speed and the Parent Company's Performance:Based on the Perspective of Absorptive Capacity

运用2004~2007年工业企业数据库和境外企业(机构)投资名录,将对外直接投资速度引入国际投资理论体系中,从吸收能力视角出发,重点考察投资速度对母公司绩效的调节作用。研究结果表明:(1)对外直接投资速度对母公司生产率的调节作用呈现"倒U型";(2)对外直接投资速度对不同所有制企业生产率的调节作用大体一致,但对国有企业生产率的调节作用要弱于非国有企业;(3)吸收能力负向影响投资速度与母公司生产率间的"倒U型"关系,这一点在分样本回归中也得到了证明。政府制定政策时要调控海外投资速度,不同类型企业监管力度和方向应有所差异,企业本身要增大研发投入和吸引优秀人力。

Based on the industrial database and the investment list of overseas enterprises( institutions) from 2004 to 2007,this paper introduces the speed of outward foreign direct investment into the international investment theory system. From the perspective of absorptive capacity,this paper focuses on the adjustment of the investment' s speed to the parent company' s performance. The study found that:( 1) the speed of OFDI has a inverted " U type " relationship with parent company' s productivity;( 2) the speed of OFDI has a inverted " U-type" regulating effect on the performance of non-state-owned domestic enterprises,while a weaker relationship with state-owned domestic enterprises;( 3) absorption capacity negatively affects the relationship between the investment speed and the parent company's productivity,which is also demonstrated in the sample regression.