我国企业对外直接投资速度与经营效益——基于管理效率视角的实证研究

The speed of outward foreign direct investment and operating benefit of Chinese firms:an empirical study from the perspective of managerial efficiency

通过匹配《境外投资企业(机构)名录》和中国工业企业数据库,用企业成立与首次对外直接投资行为之间的年份跨度作为对外直接投资速度的度量指标,在微观上研究企业对外直接投资速度如何影响经营效益。利用普通最小二乘法和Tobit模型回归发现,总体上快速对外直接投资能提升经营效益,但在考虑企业内部差异后发现对外直接投资速度的加快仅提升高管理效率企业的经营效益,但会降低低管理效率企业的经营效益。进一步的分位数回归发现,对于自身经营效益较高的企业,快速对外直接投资的经营效益提升作用更为明显;而对于自身经营效益较低的企业,快速对外直接投资的经营效益提升作用则较弱。

This article uses the year span between the establishment of a firm and its first outward foreign direct investment（ OFDI） as the index of speed of OFDI by matching ＂ Directory of Overseas Investment Enterprises（ Institutions） ＂and＂Database of Industrial Enterprises in China＂,and studies how the speed of OFDI influences firms＇ operating benefit at the micro level. We employ ordinary least squares and Tobit model regression to find that rapid OFDI can improve the operating benefit on the whole. However,after considering the internal difference between firms,we find that rapid OFDI can only improve firms＇ operating benefit with high managerial efficiency,and may reduce firms＇ operating benefit with low managerial efficiency. Furthermore,our quantile regression shows that the promotion effect of rapid OFDI on operating benefit is more obvious for firms with higher operating benefit,and is weaker for firms with lower operating benefit.