对外直接投资能治愈僵尸企业吗——基于企业加成率的视角

Can Outward Direct Investment Cure Zombie Firms——A Study Based on the Perspective of Firm-level Markups

本文首次探讨对外直接投资(ODI)能否治愈僵尸企业,基于中国工业企业——对外直接投资匹配数据,以加成率为视角,运用倾向得分匹配倍差法(PSM+DID)对中国僵尸企业ODI的加成率效应进行了检验。结果表明:整体上,ODI显著降低了僵尸企业的当期加成率;僵尸企业ODI具有明显的正向动态加成率效应;分样本来看,技术研发型、生产加工型和对高收入经济体的僵尸企业ODI具有显著超过平均值的动态加成率效应;僵尸企业对非洲国家和"一带一路"沿线国家ODI的动态效应突出,大于全样本结果;对于僵尸企业ODI后状态演进的实证结果表明,ODI有利于促进僵尸企业转变为健康企业。

This is the first paper to study whether outward direct investment（ODI） can cure zombie firms. Based on matched data from Chinese Annual Survey of Industrial Firms（ASIF） and Outward Direct Investment（ODI）, this paper tests the markup effects of Chinese zombie firms by using the PSM＋DID method with four crucial findings. First, ODI significantly reduces the current markups of zombie firms, and zombie firms＇ ODI has clearly positive dynamic markup effects. Second, Research and Development ODI, Production and Processing ODI,and ODI to high-income countries all have above-average dynamic effects. Third,the dynamic effects of zombie firms＇ ODI to Africa and to those countries included in the ＂Belt and Road＂ initiative are more prominent than those of the full sample. Finally, empirical results of the evolving state of zombie firms after ODI show that ODI is conducive to transforming zombie firms into healthy firms.