制造业企业国际化是否提高了企业生产率——基于上市公司的面板分位数研究

Relationship between Internationalization and Performance of Manufacture Enterprise: A Regression Analysis Based on Panel Quantile of Listed Companies

在中国经济转型升级的背景下,制造业企业国际化能否提高企业生产率?文章采用中国制造业上市公司2009～2014年的面板数据,运用面板分位数回归方法探讨企业国际化对企业全要素生产率和财务绩效等微观绩效的影响。研究结果表明:企业国际化与劳动生产率之间呈倒U形关系,对全要素生产率有显著促进作用,对财务绩效影响不显著。短期内国际化战略未提升直观可见的企业财务绩效,但企业不应过分看重眼前得失,国际化对企业生产率的促进作用不容忽视,生产率提升一方面使企业更具竞争力,另一方面契合当前中国加快经济转型、推动开放型经济发展的战略需要。

In the context of China’s economic transformation and upgrading,is it possible that its internationalization can improve the performance of manufacture enterprise？ This paper collects a panel data of the listed manufacture companies in China from 2009 to 2014,and studies the relationship between the internationalization and performance measured by total factor productivity （TFP）,financial performance,and other micro indicators. The regression results show an inverted U-shape curve between internationalization and productivity. And internationalization has a positive effect on TFP calculated by DEA-Malmquist,but has no significant impact on financial indicators. It can be inferred that internationalization may not promote the superficial financial performance in short term. However,it is not sensible for enterprise to care too much about gain and loss in a brief period. The competitiveness and adaptability caused by promotion of productivity should not be ignored,which is much more important than improvement of financial performance by reducing costs as well as increasing revenues.