企业异质性与对外直接投资选择——基于中国纺织类上市公司的实证

Firm Heterogeneity and Choice of Outward Foreign Direct Investment——An Empirical Test Based on Chinese Textile Companies

采用2010—2015年中国纺织类上市公司微观面板数据,研究企业生产率等多重异质性对企业对外直接投资选择(OFDI)的影响。研究结果表明:生产率是影响我国纺织服装企业对外直接投资选择的主要因素,生产率高的企业更倾向于对外直接投资;企业规模、出口强度、资本密集度等多重异质性也会对企业对外直接投资选择产生显著影响,企业规模越大、出口强度越大、资本密集度越高的企业对外直接投资的概率也越大;企业年龄和企业性质等企业异质性对企业是否进行对外直接投资选择影响不显著。基于以上结果,提出了相应的政策建议。

Based on the firm microcosmic level panel data of Chinese textile listed companies from2010to2015,the relationship between firm’s multiple heterogeneity including firm’s productivity and the choice of outward foreign direct investment(OFDI)was investigated.The results show that firm’s productivity is the major factor for the choice of OFDI in Chinese textile and garment enterprises,and enterprises with high productivity are more likely to conduct OFDI than those with lower productivity.Some firm’s heterogeneity like scale,export intensity and capital intensity has a significant impact on firm’s OFDI.The higher the value is,the more chances for its OFDI.Firm’s age and property make no difference in whether OFDI should be done or not.Hence suggestions are put forward based on the above results.