对外投资与对内投资:替代还是互补

Investing Aboard vs. Investing at Home: A Substitute or a Complement?

作为资本净输出国,如何在“一带一路”倡议的大背景下创新对外投资方式,以对外投资带动国内投资水平与产业发展是我国在中国特色社会主义新时代亟须解决的问题。本文使用2004—2013年中国企业对外直接投资的数据,在企业层面探究了对外直接投资能否以及如何促进对内投资发展。实证结果显示:(1)在短期内,对外直接投资能够有效促进企业对内投资水平的提高,但长期来看,对外直接投资不再对企业的对内投资产生影响;(2)水平类对外直接投资对企业对内投资的促进作用较弱,而垂直类投资与生产服务类投资对企业对内投资的促进作用更强;(3)对外直接投资对企业对内投资的促进作用通过提高企业生产率、扩大企业规模以及提升企业出口额的方式实现;同时,投资目的国在具有税收水平低、融资便利、技术发达与政治清廉的特性时,对外投资对企业对内投资的促进作用更为显著。本文的实证结果对如何创新投资方式、响应“一带一路”倡议均具有重要意义。

China,as a net exporter of capital,needs to reform its mode of OFDI to promote the development of domestic investment and industrial upgrading urgently.In this paper,using a China s firm-level data covering the period from 2004 to 2013,we investigate the relationship between firms OFDI and their investment performance at home.This paper further explores how firms OFDI can promote the development of domestic investment.Our paper presents lots of interesting facts:(1)OFDI can effectively promote the level of domestic investment in the short run,but it will not continue to be effective in the long run.(2)There is a heterogeneous promoting effect existing in different types of OFDI.When compared with the strong promoting effect of vertical OFDI and producer service OFDI,horizontal OFDI has a weaker influence on promoting the domestic investment.(3)The mechanisms above are achieved by improving the productivity,expanding the scale of enterprises,and increasing the export value.Furthermore,OFDI has a stronger effect on domestic investment when there are lower taxes,more convenient financing channels,more developed technology and less corruption in the destination countries.The empirical results above have important policy implications on the innovation of investment methods and the implementation of the Belt and Road Initiative.