行业异质性对中国OFDI深度及广度的影响——基于分行业面板数据的经验分析

Industry Heterogeneity Impacts on the Depth and Width of China's OFDI——An Empirical Study Based on Industry-classified Panel Data

基于企业异质性理论,利用2008～2017年中国18大类行业对外直接投资数据,从投资深度及广度两方面系统识别并验证行业层面对外直接投资的显著性影响因素。实证结果显示:非国有企业主导行业和第三产业样本中近似全要素生产率与对外直接投资广度呈现显著负向关联;行业工资水平、行业规模、行业增加值则呈现显著正向关联;行业固定资产投入在部分回归分析中呈现显著负相关性。中国各行业外商直接投资吸收情况与对外直接投资广度及深度间存在显著关联性,但正负影响作用视各样本不同估计结果有所差异。此外,所有权特征发挥作用有所不同,对外直接投资存量排序前5名的行业数据显示,当前中国对外直接投资发展过程中,国有企业的主导性更为突出。

Based on the enterprise heterogeneity trade theory,using China 18 classification industries’OFDI data from 2008 to 2017,this paper systematically tests the significant influence factors of China’s OFDI from industry level by depth and width of investment.The results show that,for non-SOE-dominated industries and tertiary industry samples,the approximate total factors productivity(ATFP)has significantly negative relationship with the width of China’s OFDI;while industry salary,size and industry added value have positive relationship with it;and in some regression analyses,fixed asset investment negatively correlates with it.The absorption of FDI in various industries in China has significant relationship with the depth and width of the industry’s OFDI,but the results have a little difference among different samples.Moreover,ownership characteristics work differently,TOP5 industries samples show that the dominance of state-owned enterprises is more prominent in the current development process of China’s OFDI.