企业OFDI能促进中国经济高质量发展吗?——基于产能治理视角的实证研究

Can Enterprise OFDI Promote the High-quality Development of China’s Economy?An Empirical Study Based on the Perspective of Overcapacity Regulation

产能治理是推动我国经济高质量发展的重要途径。笔者先从理论上分析了企业OFDI治理产能过剩的作用机制,然后利用大样本的企业微观数据,结合马氏距离匹配倍差法实证检验了企业OFDI对产能利用率的影响。研究结果表明:中国企业OFDI显著提升了产能利用率,且所得结论在替换被解释变量和滞后性稳健检验后依然成立;分样本比较分析发现企业OFDI对产能利用率的影响因企业类型不同而存在差异性,其中国有、中西部地区、资本密集型及投资于发达国家企业OFDI对产能利用率的提升效应显著大于民营、东部地区、劳动密集型及投资于发展中国家企业。基于此,笔者认为:我国政府应继续鼓励企业OFDI以化解产能过剩,分类做好企业对外投资的合理引导工作,并为企业对外投资提供便利条件,从而在微观上提升企业经营效益,在宏观上推动我国经济高质量发展。

Overcapacity regulation is an important way to promote the high-quality development of China’s economy.This paper theoretically analyzes the mechanism of OFDI on enterprises’ overcapacity regulation,then empirically tests the impact of OFDI on the enterprises’ capacity utilization rate with enterprise micro data and Mahalanobis matching DID method.The result shows that Chinese enterprise OFDI significantly promotes the enterprise capacity utilization rate,and this conclusion still holds after the robust test;further analysis shows that the promotion effects vary distinctly with the enterprise types,and the effects in the state-owned,mid-west,capital intensive and investing in the developed countries enterprises are more significant than in the private,east,labor intensive and investing in the developing countries enterprises.Therefore,this paper holds that our government should continue to encourage enterprise OFDI to regulate overcapacity,and categorize and properly guide the enterprise outward investment,and provide convenient conditions for enterprise outward investment,which can improve the enterprise business performance and promote the high-quality development of China’s economy.