企业对外直接投资中的邻居效应:理论机制分析及实证检验

Neighbors Effects in OFDI: Theoretical Mechanisms and Empirical Tests

随着对外开放的扩大和深化,近年来中国企业对外投资增长迅速。企业全球配置生产会面临比国内生产更多的不确定性和风险,为提高投资效率,企业需从多方面获取对外直接投资的知识,包括从邻居企业获取信息和经验等。从理论机制上分析邻居效应产生的原因,包括知识溢出、竞争效应、信号传递、产业链带动等途径。在此基础上,构建2002-2013年期间详细的中国工业企业投资数据,实证检验企业对外直接投资中的邻居效应及其产生机制。结果表明:我国企业对外直接投资中确实存在邻居效应,即邻居企业的对外直接投资行为会通过多种方式促进企业"走出去"。进一步地,在省份范围内的邻居效应影响较弱;在行业内部以及细分投资市场的邻居效应影响较强。因此,应利用邻居企业的对外直接投资信息和经验,发挥企业之间的学习效应,提高我国企业对外直接投资成功率。

With the expansion and deepening of China’s opening to the outside world, foreign investment by Chinese enterprises has grown rapidly in recent years. However, when companies invest in foreign direct investment, the global allocation of production will bring more uncertainties and risks than domestic production. In order to invest more efficiently, companies need to obtain knowledge of OFDI from various aspects, including obtaining information and experience from neighboring enterprises. This paper theoretically analyzes the causes of the neighboring effects: knowledge spillovers, competitive effects, signal transmission, and supply chain driving. This paper has also constructed millions of investment data of Chinese industrial enterprises during the period of 2002-2013, which empirically tests the neighboring effects of Chinese enterprises’ outward foreign direct investment. The empirical results show that there are indeed neighboring effects in the outward foreign direct investment, that is, the outward foreign direct investment behavior of neighboring enterprises will encourage enterprises to "go out". Further, the neighboring effect is weaker at the provincial level;It is stronger within the industry and in niche investment markets. Therefore, the OFDI information and experience of neighboring enterprises should be used to bring out the learning effect between enterprises and improve the success rate of OFDI by our enterprises.