中资企业在澜湄国家投资效率及影响因素研究

Research on the Investment Efficiency and Influencing Factors of Chinese Enterprises in Lancang—Meikong Countries—Taking Chinese Enterprises in Cambodia,Laos,and Thailand as Examples

随着"一带一路"倡议不断推进和澜湄合作机制持续深化,澜湄国家成为中国企业对外直接投资的重要目的地。同时,相关研究显示中资企业投资规模的扩大并未促使投资效率显著提升,这成为制约中资企业"走出去"的关键障碍。本文以在柬埔寨、老挝、泰国投资的230个中资企业为研究对象,使用三阶段DEA模型分解测算企业的综合技术效率结果显示,面向澜湄国家投资的中资企业应继续加强内部管理,提升管理质量;注重研发投入,增强研发创新,提升企业竞争力;提高投资敏锐度,优化对外投资结构,突破企业发展规模的瓶颈,促进企业纯技术效率和规模效率双重提升,实现企业在海外投资的高质量发展。同时,现阶段政府应更加重视搭建服务平台,建立健全企业"走出去"服务体系,帮助中资企业克服澜湄国家营商环境不利影响,实现资源有效配置。

With the advance of the“Belt and Road”Initiative and the deepening of the cooperation mechanism,countries in the Lancang-Meikong region have become an important destination for Chinese enterprises to make direct investment abroad.However,our research shows that the expansion of investment scale of Chinese-funded enterprises has not contributed to a significant increase in investment efficiency,which is a key obstacle restricting China's enterprises from“going out”.By taking 230 Chinese-funded enterprises in Cambodia,Laos,and Thailand as research objects and applying the three-stage DEA-Tobit model to remove the impact of the host countries socioeconomic environment,this paper decomposes and analyzes the comprehensive technical efficiency of the enterprises,and reveals key influencing factors.The research results show that:(1)Enterprise ownership,knowledge acquisition ability and fixed asset investment have promoted the improvement of production efficiency;(2)The blind expansion of enterprise scale at this stage has hindered the improvement of production efficiency and led to the imbalance of enterprise structure;(3)Despite the continuous improvement of the internal management level and the efficiency of pure technology in the companies,the scale efficiency has still declined,leading to generally low operating efficiency.Therefore,Chinese-funded enterprises investing in the Lancang-Meikong region should continue to strengthen internal management and improve management quality,focus on R&D investment,and enhance R&D innovation and corporate competitiveness.Besides,the enterprises should increase their investment acumen,optimize foreign investment structure,and break through the bottleneck of development scale to promote the progress of pure technology efficiency and scale efficiency and achieve high-quality development.At the same time,government should pay more attention to building relevant service platform,building and improving its service system for Chinese enterprises to go out,and help them overcome the influence of disadvantageous environment and realize effective resource apportion.