营商环境视角下外资企业市场退出机理及其异质性研究——对896家在华外资企业的问卷调查与实证

Business Environment and the Mechanism and Heterogeneity of Foreign Invested Enterprises Market Exit:Based on Survey and Empirical Study of 896 Foreign Invested Enterprises in China

为应对COVID-19疫情带来的挑战,推动经济恢复性增长,我国提出了保产业链、供应链稳定等“六保”和稳投资等“六稳”的政策主张。稳投资的关注重点在稳外资,稳外资的关键在如何看待外资企业市场退出问题。外国投资者从东道国全部或部分撤出资本,终止生产经营的行为,即外资企业市场退出。以利润汇出、股权转让和债权转股权作为衡量企业市场退出意愿的指标,对896家近5年内有市场退出意愿的在华外资企业进行问卷调查。研究表明:外资企业普遍积极评价我国营商环境,但不同国别或地区、不同行业的外资企业对市场退出意愿影响因素重要性排序情况存在差异。美资企业关注货币稳定性与汇率,欧资企业关注外资企业税率,韩资企业关注原材料和能源价格,日资企业关注政治稳定性;在华外资企业最重视我国外资优惠经济政策的变化,其他重要影响因素分别是资金成本、为获得满意的产品价格、集中经营核心业务的需要和汇率风险。不同国别或地区外资企业对中国营商环境考量的侧重点存在差异,异质性主要与外资企业的母国文化背景、投资偏好及行业特点等有关。因此,应加大减税降费和对外开放力度,降低外资企业经营成本;引导在华外资企业逐步将其生产线转移到我国落后地区,扩大落后地区人口就业,推动其产品升级及所在地产业结构优化。

In order to overcome the adverse impact of COVID-19 and promote the recovery of economic growth,China has put forward the policy propositions of“six guarantees”,such as maintaining the stability of industrial chain and supply chain,and“six stability”,such as stabilizing investment.Stabilizing investment focuses on stabilizing foreign capital,and the key to it is how to view the exit of foreign capital enterprises from the current market.With the indexes of profit remittance,equity transfer and debt-to-equity conversion as the basis to measure enterprises market exit intention,a questionnaire survey was conducted on 896 enterprises with foreign investment in China with market exit intention in the past five years.The empirical results show that foreign-invested enterprises generally positively evaluate China s business environment,but there are differences in the ranking of the importance of market exit intention among foreign-invested enterprises in different countries,regions and industries.American companies focus on currency stability and exchange rates,European companies on tax rates for foreign investors,Korean companies on raw material and energy prices,and Japanese companies on political stability.Enterprises with foreign investment in China pay the most attention to the changes of China s preferential economic policies for foreign investment,while other important factors are capital cost,the need to centralize core business and the risk of exchange rate.The heterogeneity is mainly related to the cultural background,investment preference and industry characteristics of foreign-invested enterprises.We suggest that more efforts be made to reduce taxes and fees,open up to the outside world,and reduce the operating costs of foreign-invested enterprises.We will guide foreign-invested enterprises in China to gradually transfer their production lines to backward areas of the country,expand the employment population in backward areas,and promote the upgrading of their products and the optimization of their local industrial structure.Foreign investors from different countries or regions have different priorities in thinking about China s business environment.