对外直接投资是否提高企业全要素生产率——基于制造业上市企业的实证检验

Does OFDI Improve Total Factor Productivity:Empirical Test Based on Listed Manufacturing Enterprises

选取中国制造业上市企业数据,采用倾向得分匹配法与双重差分法的方法,对我国企业对外直接投资对全要素生产率产生的影响进行研究,结果显示:对外直接投资显著提高了企业全要素生产率。分样本检验发现,国有企业的OFDI对全要素生产率的提升作用显著大于民营企业;对外投资目的地为发达国家的企业,其OFDI对全要素生产率的提升作用显著大于投资目的地为发展中国家的企业;非资源性行业企业OFDI对全要素生产率的提升作用显著大于资源型行业企业。中介效应检验结果显示,OFDI会通过规模经济效应、逆向技术溢出效应和利润回流效应提高企业的全要素生产率。

The data of listed manufacturing enterprises in China was selected to study the impact of China’s enterprises’foreign direct investment on total factor productivity with propensity score matching method and the double difference method.The results show that foreign direct investment significantly improves the total factor productivity of enterprises.The sub sample test shows that the effect of OFDI on TFP of state-owned enterprises is significantly greater than that of private enterprises;the effect of OFDI on TFP of enterprises with foreign investment destination in developed countries is significantly greater than that of enterprises with investment destination in developing countries;the effect of OFDI on TFP of enterprises in non-resource industries is significantly greater than that of enterprises in resource industries industry.The mediating effect test results show that OFDI can improve the total factor productivity through the economies of scale effect,reverse technology spillover effect and profit return effect.