“天生对外直接投资”企业有更高的对外直接投资持续性吗?——基于微观数据的实证研究

Do the"Born OFDI"Firms have Higher Sustainability of Outward Foreign Direct Investment?--An Empirical Study Based on Micro-Level Data

匹配《中国工业企业数据库》和《境外投资企业(机构)名录》,在微观层面上研究“天生对外直接投资”企业是否具有更高的对外直接投资持续性。实证研究表明,相比于其他对外直接投资企业,“天生对外直接投资”企业不仅具有更高的持续投资倾向,还拥有更多的持续投资项目数,但这种持续性存在东道国和时间选择上的异质性。

This paper matches the ″China′s industrial enterprise database″ and ″Directory of foreign investment enterprises(institution)″. At the micro level, it studies whether ″Born OFDI″ firms have higher sustainability of OFDI. Empirically results show that, compared with other out foreign direct investment firms, the ″Born OFDI″ firms not only have higher tendency of continuing investment, but also have more continuous investment projects. But this persistence exists the heterogeneity in host country and time choice. It means that ″Born OFDI″ firms have higher sustainability of outward foreign direct investment.