差异化进入模式下企业海外投资生产率“学习效应”有何不同?

What Are the Differences in TFP Effects of Firms’OFDI between Greenfield and M&A?

基于手动整理的中国制造业企业对外直接投资全新数据库,本文采用倾向得分匹配倍差法,对两种不同模式下企业进行对外直接投资的生产率"学习效应"的异质性和其形成机制进行因果效应评估。研究发现:(1)并购和新建两种模式下,企业对外直接投资的生产率"学习效应"均显著存在,且并购的总体效应大于新建;(2)从动态趋势看,新建模式下的生产率效应逐渐削减,并购模式由于存在资源整合过程后期的生产率效应更突出;(3)从渠道机制来看,在新建和并购两种模式下,对外直接投资促进企业生产率提升的共同渠道机制为规模效应,经验曲线效应和利润驱动效应都不显著。并购模式相较于新建模式,其规模效应更为突出,但"逆向技术溢出效应"不及新建模式。本研究可以为我国企业采取差异化模式"走出去"的生产绩效评估等方面提供理论和经验借鉴。

Firstly,this paper constructs a new dataset about Chinese manufacturing firms’OFDI.Using difference-in-difference propensity score matching method,we estimate the effects of OFDI on firms’TFP and possible mechanisms under different entry modes.We find that(1)Chinese firms’OFDI lead to learning effects regardless of entry modes.Compared with greenfield,M&A has larger learning effects;(2)TFP learning effects of greenfield decrease gradually over time and M&A has a lag-effect because of resource integration;(3)In terms of mechanism,OFDI lead to learning effects through the scale effect under different entry modes,but experience curve effects and profit driven effects are insignificant.To be specific,greenfield has a significant reverse technology spillover,whereas M&A has a larger scale effect.The research can provide theory and evidence for Chinese enterprises to choose different modes of"going out".