中国制造业企业投资海外发达地区对国内关联行业企业生产效率的影响

The Influence of OFDI by Manufacturing Firms of China in Developed Economies on Productivity of Transactional Linking Firms of China

本文从产业关联视角及制度基础观出发,运用PSM-DID方法讨论了中国制造业企业投资海外发达地区对国内同行业竞争企业(水平关联)和上下游企业(垂直关联)生产效率的影响。以1998—2016年中国上市制造业企业数据为样本,研究发现,由于倒逼机制的形成和发挥作用需要一定时间,中国制造业企业投资海外发达地区对国内同行业企业的生产效率带来负向挤出效应,对国内上游关联企业的生产效率无直接影响,对国内下游关联企业生产效率产生显著正向挤出效应。此外,随着投资海外企业及关联行业企业所在地区的制度发展水平的提高,相关企业更容易借助当地的制度优势获得正向溢出效应。具体而言,投资海外发达地区企业对国内同行业企业生产效率的负向挤出影响将被削弱,对国内上下游企业生产效率的正向技术溢出效应得到增强。

Based on transactional linkage perspective and institution-based view,this study adopts PSMDID to examine the influence of OFDI by manufacturing firms of China in developed economies on productivity of industrial peers( horizontal linkage) and upstream-and downstream-industrial firms( vertical linkage).Using listed manufacturing firms of China between 1998 and 2016,this study shows that OFDI by manufacturing firms in developed economies has a significantly negative impact on productivity of industrial peers due to the crowding-out effect. However,the productivity of upstream-industrial firms is not affected. A significantly positive spillover impact on productivity of downstream-industrial firms is found. In addition,as the level of regional institutional development increases,the transactional linking firms are more likely to obtain positive spillover effects from the OFDI firms. Specifically,the reduction in productivity of industrial peers is weakened;and the increases in productivity of upstream-and downstream-industrial firms are enhanced.