政策支持与企业对外直接投资——基于制度视角的实证研究

Policy Support and Firms’ OFDI——Empirical Analysis from Institutional Perspective

本文通过梳理1989—2013年实施的对外直接投资便利化相关的中央和省级政策文件,匹配2004—2013年中国工业企业数据库和商务部境外投资企业(机构)名录,实证研究了政策对企业对外直接投资的影响。研究发现:中央政府和省级政府的政策支持均能促进企业的对外直接投资;省级政府的相关政策能进一步加强中央政策支持的促进作用;当企业隶属较高的政府层级时,省级政策对企业对外直接投资的促进作用削弱;在市场化程度较高的区域,中央和省级的政策对促进企业对外直接投资的作用更加明显。本文验证了提升投资便利化水平的政策支持具有积极的经济效应,为进一步转变政府职能、深化简政放权提供了政策思路。

This paper combined central policies and provincial policies which were implemented during 1989-2013 and related to investment facilitation, integrating Annual Report of Industrial Enterprise Statistics and outward foreign direct investment(OFDI) list from Ministry of Commerce from 2004 to 2013, to empirically test the effect of policies on firms’ OFDI. It is found that: first, both policies issued by central government and policies issued by provincial government can significantly promote firm’s OFDI;second, provincial-level policies can strengthen the positive effect of central-level policies on OFDI;third, the positive effect of provincial policies on firms’ OFDI will be weakening when firms are affiliated to higher-level government;forth, in regions with higher degree of marketization, the policies play a more obvious role in promoting firms’ OFDI. The findings verify the positive economic effects of policy support by improving investment facilitation, and provide feasible policy implications for further transforming government functions and deepening administrative reform.