用地成本与中国企业对外直接投资

Land Cost and Outward FDI from China

文章基于中国制造业企业微观数据和中国地价信息服务平台数据,实证分析了用地成本对企业对外直接投资的影响及其作用机制。研究发现,用地成本上涨显著促进了企业对外直接投资,不仅表现为对外直接投资概率的提高,还体现为海外绿地投资规模的增加。在进行一系列稳健性检验后,该结论依然成立。机制检验表明,用地成本降低了制造业企业的盈利能力,压缩了企业的利润空间,从而影响企业对外直接投资行为。此外,用地成本对企业对外直接投资的影响存在企业所有制类型、行业以及目的国层面的差异。文章为土地要素影响制造业企业投资活动的相关研究提供了参考。

Based on the micro data of Chinese manufacturing enterprises and Chinese land price information service platform, this paper empirically analyzes the impact of land cost on outward FDI and its mechanism. The results show that land price significantly promotes the outward FDI of manufacturing enterprises, which is reflected in the probability and scale of outward FDI. After a series of robustness tests, the conclusion is still robust. The mechanism test shows that land cost reduces and compresses the profit space of enterprises, which affects the behavior of outward FDI. In addition, the impact of land cost on outward FDI is different in ownership, industries and destination countries. This paper provides a reference for the relevant research on the impact of land factors on the investment activities of manufacturing enterprises.