对外直接投资、技术升级与中国企业绩效提升

OFDI,Technology Upgrading and Performance Improvement of Chinese Enterprises

对外直接投资的质量对优化中国OFDI的顶层设计与地理布局,为中国实现从投资大国向投资强国转变具有重要意义。文中研究了OFDI通过技术升级提升企业绩效的理论机制,并在匹配CGIT和CNRDS数据库的基础上,运用PSMDID从行业、企业性质、投资流向以及地理区域等角度对OFDI和企业绩效之间的关系进行实证检验,同时引入中介变量技术升级考察两者之间的传导机制。结果表明:OFDI能够显著提升中国企业绩效,且一系列稳健性检验均表明该提升效应显著存在。针对行业与企业性质的异质性分析发现,制造业与非国有企业OFDI能显著促进企业绩效的提升,服务业与国有企业OFDI的效果不显著;从投资流向看,流向发展中国家的投资对企业绩效的提升效果优于流向发达国家的投资;地理区域上,针对北美洲、亚洲、欧洲的投资对企业绩效具有显著的促进作用,对大洋洲的OFDI则效果不显著。中介效应的结果显示,技术升级是OFDI影响企业绩效的重要传导机制。

The quality of OFDI plays an important role in optimizing the top-level design and geographical layout of China’s OFDI,and in transforming China from an investment powerhouse to an investment powerhouse.This paper studies the theoretical mechanism of OFDI to improve enterprise performance through technological upgrading,and uses PSM-DID to empirically test the relationship between OFDI and enterprise performance from the perspectives of industry,enterprise nature,investment flow and geographical region on the basis of matching CGIT and CNRDS database.At the same time,the mediating variable technology upgrade is introduced to investigate the transmission mechanism between the two.The results show that OFDI can significantly improve the performance of Chinese enterprises,and a series of robustness tests show that the improvement effect exists significantly.Based on the heterogeneity analysis of industry and enterprise nature,the paper found that OFDI of manufacturing and non-state-owned enterprises can significantly promote the improvement of enterprise performance,while the effect of OFDI of service industry and state-owned enterprises is not significant.From the perspective of investment flow,From the perspective of investment flow,the investment flowing to developing countries has a better effect on corporate performance than the investment flowing to developed countries;Geographically,the investment in North America,Asia and Europe has a significant effect on enterprise performance,while the OFDI effect in Oceania is not significant.The mediating effect results show that technology upgrading is an important transmission mechanism of OFDI affecting firm performance.