破解外资企业向内资转变之谜--基于微观企业数据的研究

Demystifying the Conversion from Foreign Firms into Domestic Firms:Research Based on Micro-Enterprise Data

基于1998—2007年中国工业企业数据与商务部外商投资企业年度投资信息数据库,本文使用PSM-DID方法针对外资转内资问题进行了研究。论文聚焦于两个问题:①发生了外转内的企业具备怎样的特征?②企业发生外转内后的生产经营状况如何?研究发现,发生外转内的企业具备负债率、企业所得税税负较高,并且企业全要素生产率和研发创新水平同样较高的特征。异质性分析发现,内资收购外资与外资并购行为相似,同样存在“掐尖”行为。在此基础上,本文发现发生外转内之后,企业通过改善自身财务状况,进一步提升了全要素生产率。

Based on the data of Annual Survey of Industrial Firms from 1998 to 2007 and the annual investment database of foreign-invested enterprises from the Ministry of Commerce,we study the problem of the conversion from foreign firms into domestic firms.The paper focuses on two problems:①What are the characteristics of these enterprises?②After the conversion,what are the production and operation statuses of these enterprises?We find that these enterprises have the characteristics of high debt ratio,high burden of corporate income tax,high total factor productivity and high R&D innovation level.Through the heterogeneity analysis,we find that the behavior of domestic acquisition of foreign firms is similar to that of foreign M&A,and there is also"cherry-picking"phenomenone.On this basis,we find that after the conversion,these enterprises further improve the total factor productivity by perfecting their own financial situation.