企业贸易网络中的对外直接投资决策同群效应分析

Peer Effect of OFDI Decision-Making on Corporate Trade Networks

本文使用上市公司企业间交易数据,研究了企业对外直接投资(OFDI)行为是否存在显著的网络同群效应。研究结果表明:企业网络同群在特定国家OFDI的经历会显著促使该企业在相同国家进行OFDI,并且促进效果随企业间网络距离的增加而衰减;在排除供应链支撑等因素后,本文验证了OFDI网络同群效应的主要原因是企业间OFDI信息传递产生了学习效应;另外,贸易网络中的信息传递效应也存在企业异质性,主要体现在同群企业数量更多,同群企业之间交流更频繁,企业相对市场能力更强,同群企业处于相同行业,网络信息传递效应更强,并且在较大规模以及外资企业中,传递效应也相对更强。本文的研究为如何发挥企业贸易网络信息传递的作用和功能,实现企业OFDI的协调发展,提供了一定的启示和建议。

Using transaction datasets between listed companies and their customers,this paper investigates whether corporate OFDI(outward foreign direct investment)information is spilled over through the corporate trade network to produce a significant peer effect on the OFDI.The work draws the following conclusions.(1)The OFDI experience of network peers in a given country can significantly encourage companies to make OFDI decisions in that country,and this promotion effect is attenuated by the increase in the network distance between companies.(2)After excluding some mechanisms that are more likely to be explained by upstream and downstream supply chain support,this paper verifies that the peer effect of the OFDI network is mainly due to the learning effect generated by the inter-company information transfer.(3)The information transfer effect in the trade network presents a high degree of heterogeneity among companies;this effect is more prominent when the number of peers in the trade network is smaller,communication between companies in the trade network is more frequent,the market capacity of the companies is stronger,the companies are in the same industry,the companies are larger and financed with foreign funds.The conclusions of this paper provide guidance and suggestions on how to take full advantage of the information transmission function of the domestic corporate trade network and realise the coordinated development of corporate investment decision-making and OFDI.