跨国资本“联姻”促进了本土企业出口吗

Does the“Marriage”of Transnational Capital Promote the Export of Local Enterprises

跨国资本“联姻”是中国开放外资市场的自然产物,但却鲜有文献探究其对参与“联姻”的本土企业出口的影响。文章借助一套独特的商务部外商投资审批数据识别跨国资本“联姻”关系并研究发现,跨国资本“联姻”扩大了本土企业的出口规模。理论和实证均证实,跨国资本“联姻”通过技术溢出和关系网络机制提高了本土企业的出口规模。异质性分析发现,本土企业的技术吸收能力越强、市场垄断程度越弱,跨国资本“联姻”引致的出口提升效应越大。拓展分析证实,跨国资本“联姻”对本土企业出口的影响主要表现为“保稳”而非“提质”。

The“marriage”of transnational capital is a natural product of China’s opening up of foreign capital market,but there is little literature to explore its impact on the export of local enterprises which participate in the“marriage”.With a unique set of foreign investment approval data from the Ministry of Commerce,this paper identifies the“marriage”relationship of transnational capital and finds that the“marriage”of transnational capital expands the export scale of local enterprises.Both the theoretical and empirical research proves that the“marriage”of transnational capital promotes the export scale of local enterprises through technology spillover and relationship network mechanism.Heterogeneity analysis shows that the stronger the technology absorption capacity of local enterprises and the weaker the degree of their market monopoly,the greater the export promotion effect caused by the“marriage”of transnational capital.Expansion analysis confirms that the impact of the“marriage”of transnational capital on the export of local enterprises is mainly manifested in“maintaining stability”rather than“improving quality”.