逆全球化对本国企业投资的抑制效应研究

Research on the Inhibition Effect of Anti-globalization on the Investment of Domestic Enterprises

逆全球化行为会限制资本品和资金的自由跨境流动,因此各国发起的逆全球化冲击可以波及到本国企业的投资。在构造各国逆全球化指数的基础上,结合2008—2017年全球82个国家7 810家企业的数据,实证检验逆全球化对本国企业投资的影响。研究结果表明:逆全球化会显著抑制本国企业的投资水平;逆全球化通过减少资本品进口和抑制外资流入来抑制本国企业的投资;发起国的收入水平越高或企业经营绩效越差,逆全球化对本国企业投资抑制作用越明显。要继续高举经济全球化的旗帜,进一步提高贸易与投资的便利化水平;通过实施进口贴息、优化投资环境等政策,促进企业进口资本品以及引进国外资本。

Anti-globalization behavior will restrict the free cross-border flow of capital goods and funds,so the antiglobalization launched by various countries can affect the investment of domestic enterprises.Based on the construction of national anti-globalization index and then combine the data of 7810 enterprises in 82 countries from 2008 to 2017,this paper empirically tests the impact of anti-globalization on domestic enterprises’investment.The results show that:anti-globalization will inhibit the investment level of domestic enterprises significantly and restrains the investment of domestic enterprises by reducing the import of capital goods and curbing the inflow of foreign capital.The higher the income level of the initiating country or the worse the business performance of the enterprise,the more significant the inhibitory effect of anti-globalization on the investment of domestic enterprises.It is necessary continue to uphold the economic globalization and further improve the level of trade and investment facilitation;and policies such as implementing import discount interest rates and optimizing the investment environment should be implemented to promote enterprises to import capital goods and introduce foreign capital.