参与合资有利于促进企业对外直接投资吗?

Is Participating in Joint Ventures Beneficial for Promoting Enterprises'Outward Foreign Direct Investment

本文利用外商投资审批(备案)数据库识别了企业参与合资的行为,进而研究了参与合资对企业对外直接投资的影响。事实分析表明:2004—2013年近14%的企业在对外直接投资之前,与外国投资商共同出资设立了在华合资企业,即参与了合资;参与合资的企业更多投资到信息不对称的远距离地区和生产率门槛较高的发达经济体。计量分析发现:参与合资显著促进了企业对外直接投资,在进行一系列稳健性检验并缓解内生性问题后,该结论仍然成立。机制分析表明,参与合资通过信息传递和技术溢出机制发挥作用。在与发达经济体投资商共同投资、投资长期运营的合资企业和控股合资企业等情境下,参与合资对企业对外直接投资的促进效应更大。本文拓展了国际化进程理论相关研究,为中国实现高水平对外开放提供了有益借鉴。

This article utilizes the foreign investment approval(recordation)database to identify the participation of domestic investors in joint ventures,and then studies the impact of participating in joint ventures on enterprises'outward foreign direct investment.Fact analysis shows that nearly 14%of domestic investors during the year from 2004 to 2013 jointly invested with foreign investors to establish joint ventures in China,before outward foreign direct investment;Enterprises participating in joint ventures invest more in distant areas with information asymmetry and developed economies with high productivity barriers.Econometric analysis finds that participating in joint ventures significantly promotes domestic investors'outward foreign direct investment.After conducting a series of robustness tests and alleviating endogeneity issues,this conclusion still holds.Mechanism analysis indicates that participating in joint ventures affects domestic investors'outward foreign direct investment through information transmission and technology spillover mechanisms.In the context of co-investing with investors from developed economies,investing in long-term joint ventures,controlling joint ventures,participating in joint ventures has a greater promoting effect on enterprises'outward foreign direct investment.This article expands the theoretical research on the process of internationalization and provides useful references for China to achieve high-level opening-up to the world.