服务贸易网络、信息传递与OFDI

Service Trade Network,Information Transfer and OFDI

文章立足于服务经济的非实体化特征,利用2007~2020年的OECD双边服务贸易数据库和上市公司数据库,从理论与实证两个层面探讨了服务贸易网络对服务企业OFDI的影响与作用机制。研究发现:服务贸易网络对服务企业OFDI决策具有显著的直接效应与网络效应;贸易网络中心度较高的服务企业可以有效地运用信息优势整合服务要素资源提高服务质量,并通过降低信息壁垒克服对外投资过程中的“外来者劣势”,因此,服务质量提升及信息壁垒降低是服务贸易网络作用于OFDI的有效途径;区分贸易方向和投资模式发现,由于服务外包主要通过进口实现,而不同投资模式的服务企业对当地市场信息的依赖度存在显著差别,因此,进口网络对服务企业OFDI的影响显著大于出口网络,且服务贸易网络对绿地投资的影响显著大于跨国并购。进一步研究发现,企业管理效率及数字化程度的提升均有利于增强服务贸易网络对服务企业OFDI的边际作用效果。

This paper examines the impact and mechanism of services trade networks on service firms'foreign direct investment(OFDI)decisions.It uses the OECD bilateral services trade database and the listed companies database from 2007 to 2020.Considering both theoretical and empirical perspectives,this study shows that:(1)Services trade networks have both a significant direct effect and network effects on the OFDI decisions of service firms.(2)Service firms with higher centrality in trade networks can effectively utilize their information advantages to integrate the resources of service factors to improve service quality and overcome the"outsider disadvantage"in foreign investment by reducing information barriers.Therefore,improving service quality and reducing information barriers are effective strategies to utilize the influence of service trade networks on OFDI.(3)Distinguishing between trade direction and investment mode,it is found that since services outsourcing is mainly through imports,there are significant differences in the degree of dependence on local market information among service firms with different investment modes.The influence of import networks on OFDI decisions is significantly greater than that of export networks,while the influence of service trade networks on greenfield investments exceeds that on cross-border mergers and acquisitions(M&A).(4)An extension analysis shows that improving the efficiency of corporate management and digitalization helps to strengthen the marginal effect of service trade networks on OFDI decisions of service firms.