“卷”在海外:对外直接投资与企业成长

Opportunities Overseas:OFDI and Enterprise Growth in the Power and New Energy Sectors

全球新能源发展背景下,我国电力设备及新能源对外直接投资不断增长,企业积极“走出去”,以提升新能源消纳能力,并获得快速成长。本文梳理了该行业对外直接投资对企业成长的资源配置优化、学习溢价与竞争折价等影响机制,采用2011—2021年中国308家电力设备及新能源行业上市公司的数据,构建面板数据模型进行回归分析。实证结果显示:电力设备及新能源行业对外直接投资优化企业资源配置,对于企业成长有显著的积极影响;企业对外直接投资的深度、广度将产生学习效应与竞争效应,推动企业成长。接着,本文细分电气设备和新能源动力系统、车用电机电控和锂电池等二级行业,以及电源设备、新能源动力等三级行业进行异质性分析,探析企业对外直接投资及其深度、广度对成长性的影响程度。根据实证分析结论建议,政府应积极引导电力设备及新能源行业的对外直接投资,鼓励企业通过对外直接投资,提高企业国际竞争力。

Against the backdrop of global new energy development,China's Outward Foreign Direct Investment(OFDI)in power equipment and new energy continues to grow.Enterprises are actively"Going Global"to enhance their capacity for employing new energy technology to achieve rapid growth.This paper examines the impact of OFDI on enterprise growth,such as resource allocating effect learning effect and competitive effect.It uses data on 308 listed companies in China's power equipment and new energy industries(using the Wind Information database)from 2011 to 2021 to build a panel data model for regression analysis.The empirical results show that optimizing enterprise resource allocation through OFDI in the power equipment and new energy industries has a significant positive impact on enterprise growth.The study conducts heterogeneity analysis on secondary classification industries such as electrical equipment and new energy power systems,automotive motor and electronic control,and lithium batteries,as well as third level classification industries such as power equipment and new energy power,to explore the impact of enterprises'outward direct investment on growth.Based on empirical analysis,it is suggested that the government should actively guide outward direct investment in the power equipment and new energy industries to help enterprises improve their international competitiveness.