产业链效率与企业OFDI高质量发展:来自中国的经验证据

Industrial Chain Efficiency and High-quality of Enterprise OFDI Development:Empirical Evidence from China

文章基于2010—2022年中国非金融类上市公司数据,深入探究产业链效率对OFDI高质量发展的影响及其作用机制。研究发现:第一,产业链效率对中国企业OFDI高质量发展具有显著促进效应,此结论在一系列稳健性检验和内生性处理后依旧成立;第二,产业链效率通过提高资源配置效率和增强产业链话语权,促进中国企业OFDI高质量发展,且产业政策和融资约束在此过程中发挥显著的调节作用;第三,产业链效率对中国企业OFDI高质量发展的促进效应存在显著的异质性,即对于竞争性行业企业、成长期企业和处于中西部地区的企业,这种促进效应更加显著;第四,产业链效率对中国企业OFDI高质量发展的促进效应呈现明显的非线性特征。文章结论为中国加快培育具有更高创新力、更高附加值、更安全可靠的产业链,大幅提升产业链运行效率,构建自主可控的产业链体系,增强国际循环质量水平提供了理论依据,同时也为在“双循环”新发展格局下促进OFDI高质量发展提供新动力、新优势和新路径。

This study examines the impact of industrial chain efficiency on the high-quality development of Outward Foreign Direct Investment(OFDI)and its underlying mechanisms,using a sample of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2010 to 2022.The research findings are as follows,firstly,industrial chain efficiency significantly promotes the high-quality development of OFDI in Chinese enterprises.This conclusion holds true after a series of robustness tests and endogeneity treatment.Secondly,industrial chain efficiency enhances the high-quality development of enterprise OFDI by improving resource allocation efficiency and strengthening the bargaining power of the upstream and downstream sectors within the industrial chain.Industrial policies and financial constraints play a significant moderating role in this process.Thirdly,there is significant heterogeneity in the effect of industrial chain efficiency on the high-quality development of enterprise OFDI in China.This promoting effect is more pronounced for enterprises in competitive industries,growing enterprises,and enterprises located in the central and western regions of China.Fourthly,the promotion effect of industrial chain efficiency on the high-quality development of OFDI in Chinese enterprises shows obvious non-linear characteristics.The findings provide theoretical support for accelerating the development of industrial chains that are more innovative,have higher added value,and are safer and more reliable in China.We also suggest enhancing industrial chain efficiency to build an independent and controllable industrial chain system,thereby improving the quality of China′s international circulation.Additionally,the study offers new motivations,advantages and pathways for accelerating the high-quality development of China′s enterprise OFDI under the"dual circulation"development paradigm.