新质生产力与企业OFDI高质量发展:理论逻辑与经验证据

Research on the Impact of New Quality Productive Forces on High-quality Development of OFDI:Theoretical Logic and Empirical Evidence

本文在企业层面构造新质生产力和对外直接投资(OFDI)高质量发展指标体系,以2011—2021年中国沪深两市非金融类上市企业为样本,深入探究新质生产力对企业OFDI高质量发展的影响及其作用机制。研究发现:(1)新质生产力对我国企业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;(2)新质生产力通过缓解融资约束、提高环境、社会和治理(ESG)表现,促进我国企业OFDI高质量发展;(3)新质生产力对我国企业OFDI高质量发展的促进效应存在异质性,对于国有企业、东部地区企业或非高技术密集型企业样本中更加显著;(4)高管海外工作经历在新质生产力促进企业OFDI高质量发展过程中发挥着显著的调节作用。本文结论为双循环新发展格局下加快我国企业OFDI高质量发展提供新动力、新优势和新路径,对于大幅提高企业全要素生产率、提升我国国际循环质量水平、持续推进高水平对外开放等提供重要的理论支撑和政策启示。

This paper constructs a new quality productive forces and high-quality OFDI development indicator system at the enterprise level,and takes China's non-financial listed enterprises in 2011-2021 as a sample to deeply explore the impact of new quality productivity on high-quality development of OFDI in enterprises and its mechanism.Research has found that firstly,new quality productivity has a significant promoting effect on the high-quality development of OFDI in Chinese enterprises,and this conclusion still holds after a series of robustness tests and endogeneity treatments.Secondly,by alleviating financing constraints and improving ESG performance,new quality productive forces promote the high-quality development of OFDI in Chinese enterprises.Thirdly,there is heterogeneity in the promoting effect of new quality productive forces on the high-quality development of OFDI in Chinese enterprises,which is more significant in the samples of state-owned enterprises,enterprises in the eastern region,or non-high-tech intensive enterprises.Fourthly,the overseas work experience of executives plays a significant regulatory role in promoting the high-quality development of OFDI in enterprises through the promotion of new quality productive forces The conclusion of this article provides new impetus,advantages,and paths for accelerating the high-quality development of China's enterprise OFDI under the new development pattern of dual circulation.This research provides important theoretical support and policy inspiration for significantly improving the total factor productivity of enterprises,enhancing China's international circulation quality level,and continuously advancing high-standard opening up.