OFDI与中国制造业企业成长

OFDI and China’s Manufacturing Firm Growth

在中国企业'走出去'的现实背景下,作为制造业大国,对外直接投资(OFDI)是否确实能够推动中国制造业企业成长,其原因何在?这一问题的研究对于推动中国制造业企业成长是'立足本国'还是'走向世界'的抉择来说具有重要意义。在探讨OFDI影响中国制造业企业成长作用机制的基础上,本文利用2000—2007年中国制造业企业相关数据,基于Gibrat定律的实证分析框架,采用倾向得分匹配与双重差分法(PSM—DID)对此进行实证研究。结果发现:OFDI对制造业企业成长没有呈现出显著的正向影响效应,其中,OFDI对高成长率与低成长率的制造业企业成长的影响不显著,而对中等成长率的制造业企业成长还呈现出显著的负向效应,其影响效应具有非对称性。究其影响途径,虽然OFDI对中国制造业企业出口强度具有显著的正向效应,但是对制造业企业生产率的影响不显著;而且,由于对外直接投资面临竞争性的增强,OFDI对制造业企业利润率或盈利能力具有显著的负向效应。本文基于研究结论认为,实施'走出去'来推动中国制造业企业成长,应提高制造业企业竞争力以避免对制造业企业盈利能力产生的负向效应;同时,应提高制造业企业自主创新能力,积极吸收逆向技术溢出来推动制造业企业生产率与出口强度。本文希望可以借此为深入理解中国制造业企业成长特征及实施'走出去'发展战略推动中国制造业企业成长提供借鉴与参考。

Under the background that China’s firms are going out,as a big manufacturing country,can outward foreign direct investment(OFDI)really promote the growth of China’s manufacturing firms,and what is the reason?The study of this issue is very meaningful for promoting China’s manufacturing firm growth,particularly for the choice of'growth based on home country'or'growth by going out'.On the basis of discussing the mechanism of OFDI’s influence on the growth of China’s manufacturing firms,we use the relevant data of China’s manufacturing firms during the period 2000—2007,based on the empirical analysis framework of Gibrat’s law,and use the PSM-DID method to make an empirical study.The results show that:OFDI has no significantly positive effect on the growth of manufacturing firms.In which OFDI has no significant effect on the growth of manufacturing firms with high growth rate and low growth rate,but has significantly negative effect on the growth of manufacturing firms with medium growth rate,and the effects are asymmetric.In terms of its impact channels,although OFDI has a significantly positive effect on the export intensity of China’s manufacturing firms,it has no significant impact on the productivity of manufacturing firms.Furthermore,due to the increased competitiveness of OFDI,OFDI has a significantly negative effect on the rate of return or profitability of manufacturing firms.According to the conclusion,we believe that in order to promote the growth of China’s manufacturing firms;we should improve the firms’competitiveness to avoid negative effects on their profitability,and should improve the independent innovation ability of the manufacturing firms to actively absorb reverse technology spillovers to promote the productivity and export intensity of manufacturing firms.It is expected that this study can provide reference for further understanding the growth of China’s manufacturing firms and implementing the'going global'development strategy to promote the growth of China’s manufacturing firms.