This study examines the impact of outward foreign direct investment(OFDI)on Chinese manufacturing firms'financialization and servitization.Using a difference-in-differences approach with propensity score matching,...This study examines the impact of outward foreign direct investment(OFDI)on Chinese manufacturing firms'financialization and servitization.Using a difference-in-differences approach with propensity score matching,we found that OFDI encouraged firms'financial and service activities.The effects of OFDI on financialization were stronger for firms specializing in short-term financial assets,operating in labor and technology-intensive sectors,investing overseas to pursue production,resources and markets there,and investing in non-OECD and Belt and Road Initiative(BRI)countries.Meanwhile,firms investing overseas were more likely to provide services at the sale or postsale stages.Outward foreign direct investment has also boosted the service activities of firms operating in the technology-intensive sector by investing overseas to seek resources and markets,as well as investing in non-OECD and BRI countries.Finally,OFDI partially influenced the extent of financialization and servitization of firms by affecting their profit-making ability.展开更多
Using data from the 2012 China Enterprise Survey conducted by the World Bank, this study examines the determinants of intangible investment by private manufacturing firms and its impacts on firms 'productivity in Chi...Using data from the 2012 China Enterprise Survey conducted by the World Bank, this study examines the determinants of intangible investment by private manufacturing firms and its impacts on firms 'productivity in China, thus shedding light on the recent development of intangibles in one of the largest emerging economies in the world. Higher human capital, larger firm size and better institutional quality are found to increase the propensity and the amount of intangible investment, yet fiercer market competition generally decreases both the propensity and the amount invested in intangibles. We provide evidence that the disaggregated components of intangibles are positively correlated with firm productivity and there is complementarity between software and organization investment. Implications for policies to enhance investment in intangibles are identified from the empirical results.展开更多
基金supported financially by the National Social Science Foundation of China(No.19CJY049)the National Natural Science Foundation of China(Nos.72173052,71803058,71873050)the Fundamental Research Funds from the Central Universities of China(No.2662022JGYJY02)。
文摘This study examines the impact of outward foreign direct investment(OFDI)on Chinese manufacturing firms'financialization and servitization.Using a difference-in-differences approach with propensity score matching,we found that OFDI encouraged firms'financial and service activities.The effects of OFDI on financialization were stronger for firms specializing in short-term financial assets,operating in labor and technology-intensive sectors,investing overseas to pursue production,resources and markets there,and investing in non-OECD and Belt and Road Initiative(BRI)countries.Meanwhile,firms investing overseas were more likely to provide services at the sale or postsale stages.Outward foreign direct investment has also boosted the service activities of firms operating in the technology-intensive sector by investing overseas to seek resources and markets,as well as investing in non-OECD and BRI countries.Finally,OFDI partially influenced the extent of financialization and servitization of firms by affecting their profit-making ability.
文摘Using data from the 2012 China Enterprise Survey conducted by the World Bank, this study examines the determinants of intangible investment by private manufacturing firms and its impacts on firms 'productivity in China, thus shedding light on the recent development of intangibles in one of the largest emerging economies in the world. Higher human capital, larger firm size and better institutional quality are found to increase the propensity and the amount of intangible investment, yet fiercer market competition generally decreases both the propensity and the amount invested in intangibles. We provide evidence that the disaggregated components of intangibles are positively correlated with firm productivity and there is complementarity between software and organization investment. Implications for policies to enhance investment in intangibles are identified from the empirical results.