对外直接投资的逆向溢出路径演进研究——基于知识到技术的转换理论

根据对外直接投资中知识流动的进程和创新主体的变化,对外直接投资知识场可细分为:知识溢出场、知识吸收场和知识转换场.知识将通过各子知识场中不同的影响因素及作用机制完成从知识溢出向技术溢出的演进.母国必须加强各子知识场中的渠道和知识人才建设,促使对外直接投资的知识溢出向技术溢出转化,从而使得对外直接投资逆向溢出效应能更好地带动母国生产率提升.     

中国高新技术企业对外直接投资的动因分析

随着中国加入WTO和市场经济体制的逐步完善,一批高新技术企业自主创新能力得到提高,逐步加大了对外直接 投资的力度。在对外直接投资中,高新技术企业运用全球化战略,展示了各种各样的模式,但其中使研发、生产和销售价值链 各环节的成本最小化,从而达到利润的最大化,是其真正的动因所在。本文通过华为公司在3G产品自主创新中对外直接投 资的案例分析,指出当前中国一些高新技术企业是如何在对外直接投资中进行全球化布局的。     

对外直接投资如何影响了母国就业?——基于中国微观企业数据的研究

在中国对外直接投资规模迅猛增长的背景下,本文研究了中国企业对外直接投资对国内就业的影响。论文从理论上分析了不同投资动机的对外直接投资对母国就业的影响机制,然后利用微观企业层面数据,经验研究了中国企业对外直接投资对母公司就业人数的影响。结果表明,中国企业对外直接投资对国内就业产生了显著的正向促进作用。同时企业对外直接投资次数越多,对国内就业的促进也越明显。其促进效应并不受企业所有制类型、投资目的地收入水平的影响。不同投资动机类型对就业的影响存在一定差异:企业资源寻求型对外直接投资对母公司的就业效应受行业类别的影响,而水平型对外直接投资和垂直型对外直接投资对母公司的就业效应,受投资目的地国家收入水平、中间品进出口以及最终品进出口的影响。     

企业异质性与中国对外直接投资——基于中国微观企业数据的研究

"一带一路"倡议的提出,促成了我国对外开放格局从"引进为主"向高水平"引进来"和大规模"走出去"并重的重要转变。加强对外直接投资,成为实现中国产业转型,提升国际竞争力,实现与沿线国家共同繁荣的重要途径。近年来,中国对外直接投资水平平稳增长,模式不断创新。企业作为重要的对外投资载体,其投资质量、投资效益及国际化经营水平逐年提升。文章利用亚太企业库和中国工业企业统计数据库数据,在探究"一带一路"倡议提出以来,中国企业对外直接投资演化的时空格局及行业特征的基础上,利用Logit及Probit回归模型检验包括企业生产率、所处地区、所属行业等属性在内的企业异质性因素对其对外直接投资行为决策的影响。研究发现:①除传统理论提出的生产率外,企业的出口经验、创新研发水平等因素对其对外直接投资决策同样起重要作用。②公司是否上市对企业对外直接投资的影响不显著,在"一带一路"背景下,企业融资筹资手段更加多元化,股权融资并未对企业进行对外直接投资产生直接影响。③东部地区企业所有制结构作用不显著,企业对外直接投资决策主要受生产率和经营情况等因素影响,但中西部地区中,国有企业更倾向于进行对外直接投资,企业所有制结构作用较为显著。同时,行业特性也对企业对外直接投资的影响因素带来差异化特征。     

美国对外直接投资的历程、经验及对我国的启示

美国是当今世界对外直接投资存量最多的国家,也是对外直接投资历史比较长的国家。虽然美国与我国的国情有着比较明显的差别,但总结美国对外直接投资的历程及其特点,借鉴美国对外直接投资中形成的种种经验,包括美国政府     

双向直接投资、知识溢出效应与创新链协同发展——基于工业行业数据的实证研究

双向直接投资(外商直接投资与对外直接投资)及其知识溢出效应对创新链协同度的影响尚未得到充分验证。基于复合系统协同理论，构造并测度2011—2020年中国38个工业行业创新链协同度，并将知识溢出效应分解为技术知识溢出效应与管理知识溢出效应，实证检验双向直接投资对创新链协同度的影响。结果表明，外商直接投资与对外直接投资均能对创新链协同度产生正向影响；对外直接投资对创新突破型行业创新链协同度的积极影响更加显著；知识溢出效应发挥机制作用，其中，对外直接投资的技术知识溢出效应强于外商直接投资，而外商直接投资的管理知识溢出效应强于对外直接投资。研究结论可为投资开放背景下构建创新链协同发展机制与路径提供新的经验证据和政策主张。     

中国对外直接投资的文化偏好——来自上市公司的微观证据

中国对外直接投资存在明显区位偏好,探究其内在的逻辑关系是一个值得研究的重要话题。本文基于上市公司对外直接投资数据的事实,从非正式制度出发,以文化偏好为切入点,对中国对外直接投资的区位偏好提出了一种新的微观解释。结果发现：企业受儒家文化的影响程度越强,其更愿意选择在儒家文化圈国家投资;在运用安慰剂、工具变量等一系列稳健性检验之后结果依然成立。进一步检验揭示,规避投资风险和降低管理成本是企业选择在儒家文化圈国家投资的内在驱动机制。本文还发现,正式制度与非正式制度的儒家文化在增加企业在儒家文化圈投资中存在互补效应。此外,中国企业对外直接投资的文化偏好主要发生在非国有企业中,而在国有企业中并未找到相关证据。本文为中国对外直接投资区位偏好提供了新的微观证据。     

我国政府促进对外投资的对策建议

我国对外直接投资还处于起步阶段。我国政府的管理和政策存在一些缺陷 ,制约了我国对外直接投资的发展。借鉴美国经验 ,我国政府应采取措施 ,完善其在对外直接投资中的作用。     

政府干预是如何影响企业对外直接投资的 ?——基于制度理论视角的研究

政府干预经常被视为推动和鼓励企业对外直接投资中的重要力量 ,但事实果真如此吗?政府是否会有所选择地影响企业对外直接投资呢?文章从制度理论的视角 ,基于2003-2013年沪深 A 股非金融上市公司数据 ,考察了政府干预对企业对外直接投资的各种影响.研究发现:(1)政府干预对企业对外直接投资的行为和数量都具有显著的负向影响 ,即政府干预程度越高的企业 ,越不可能进行对外直接投资以及具有较低的对外直接投资数量;(2)政府会支持那些具有较高"营销资源"的企业进行对外直接投资和增加投资额,即在营销资源丰富的企业中 ,政府干预对企业对外直接投资的正向影响关系更强 ;(3)政府干预对企业对外直接投资的绩效具有显著的正向影响;(4)政府主要是通过控制企业决策层和审批企业投资申请两个渠道来影响企业的对外投资决策.文章为政府制定相应的对外直接投资政策以及企业如何响应政府的"走出去"战略提供了有益启示.     

对外直接投资与母国产业发展——微观层面的考察

本文从企业对外直接投资的具体动因入手，从微观层面上分析了不同类型的对外直接投资对母国产业的影响，进而讨论了政府在对外直接投资中的角色。     

中国企业对外直接投资与企业生产能力

随着中国企业对外直接投资(OFDI)规模的日益扩大,企业OFDI对企业生产能力的影响问题成为学者们研究的重点议题.本文基于2013—2018年的企业OFDI数据,使用倾向得分匹配法系统研究对OFDI活动对中国企业生产能力的作用结果.研究发现:OFDI活动与企业生产能力之间存在着显著的因果关系.不论是从短期还是长期来看,OFDI活动都会对企业的生产能力产生正向推动作用,同时这种推动作用还会随着时间的推移而不断提高.另外,本文还将OFDI活动划分为三大类,不同类型的OFDI活动对企业生产能力的影响中存在着较为显著的差异性.本文的研究结论为推动中国企业开展OFDI活动及相关政府管理部门制定管理政策,提供了重要的参考和借鉴.     

China’s regulatory framework for outward foreign direct investment

China has become the world’s third largest outward investor, behind the United States and Japan. A growing body of literature suggests that China’s regulatory framework for outward foreign direct investment (OFDI) is a determinant of the country’s rising OFDI. This article presents a holistic review of that framework, including some possibilities for its improvement. Overall, China’s framework serves two objectives: to help Chinese firms become more competitive internationally and to assist the country in its development effort. In pursuing these objectives, the regulatory framework has moved from restricting, to facilitating, to supporting, to encouraging OFDI, but there are still strong elements of administrative control that make it cumbersome. State-owned enterprises (SOEs) seem to benefit particularly from the current framework when internationalizing through FDI.     

Home-country environment and firms’ outward foreign direct investment decision: Evidence from Chinese firms

This paper takes a holistic view and examines the environmental effect of the home country on firms’ outward foreign direct investment (OFDI) decisions. We construct an economic growth index to assess the overall economic environment of Chinese regions and find that the home country’s business environment is negatively associated with firms’ decisions to invest abroad, and that such a negative relationship can be intensified for firms with state ownership or without an export network. Moreover, unlike previous literature, we look at both the environmental effect on OFDI decisions and the consequential impact of OFDI on firm performance. We employ propensity score matching and difference-in-differences methods, as well as the Heckman two-step model, for our estimations. Our results show that OFDI does indeed improve Chinese firms’ productivity and sales. This paper, therefore, contributes to the literature by identifying a range of home country business environmental factors that have a combined effect on firms’ OFDI decisions, adding to a more comprehensive understanding of OFDI originating from emerging economies.     

Absorptive capacity and quality upgrading effect of OFDI: Evidence from China

Does outward foreign direct investment (OFDI) from developing countries affect firms' competitiveness in international markets through quality upgrading of export? Using highly disaggregated Chinese product level data and the firm level information on overseas investment from 2000 to 2006, we attempt to provide an answer to this question. We employ the propensity score matching approach and difference-in-differences specification to deal with the sample selection bias and the potentially endogenous problem in inferring the causal effect of OFDI on quality upgrading. The results reveal that investment abroad could significantly push China export up on quality ladders. The firms with OFDI have higher quality products when compared with the firms remaining invest in their home country at product-export destination level. This quality upgrading effect is more pronounced where firms export to high-income countries. Furthermore, we show that the learning mechanism works and the absorptive ability of firms could reinforce the quality upgrading effect of OFDI. The learning mechanism also works for the firms with difference OFDI strategies.     

Bank system reform and outward foreign direct investment of Chinese enterprises

Using a panel of Chinese domestic enterprises over the 2002–2008 period, we assess the effect of the state-owned commercial bank shareholding reform on the domestic enterprises' outward foreign direct investment (OFDI) decisions. We find that a modern market-oriented bank system significantly increases the likelihood of OFDI, especially for the purpose of facilitating trade and services.     

中国对外直接投资对进出口贸易的影响分析

笔者在分析对外直接投资对进出口贸易影响机制的基础上,使用1993年～2009年中国对105个国家(地区)直接投资和进出口贸易的面板数据,应用动态VAR模型和面板格兰杰因果检验方法对我国的情况进行实证研究。结果表明:我国对外直接投资与出口及进口之间均存在双向格兰杰因果关系,对外直接投资是贸易创造型的,但这种创造效应还较为有限。因此,应积极发展对外直接投资,并发挥其与贸易的良性互动关系。     

Effect of cultural distance on reverse technology spillover from outward FDI: a bane or a boon?

This article aims to investigate the role of cultural distance in the relationship between outward foreign direct investment (OFDI) and reverse technology spillover. Chinese firm-level data have been used to examine whether the cultural distance between domestic and host countries is a bane or a boon to innovation when firms engage in OFDI for technology acquisition. Generally, businesses with similar cultural backgrounds have an easier time-making technological progress. However, this research revealed a deeper level of reverse technological spillover among firms that invest in Europe and the USA, which are considered to quite culturally distant from China. Reverse technological spillover through OFDI is positively affected by individualism and uncertainty avoidance, which are the two dimensions of cultural distance.     

中国企业对外直接投资影响了劳动力市场的就业极化吗?

在中国企业"走出去"步入新常态和就业压力持续加大的复杂背景下,探寻对外直接投资影响劳动力市场中的就业极化及其作用机理,对缓解我国当前的就业矛盾具有重要意义.基于此,文章利用匹配后的中国工业企业数据,基于倾向得分匹配和倍差法实证检验了对外直接投资的就业极化效应.研究发现,对外直接投资总体上显著增加了母国劳动力市场上的就业,但影响程度具有显著差异,对高技术和低技术企业的就业水平的影响更为明显,而对中等技术企业的提升作用相对较小,即存在"两端高、中间低"的就业极化现象.进一步研究发现:(1)企业对"一带一路"沿线国家的直接投资有利于缓解我国劳动力市场的就业极化;(2)与投资中低收入国家相比,对高收入国家的直接投资在一定程度上会加剧母国劳动力市场的就业极化趋势;(3)与外资企业相比,国有企业和民营企业的对外投资加剧了劳动力的低技术"极化"趋势.上述研究为实现中国企业更好地"走出去"与就业优先战略的良性互动提供了有益的启示和借鉴.     

The Determinants of Chinese Outward Foreign Direct Investment: A Closer Look

Over the last fifteen years, China rapidly expanded its outward foreign direct investment (OFDI) through remarkable economic growth and the “go global” policy. Chinese firms explored investment avenues especially in developing and emerging countries. As a result, China became the third largest contributor of OFDI. We examine the determinants of Chinese OFDI in 67 countries during the period lasting from 2006 to 2015 using the feasible generalized least square method. We find that the size of the economy, market opportunities, cost advantages due to low wage structure, ease of doing business, country risk, and geographical proximity are the prominent factors leading to changes in Chinese OFDI in developing and emerging economies. We find that China’s investments in different developing and emerging countries are driven by a different set of factors and the determinants of Chinese OFDI vary in low and high per capita income countries.     

Does the reduction of regional trade policy uncertainty increase Chinese enterprises' outward foreign direct investment? Evidence from the China−ASEAN Free Trade Area

Regional trade policy uncertainty is an important factor affecting enterprises' outward foreign direct investment (OFDI). This paper uses the China?ASEAN Free Trade Area as the research object. The research uses the “China Industrial Firm Database” from 2001 to 2013 and the “List of Chinese Overseas Investment Enterprises (Institutions)” to match micro‐enterprise data. Using the difference‐in‐difference (DID) approach to construct quasi‐natural experiments, we study the impact of the reduction in regional trade policy uncertainty on Chinese enterprises' OFID. The results show that the free trade agreement strategy implemented by China has reduced the regional trade policy uncertainty, which has had a significant positive impact on Chinese enterprises' OFDI. The establishment of the China?ASEAN Free Trade Area has significantly increased Chinese enterprises' OFID in ASEAN countries. The study further finds that enterprises of different ownership types, in different regions and of different factor intensities display heterogeneous effects in this process. The empirical results of the paper provide new ideas for promoting OFDI from the standpoint of reducing regional trade policy uncertainty, and also provide a new perspective for explaining the increase in foreign investment in China in recent years.