企业生产率和企业"走出去"对外直接投资:基于企业层面数据的实证研究

随着中国走出去的战略实施,我国企业的对外直接投资也日益增长。通过采用浙江省制造业企业生产和对外直接投资的企业层面数据,在准确衡量"走出去"企业的全要素生产率的基础上,本文考察了企业生产率及其直接对外投资的关系。在控制了回归分析可能的内生性及其他影响因素后,我们发现:第一,生产率越高的企业对外直接投资的概率越大;第二,生产率越高的企业对外直接投资的量越大;第三,目的国的收入水平高低对企业投资与否的决定没有显著的影响。此外,行业的资本密集程度对企业的生存环境没有显著的影响。所以,本文的发现为我国企业的对外直接投资提供了微观层面的经验证据,一定程度上弥补了这方面研究的空白。

Firm Productivity and Outbound Foreign Direct Investment: A Firm-Level Empirical Investigation of China

We investigate the endogenous nexus between firm’s productivity and firm’s outbound foreign direct investment (OFDI), using a rich firm-level panel dataset of China’s Zhejiang province for the period 2006—2008. Based on a precise measure of firm’s total factor productivity (TFP) by using the augmented Olley-Pakes (1996) semi-parametric approach, after controlling the possible endogeneity of firms’OFDI, we find that: (1) firms with higher TFP have larger probabilities to involve in OFDI; (2) the higher TFP a firm has, the more its OFDI is; (3) the income level of the destination country of ODFI has no significant impact on firms’ OFDI decision. Such findings are robust to various econometric methods.