企业对外投资行为能否改善我国要素市场扭曲:理论分析与机制检验

采用2000~2009年的微观企业数据构建动态计量模型，通过两步系统GMM方法检验企业对外投资行为对要素市场扭曲的影响效应，研究发现，企业对外投资行为有效降低了我国要素市场扭曲程度，提升了市场要素资源的利用效率。市场要素分解检验、IV-2SLS估计及样本期分段检验的结果依然稳健。进一步通过中介效应模型检验对外投资行为对要素市场扭曲的作用机制，发现企业对外投资行为主要通过加速"去过剩产能"和边际产业转移、提升国内企业生产率三条途径来化解我国要素市场扭曲困境。企业大规模"走出去"可以有效化解过剩产能和"反哺"国内市场，这是当前我国新一轮改革开放寻求新经济增长点的动因所在。

Can Corporate Foreign Investment Behavior Improve China's Factor Market Distortion: theoretical analysis and Mechanism

The foreign investment behavior of enterprises has undoubtedly created important opportunities and external conditions for the adjustment and rational distribution of China's factor market structure. This paper uses the micro-enterprise data from 2000 to 2009 to construct a dynamic measurement model and examines the impact of corporate external investment behavior on factor market distortion through a two-step system GMM method. The study found that corporate foreign investment behavior effectively reduced the distortion of China's factor market and improved the utilization efficiency of the overall factor resources of the market. The results of market factor decomposition test, IV-2SLS estimation and sample period segmentation test are still robust. This paper further tests the mechanism of foreign investment behavior to the distortion of factor market through the mediation effect model which finds that the foreign investment behavior of enterprises mainly solves the distortion of the factor market in China by accelerating the process of "too excess capacity" and marginal industrial transfer and improving the productivity of domestic enterprises. Large-scale "going out" of enterprises can effectively resolve excess capacity and "return" the domestic market. This is also the reason for seeking new economic growth points of China's new round of reform and opening up.