国际投资保护对我国企业对外直接投资的影响——基于海外子公司视角的实证研究

在逆全球化态势下,以限制外资为动机的国际投资保护在全球范围内蔓延,影响了跨国投资的可持续发展。文章基于海外子公司视角考察国际投资保护对我国企业对外直接投资的影响,通过匹配国泰安《海外直接投资数据库》和OECD《外资限制指数》数据库开展微观层面的实证研究,得出以下结论：①国际投资保护在总体上不仅降低了我国对外直接投资企业海外子公司的经营效益,还降低了母公司对海外子公司的持股比例;②国际投资保护对海外子公司的不利影响具有异质性,发达国家国际投资保护的不利影响大于发展中国家,国有企业海外子公司因国际投资保护遭受的不利影响更大;③国际投资保护会通过削弱海外子公司从东道国技术溢出中获取的收益而产生间接不利影响;④母公司拥有更多海外背景高管和对东道国的文化输出分别是调节国际投资保护对海外子公司负面影响的微观和宏观因素。文章的研究意味着国际投资保护会危害我国对外直接投资企业海外子公司的正常经营,因而应对国际投资保护是实现我国对外直接投资可持续发展的迫切需要。

The Impact of International Investment Protection on China's Enterprises' Foreign Direct Investment: An Empirical Study from the Perspective of Overseas Subsidiaries

Under the situation of anti-globalization, international investment protection with the motive of restricting foreign investment has spread all over the world, affecting the sustainable development of transnational investment. Based on the perspective of overseas subsidiaries, this paper examines the impact of international investment protection on China's enterprises' foreign direct investment. By matching CSMAR's foreign direct investment database and OECD's foreign investment restriction index database, this paper conducts empirical research at the micro level, and concludes the following conclusions:①On the whole, international investment protection not only reduces the operating efficiency of overseas subsidiaries of China's foreign direct investment enterprises, but also reduces the shareholding ratio of the parent company to overseas subsidiaries; ②The adverse effects of international investment protection on overseas subsidiaries are heterogeneous, The adverse effects of international investment protection in developed countries are greater than those in developing countries, and the adverse effects of international investment protection on overseas subsidiaries of state-owned enterprises are greater;③International investment protection will have indirect adverse effects by weakening the benefits of overseas subsidiaries from the host country's technology spillovers; ④The parent company has more senior executives with overseas backgrounds and cultural export to host country, which are the micro and macro factors to adjust the negative impact of international investment protection on overseas subsidiaries. The research of this paper means that international investment protection will harm the normal operation of overseas subsidiaries of China's foreign direct investment enterprises, so it is an urgent need to deal with international investment protection to realize the sustainable development of China's foreign direct investment.