战略资产获取与中国OFDI企业的“自我选择”效应——基于中国制造业上市公司的分析

文章基于2005-2014年中国制造业上市公司数据,利用面板多元排序离散被解释变量模型,对中国战略资产获取型OFDI企业的“自我选择”效应进行实证检验。除了验证传统理论中企业基于生产率的“自我选择”效应外,检验结果还发现：中国战略资产获取型OFDI企业规模更大、多为非国有企业、多位于沿海开放城市、创新能力更强、更注重品牌塑造、长期偿债能力更强、增长速度较慢。在此基础上,更进一步考察发现：中国OFDI企业的“自我选择”效应存在着区域间和行业间的差异;通过引入金融危机虚拟变量,文章证明中国OFDI企业的“自我选择”效应在金融危机前后存在着“经济结构变动”情况。

Strategic Asset Seeking and Chinese OFDI's Self-selection Effect: Based on the Analysis of Chinese Manufacturing Listed Companies

Using ordered logit (probit) models for panel data based on Chinese manufacturing listed companies during 2005-2014, this paper studies Chinese strategic asset seeking OFDI's self-selection effect. The result verifies self-selection effect based on firm productivity. In addition, this paper finds that Chinese strategic asset seeking OFDI firms are larger and mostly non-state enterprises, located in the coastal open cities with slower growth, have greater innovative ability and stronger long-term debt solvency, pay more attention to brand shaping. Through the study based on different regions and industries, we find that Chinese OFDI's self-selection effect varies between regions and industries. Finally, this paper introduces the dummy variable of financial crisis into regression and shows that there is "economic structural break" during the development of Chinese strategic asset seeking OFDI.