中国企业对外直接投资的学习效应研究  

Learning Effects of Outward Foreign Direct Investment in China

作　　者：肖慧敏[1] 刘辉煌[1] 

机构地区：[1]湖南大学经济与贸易学院,湖南长沙410079

出　　处：《财经研究》2014年第4期42-55,共14页Journal of Finance and Economics

基　　金：国家社会科学基金项目"贯彻落实科学发展观与完善开放型经济体系研究"(07&ZD017);国家留学基金委2013国家建设高水平大学公派联合培养博士研究生个人项目([2013]3009)

摘　　要：中国企业对外直接投资的学习效应不仅影响企业自身的可持续发展,也关系到中国宏观经济的发展及国际竞争力的增强。文章采用2005-2011年上市企业的微观数据,基于neighbor与kernel倾向分值匹配方法检验了企业对外直接投资是否存在学习效应。研究结果表明,中国企业通过对外直接投资显著提升了技术水平。考虑到投资区位及企业投资动态的差异,文章对境外投资企业进行细分后发现,投资于发达国家的企业比仅投资于发展中国家的企业拥有更强的学习能力,而持续对外投资的企业获得了更高的生产率及技术溢价。Learning effects of outward foreign direct investment in China not only affect the sustainable development of enterprises,but also are related to the enhancement of macroeconomic development and international competitiveness.Based on the micro-data of listed companies from 2005to 2011and the neighbor and kernel propensity score matching methods,this paper estimates the learning effects of outward foreign direct investment in China. The results show that outward foreign direct investment significantly enhances technological levels of Chinese firms.Considering the differences in investment location and corporate investment dynamic,this paper subdivides outward foreign direct investment enterprises,and concludes that enterprises which invest in developed countries have the stronger learning ability than ones which only invest in developing countries,while enterprises with continued foreign investment obtain higher productivity and technological premium.

关 键 词：对外直接投资 学习效应 匹配估计 

分 类 号：F279.2[经济管理—企业管理] F832.6[经济管理—国民经济]