地理距离、企业异质性与中国对外直接投资——基于“新”新经济地理视角  

Distance,Firm Heterogeneity and China's Outward Foreign Direct Investment

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：《经济管理》2012年第10期77-85,共9页Business and Management Journal ( BMJ )

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)

摘　　要：地理距离在我国企业对外直接投资决策中起着十分重要的作用。本文基于"新"新经济地理视角,在Melitz,Helpman及Chen的企业异质性模型基础上,引入与地理距离相联系的中间投入品运输与增加的固定成本函数,考察距离因素与东道国特征如何影响企业进入的生产率门槛值。采用2000～2010年中国企业在118个国家(地区)建立的1052家子公司的数据进行实证分析,发现中国境外投资企业间存在较大程度的异质性,地理距离与企业生产率门槛值正相关,存在"随机的自我选择机制",生产率较低的企业选择进入邻近市场,生产率较高的企业更有可能投资于距离较远,市场需求较小的东道国。With the rapid upgrowth of international productive forces and the constant deepening of internation-al division, foreign direct investment has become the vital means to strengthen the synthesized competitiveness and the key to gain the control of international power. Distance is a key player in international investment. Yet previousstudies in the analysis of China＇s outward foreign direct investment are more concerned about the role of market size and resource endowments, lacking of specific analysis on the effect of distance on outward FDI, or take the distance generally as control variables in common use. Furthermore, in the most empirical literature on the determination offoreign direct investment, firms are homogeneous in their manufacturing abroad decision, which come to controversial conclusions. In this paper, we examine how Chinese multinational firms with heterogeneous characteristics self-select into different host countries. Based on the framework of ＂new＂ new economic geography, and the model of firm het-erogeneity presented in Melitz, helpman and chen, the introduction of intermediate inputs transportation and fixed costs associated with the geographical distance explains how the distance factor affects firms＇ entry threshold produc- tivity. The theoretical model shows the existence of classified effect. The farther the geographical distance betweenthe two countries is, the higher threshold productivity of enterprises to enter the host country. The main contribution of this paper is also reflected in pointing out the deficiencies of the standard model of ＂proximity-concentration＂. Through the introduction of the increase in fixed costs and intermediate inputs transportation costs with distance, we explain the fact that the unit cost of services to foreign markets increasing with distance. Theoretical equation sug-gests that the productivity threshold value is affected by the geographical distance, added value of fixed costs with distance, the market potential and the variable costs of ho

关 键 词：距离 企业异质性 对外直接投资 

分 类 号：F125[经济管理—世界经济]