中国制造业企业OFDI带来“去制造业”吗——基于微观数据和投资动机的实证研究  

The“De-Manufacturing”Effect of Chinese Enterprises' Outward FDI——An Analysis Based on Enterprises Data and Investment Motives

作　　者：杨亚平[1] 吴祝红 

机构地区：[1]暨南大学经济学院,510632

出　　处：《国际贸易问题》2016年第8期154-164,共11页Journal of International Trade

基　　金：国家自然科学基金重点项目"推动经济发达地区产业转型升级的机制与政策研究"(71333007);国家自然科学基金青年项目"基于技术溢出和吸收能力的本土供应商生产率提升研究"(71203077);中央高校基本科研业务费专项资金资助项目"我国外向FDI的学习效应及其机制研究"(暨南启明星计划15JNQM001)

摘　　要：本文利用倾向性匹配方法为2003-2008年1273家进行OFDI的制造业企业找到可供比较的样本数据,采用倍差法实证检验OFDI给母公司带来的规模效应、投资效应、就业效应和出口效应。研究发现,制造业企业在OFDI快速发展时期尚未出现总量"去制造业",总体上表现出通过商贸服务型OFDI加强出口,带动国内生产、投资和就业的主要投资模式。基于投资动机的进一步考察发现,存在结构性"去制造业",当地生产型OFDI特别是劳动密集型行业以及投向中低收入国家的OFDI对出口、投资具有替代作用;投向高收入国家的技术研发型OFDI对母公司国内投资产生挤出效应。In the recent years, outward foreign direct investment （OFDI） by Chinese multinational enterprises＇ increased rapidly which has generated wide- spread concerns that these investment maybe displace domestic production activi- ties and cause ＂Hollowing-out＂ or ＂De-Manufacturing＂ Based on OFDI mo- tives, location and industries, this paper analyses OFDI will substitute or strength- en home activities. Using 1273 Chinese manufacturing enterprises which have in- vested outward from 2003 to2008, this paper investigates the ＂De-Manufacturing＂ effects of Chinese outward FDI. This paper uses PSM to make a more compara- ble control group for these enterprises. Difference-in-differences estimation reveals that, on the whole, ＂De-Manufacturing＂ effect does not happen. By export-orient- ed OFDI, parent enterprises strengthen their export, production capital investment, and employment. However, structured ＂De-Manufacturing＂ still exists. There are substitution effects on parent enterprises＇ export and capital investment by produc- tion-oriented OFDI, especially come from those labor intensive enterprises and the investment to middle or low income countries. At the same time, there are crowding-out effects on parent enterprises＇ capital investment by technology-seek- ing OFDI.

关 键 词：OFDI 经济效应 去制造业 母公司 

分 类 号：F407.4[经济管理—产业经济]