对外直接投资对企业利润率的影响——来自中国工业企业的证据  

The Effect of Outward Foreign Direct Investment on Firm's Profit Rate:Evidences from Chinese Industrial Firms

作　　者：杨平丽[1,2] 曹子瑛[3] 

机构地区：[1]中南财经政法大学工商管理学院,湖北武汉430073 [2]河南大学经济学院,河南开封475004 [3]武汉大学经济与管理学院,湖北武汉430072

出　　处：《中南财经政法大学学报》2017年第1期132-139,共8页Journal of Zhongnan University of Economics and Law

摘　　要：基于中国工业企业数据库(2003~2011年)和商务部《境外投资企业(机构)名录》的合并数据,运用基于倾向得分匹配的倍差法检验了对外直接投资对企业资产利润率的影响,发现中国企业对外直接投资总体上显著降低了企业利润率,无论企业投资于单个或多个国家(或地区)。基于企业投资动因的分类检验发现,OFDI行为显著降低了商贸服务类和当地生产类OFDI企业的利润率,而对技术研发类和资源开发类OFDI企业的利润率影响不显著。此外,对发达国家的对外直接投资显著降低了企业利润率,而对发展中国家的投资对利润率的影响不显著。最后,滞后性检验发现,对外直接投资对企业利润率的影响在投资后的3年和5年仍然显著为负。Based on the matched micro-data of Chinese industrial firms from 2003—2011 and directory of outward foreign direct investment(OFDI)firm released by the Chinese business ministry,using the difference in difference method based on propensity score matching(PSM-DID)to inspect the impact of OFDI on firm's ROA(return on asset),this paper finds that the OFDI of Chinese firms decreased the firm's ROA remarkably,whether they invested into one or more countries or areas.When inspecting the impact by different motives of OFDI,this paper finds that the investment of business and production decreased the ROA remarkably,the investment of technology seeking and resource development have no remarkable impact on firm's ROA.When inspecting by different host countries,this paper finds that the investment to developed countries decreased the ROA remarkably,and the investment to developing countries have no remarkable impact on it.The conclusion demonstrates that the performance of Chinese firm have not been improved if measured by profit compared with TFP,but decreased the profit instead.At last,the lag effect inspection shows that the effect of OFDI on firm's ROA lasts for 3 and 5 years after the OFDI.

关 键 词：对外直接投资 企业利润率 资产利润率 倾向得分匹配 倍差法 

分 类 号：F830.59[经济管理—金融学]