跨国公司投资动机对东道国行业出口强度的影响——基于动态面板数据模型的实证分析  

Impact of MNCs Investment Motivations on Industry Export Intensity of Host Country——An Empirical Analysis Based on Dynamic Panel Data

作　　者：郑磊[1] 汪旭晖[2] ZHENG Lei1, WANG Xuhui2(1. School of International Economics and Trade, Dongbei University of Finance and Economics, Dalian 116023; 2. School of Business Administration, Dongbei University of Finance and Economics, Dalian 11602)

机构地区：[1]东北财经大学国际经济贸易学院,辽宁大连116023 [2]东北财经大学工商管理学院,辽宁大连116023

出　　处：《国际商务（对外经济贸易大学学报）》2018年第2期86-99,共14页INTERNATIONAL BUSINESS

基　　金：教育部人文社会科学规划基金项目"基于SNA的我国战略性新兴产业海外价值链延伸投资策略研究"(15YJA790094);辽宁省教育厅科学研究一般项目"基于知识溢出的外商直接投资在中国地区非均衡分布研究"(W2015138)

摘　　要：本文利用1996~2012年动态面板数据,从行业层面检验美国对经合组织成员国直接投资的不同动机与东道国出口强度的关系。研究结果表明:第一,资产寻求型FDI无论是通过模仿和学习还是员工流动,对东道国出口强度均不存在明显影响;资产开发型FDI,尤其是市场寻求型FDI对东道国出口强度影响程度最大。第二,资源寻求型FDI利用生产经营渠道对东道国出口强度起显著正向作用;出口平台型FDI借助示范效应降低东道国企业沉没成本以提高其出口业绩。第三,只有当东道国制度环境较好时,市场寻求型FDI和出口平台型FDI对出口强度才表现为正向作用,而资源寻求型FDI对本土企业出口强度的影响不因东道国制度环境而改变。本文研究结论对政府制定有效的引资策略和出口政策,引导企业加快国际化步伐提供理论和经验支持。This paper examines the relation between different motivations of US outward FDI to OECD countries and export intensity of these host countries based on the dynamic panel data of 1996-2012. The results indicate that： first, asset-seeking FDI exerts no significant effect on export intensity of host country either through imitation, learning or staff turnover; asset-exploiting FDI, particularly market-seeking FDI influence export intensity of host country most significantly.Second, resource-seeking FDI has a positive effect on export intensity of host country through production and operation channels; export-platform FDI helps reduce sunk costs through demonstration effect, improving export performance.Third, only with a good institutional environment in host country, market-seeking FDI and export-platform FDI will exert a positive effect on export intensity; the effect of resource-seeking FDI on domestic firms remain unchanged regardless of institutional environment of host country. The findings offer strong theoretical and empirical supports for government to make effective FDI strategies and export policy, and for firms to accelerate their internationalization.

关 键 词：跨国公司 投资动机 出口溢出 东道国特征 动态面板模型 

分 类 号：F830.59[经济管理—金融学] F276.7