中国对外直接投资对母国行业间收入差距的影响  

The Impact of China’s Outward Foreign Direct Investment on Domestic’s Inter-Industry Income Differentials

作　　者：严婷[1] 韩汉君 YAN Ting;HAN Han-jun(Institute of Economics,Shanghai Academy of Social Sciences 200020)

机构地区：[1]上海社会科学院世界经济研究所,200020

出　　处：《上海经济研究》2020年第3期94-108,共15页Shanghai Journal of Economics

基　　金：上海社会科学院2019年国家高端智库重点课题《“十四五”时期推进金融改革开放的阶段性目标、步骤和路径研究》的研究成果。

摘　　要：本文在理论和实证上探讨了中国对外直接投资(ODI)通过"生产要素需求创造"和"生产要素需求替代"的直接效应,以及通过"生产率效应"和"产业结构调整效应"的间接效应对母国行业间收入差距产生的影响。由于数据获得的局限性,目前国内的研究集中采用《中国工业企业数据库》分析工业企业ODI与工资的关系。本文利用Dealogic及FDI Markets数据库中2003-2017年12623家中国对外并购和绿地投资的企业数据,考虑行业异质性的影响差异,在34个全行业的层面上进行跨时期和分行业生产要素密集度的实证分析。结果表明:总体上,中国ODI对母国行业间收入差距的影响为先扩大后缩小,呈"倒U型"趋势,但当前阶段缩小的影响仍小于扩大的影响。中国ODI通过"生产率效应"间接扩大了国内行业间的工资差距,并且影响具有时滞性;通过"产业结构调整效应"间接扩大了国内行业间工资差距,但影响呈收敛趋势。行业异质性影响结果显示:劳动密集型行业ODI总体上呈扩大影响,而资本密集型行业ODI总体上呈先扩大后缩小的影响。34个细分行业中,有24个细分行业的ODI当前处于扩大国内行业间工资差距的阶段。但知识密集型制造业中的通用、专用设备制造业及通信设备行业,以及知识密集型服务业中的信息传输、软件和信息技术服务业具有明显的缩小作用。This paper aims at exploring the effect of China’s outward FDI on domestic’s interindustry income differentials from both theoretical and empirical perspectives.ODI will affect income differentials through the direct effects of"demand creation"and"demand substitution"for production factor,also through the indirect effects of"productivity effect"and"industrial restructuring effect".Due to the limitation of data acquisition,the"Chinese Industrial Enterprise Database"is mainly used to analyze the relationship between ODI and wages of industrial enterprises.In this paper,taking into account the industry heterogeneity,the empirical examination is carried out by using a sector-level panel data of 34 industries over the period of 2003-2017.These data are used from the Dealogic and FDI Markets database of 12,623 Chinese outward M&As and greenfield investment companies.The results show that the impact of China’s ODI presents the shape of inverse"U"generally,which means expanding first then shrinking.However,the impact of shrinking is still less than that of expansion at present.China’s ODI indirectly widens the income differentials through"productivity effect",and the effect has a time lag.Through the"industrial restructuring effect",the income gap is also indirectly enlarged,but the effect show a trend of convergence.The results of industry heterogeneity show that the impact of labor-intensive industries’ODI generally has an expanding influence,while the impact of capital-intensive industries’ODI generally presents expanding first then shrinking.Among the 34 sub-sectors,24 are currently in the stage of widening the inter-industry income gap.However,the manufacture of general and special purpose machinery and communication equipment in the knowledge-intensive manufacturing industry,as well as the information transmission,software and information technology services in the knowledge-intensive service industry have a statistically significant effect of shrinking on inter-industry income differentials.

关 键 词：对外直接投资 行业间收入差距 要素流动 生产率效应 产业结构调整效应 

分 类 号：F124[经济管理—世界经济] F125