出口网络能促进对外直接投资吗--基于中国的理论与经验分析  

Can Export Networks Promote OFDI--Based on China’s Theory and Experience Analysis

作　　者：李捷瑜[1] 李杰 王兴棠 LI Jieyu;LI Jie;WANG Xingtang

机构地区：[1]中山大学岭南学院 [2]暨南大学产业经济研究院 [3]广东外语外贸大学粤港澳大湾区研究院,510006

出　　处：《国际贸易问题》2020年第5期102-116,共15页Journal of International Trade

基　　金：国家社会科学基金项目“粤港澳大湾区科技创新协同发展研究”(19BJY003)。

摘　　要：本文将企业出口网络引入企业对外直接投资的内生性选择模型,分析出口网络对企业进行绿地投资和跨国并购的影响。模型分析结果表明:在相同的生产率水平下,出口网络大小通过影响企业对外直接投资(绿地投资和跨国并购)所需生产率"阈值",进而影响企业对外直接投资概率;当出口网络扩大对企业对外直接投资所需生产率"阈值"带来的正向效应大于负向效应时,网络扩大会提高企业的对外投资概率;而当出口网络扩大对企业对外直接投资所需生产率"阈值"带来的负向效应大于正向效应时,网络扩大会降低企业的对外投资概率;本文利用2001-2014年中国上市工业企业数据进行实证分析,发现出口网络扩大对工业上市企业的绿地投资以及跨国并购行为都有显著的正向影响,在考虑了出口网络的其他特征后,实证结论依然稳健。In this paper, corporate export network was introduced into the endogenous preference model for corporate outward direct investment to analyze the impact of export network on corporate greenfield investment and cross-border M&A. The model analysis shows that at the same level of productivity,the size of export network affects the productivity threshold required by OFDI( greenfield investment and cross-border M&A)and thus the probability of OFDI by enterprises. The expansion of export network will increase the probability of corporate outward investment when its positive effect is greater than its negative effect on the productivity threshold required by OFDI,and vice versa. An empirical analysis of the 2001-2014 data of China’s listed industrial enterprises also finds that for China’s listed companies,the expansion of export network has significant positive effects on corporate behaviors of greenfield investment and cross-border M&A;the empirical findings are still robust when other characteristics of export network are taken into account.

关 键 词：出口网络 绿地投资 跨国并购 

分 类 号：F742[经济管理—国际贸易]