东道国制度环境、企业异质性与中国对外直接投资  

Host Country’s Institution,Firm’s Heterogeneity and China’s OFDI

作　　者：张夏[1] 汪亚楠 ZHANG Xia;WANG YaNan(College of Economics and Management, Southwest University, Chongqing 400715;School of Economics and Finance, South China University of Technology, Guangzhou 510006)

机构地区：[1]西南大学经济管理学院,重庆400715 [2]华南理工大学经济与金融学院,广东广州510006

出　　处：《财贸研究》2020年第12期1-18,共18页Finance and Trade Research

基　　金：重庆市社会科学规划项目“汇率制度、企业进口产品质量与企业生产率”(2019BS047);广东省基础与应用基础研究基金联合基金青年项目“‘一带一路’倡议下价值链分工对我国农业技术进步路径的影响研究”(2019A1515110169);中央高校基本科研业务费面上项目“汇率制度变迁影响我国出口贸易转型的微观机制研究”(XYMS202004)。

摘　　要：基于企业异质性对外直接投资理论,研究了东道国制度环境影响中国企业对外直接投资的传导机制。理论上,基于一般均衡框架研究发现,东道国制度的改善不仅能够降低出口贸易企业转化为OFDI企业的可能性以及企业进入东道国开展OFDI活动的生产率阈值,还能够降低企业的固定成本,提高企业OFDI所获得的利润,最终提升企业对外直接投资倾向;同时,企业生产率的提升对企业OFDI活动也有着显著的正向促进作用。实证层面研究发现,东道国经济制度质量指标、法律制度指标、政治制度指标每提高1单位能使企业进行OFDI的概率分别提高0.2%~0.71%、0.27%~0.62%、0.19%~0.32%;生产率指标每提高1单位能使企业进行OFDI概率提高0.30%~0.60%。在进行多种稳健性检验之后,主要研究结论依然成立。Based on OFDI theory of firm’s heterogeneity,this paper analyzes how host country’s institution affects Chinese firm’s OFDI.Theoretically,the paper uses the general equilibrium framework and draws the conclusion that the institutional improvement of host country will lower the possibility of export trade enterprises turning into OFDI enterprises and the productivity threshold enterprises entering the host country to conduct OFDI activities,lower the fixed cost,boost profit from OFDI,and thus stimulates firm’s inclination to conduct OFDI activities.Meanwhile,the improvement of enterprise productivity has obvious positive effect on the OFDI activities.Empirical research has found that one-unit increase for economic,legal and political institution in host countries will advance the probability of Chinese firms to conduct OFDI activities by 0.2%~0.71%,0.27%~0.62%,and 0.19%~0.32%respectively,and one-unit increase of firm’s productivity will increase the firm’s OFDI probability by 0.30%~0.60%.Considering different robust tests,the main conclusions still stand.

关 键 词：政治制度环境 经济制度环境 法律制度环境 企业生产率 OFDI 

分 类 号：F752[经济管理—国际贸易]