对外直接投资如何影响企业收益?  

How does Outward Foreign Direct Investment Affect Corporate Returns?

作　　者：杨连星 牟彦丞 张迪 Yang Lianxing;Mou Yancheng;Zhang Di

机构地区：[1]华东师范大学经济与管理学部经济学院

出　　处：《世界经济研究》2021年第1期104-116,M0004,共14页World Economy Studies

基　　金：上海市软科学重点项目(项目编号:20692192000);博士后面上基金项目(项目编号:2019M661434)资助。

摘　　要：文章首先基于PSM-DID方法研究了企业对外直接投资(OFDI)对企业收益的影响,进一步基于OFDI二元边际视角——投资规模和多元化程度考察了企业OFDI对企业收益的多重复杂影响。利用2005~2014年中国上市企业数据,文章通过构建多种企业收益指标并区分不同所有制和行业类型实证分析发现,企业OFDI对于企业收益具有显著的积极影响效应并存在显著的差异化影响。具体而言,分所有制来看,与民企相比国企OFDI二元边际对企业收益呈现显著的负向影响;分行业来看,能源和金属业OFDI二元边际对企业收益存在显著的抑制效应,而房地产业则呈现显著的正向关系;分二元边际来看,企业OFDI集约边际对企业收益呈现显著的抑制效应,而扩展边际对企业收益具有积极的促进效应。文章认为,要审慎认识中国OFDI现状,加强对国企海外投资的监管,给予民企海外投资更多的政策支持,并加大对资源型行业海外投资的关注。Based on the PSM-DID method,this paper firstly studies the impact of OFDI on the corporate revenue. And,based on the dual-marginal perspective of OFDI-investment scale and diversification,the article examines the multiple complexity influences of corporate OFDI on corporate revenue. Using the data of Chinese listed companies from 2005 to 2014,this paper constructs a variety of corporate income indicators and distinguishes different categories in terms of ownership and industry. Empirical analysis finds that corporate OFDI has a significant positive effect on corporate income,and there is a significant differential impact. Specifically,the dual margin of OFDI in state-owned enterprises has more significant negative impact on corporate revenue compared with private enterprises from the perspective of ownership. Furthermore,the dual margin of OFDI in the energy and metals industries have significant inhibitory effect on corporate revenue. While the real estate industry presents a significant positive relationship;from the perspective of binary margins,corporate OFDI intensive margins have significant inhibitory effects on corporate revenue,while extended margins have positive effects on corporate revenue. Therefore,it is necessary to carefully understand the current situation of China’s OFDI,strengthening the government supervision of the oversea investment of state-owned enterprises.Government should provide more policy wide support towards the overseas investment of private enterprises and increase the preference of investing overseas resource-based industries.

关 键 词：对外直接投资 投资规模 多元化程度 企业收益 所有制类型 

分 类 号：F125[经济管理—世界经济] F275F832.51