“国进民进”:国有企业在对外直接投资中的作用  

Private Corporations Progress alongside SOEs:The Role of SOEs in China’s OFDI

作　　者：赵勇[1,2] 初晓 Zhao Yong;Chu Xiao

机构地区：[1]中国人民大学经济学院 [2]中国人民大学中国经济改革与发展研究院,北京海淀区100872

出　　处：《世界经济》2021年第5期53-78,共26页The Journal of World Economy

基　　金：中国人民大学科学研究基金重大规划项目“长周期视角下的世界经济:现状与未来趋势”(17XNLG05)的资助。

摘　　要：中国企业"走出去"的特殊性之一在于国有企业在对外直接投资中的"先行者"地位。本文放松企业对外直接投资相互独立的假定,分析国有企业的对外直接投资对民营企业海外市场进入的影响。结果发现,国有企业的对外直接投资在整体上提高了民营企业海外市场进入的可能性,投资经历的正向示范效应和声誉效应要大于负向的竞争效应。同时还发现,当国有企业刚刚进入市场、国有企业是中央企业、民营企业与国有企业处于同一区域以及民营企业规模较小或者生产率较低时,国有企业的正向促进效应会更为明显。The pioneering role of state-owned enterprises(SOEs)in China’s outward foreign direct investment(OFDI)differs China significantly from other countries.Relaxing the assumption of mutual independence in OFDI decisions across enterprises,this paper investigates the effects of the investment experiences of China’s SOEs on private enterprises’entries into foreign markets.Empirical results show that pioneering investments by SOEs increase the likelihood of market entries by private enterprises,and that the positive demonstration and reputational effects of investment experiences outweigh the negative effects of competition.In particular,when SOEs are central enterprises or new investors,or private enterprises are small,less productive or located in the vicinity of an SOE,the positive spillover effects are more remarkable.

关 键 词：对外直接投资 国有企业 民营企业 

分 类 号：F125[经济管理—世界经济] F276.1