国际供应链供给冲击与中国“稳外资”目标——外商资本追加视角  

International Supply Chain Shock and China's Goal of Stabilizing Foreign Capital:From the Perspective of Reinvestment of Foreign Enterprises

作　　者：洪俊杰[1] 杨志浩 商辉 Hong Junjie;Yang Zhihao;Shang Hui(School of International Trade and Economics,University of International Business and Economics;School of Economics,Zhejiang Gongshang University)

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京100029 [2]浙江工商大学经济学院,浙江杭州310018

出　　处：《经济科学》2021年第6期5-20,共16页Economic Science

基　　金：国家自然科学基金青年项目“国内市场规模、‘共轭环流’嵌入选择与价值链升级的二元路径模式:理论与识别”(项目编号:72003174);浙江省自然科学基金探索项目“后疫情时期中国制造业的国际分工嵌入选择与升级模式研究--基于国内市场诱致的视角”(项目编号:LQ21G030006);对外经济贸易大学研究生科研创新基金重点项目“国际供应链供给冲击与中国‘稳外资’战略”(项目编号:202102)的阶段性成果。

摘　　要：国际供应链的安全性问题已成为影响中国开放型经济稳定发展的重大隐患。本文使用商务部外商投资审批及备案数据、中国工业企业数据、海关数据和专利数据等,从外商资本追加视角考察国际供应链供给冲击对中国“稳外资”目标的影响。研究表明:国际供应链供给冲击显著抑制了外商资本追加,企业利润率、生产率和创新水平是重要的作用渠道。国际供应链供给冲击对在国内供应链嵌入程度、投资者数量、股权配置和所处地区产权保护力度等方面存在异质性的企业影响不同。提升国内供应链的创新水平、扩大国内市场需求,可缓解国际供应链供给冲击。Guaranteeing international supply chain security has become an important issue affecting the high-quality development of China's open economy.This paper examines the impact of supply shock in the international supply chain on China's goal of stabilizing foreign capital from the perspective of reinvestment of foreign enterprises,utilizing the approval and filing data of foreign investments of the Ministry of Commerce,the Chinese Industrial Enterprise database,as well as the customs and the patent databases.The research shows that the supply shock of international supply chain significantly inhibits the reinvestment of foreign enterprises,and profit rate,productivity,and innovation are important channels.The impact of international supply chain shock on the reinvestment of foreign enterprises is heterogeneous for enterprises with different degree of embeddedness in the domestic supply chain,the number of investors,the allocation of equity,and the protection of property rights.Improving the innovation level of domestic supply chain and expanding domestic market demand can alleviate the negative impact from the international supply chain.

关 键 词：国际供应链 供给冲击 进口中间品 外商资本追加 

分 类 号：F113[经济管理—国际贸易]