OFDI的研发自选择效应及其异质性研究——基于A股上市公司的经验证据  

The Self-selection Effect and Heterogeneity of OFDI:Empirical Evidence from A-share Listed Companies

作　　者：陈再齐[1] 郭子靖 CHEN Zaiqi;GUO Zijing(Guangdong Academy of Social Sciences,Guangzhou 510610,China)

机构地区：[1]广东省社会科学院,广东广州510610

出　　处：《华东经济管理》2022年第8期97-107,共11页East China Economic Management

基　　金：广东省社会科学规划重大基础理论研究项目“新发展格局下中国提升全球价值链主导权与企业国际化转型”(GD21ZDZLJ01)。

摘　　要：文章将内生增长函数引入Helpman的跨国公司异1质性模型,发现我国企业OFDI存在研发自选择效应。实证研究表明:跨国公司相对本土企业具有更高研发投入,OFDI强度与研发投入呈正相关关系;内生性研究表明,高研发投入企业倾向于自选择从事OFDI,但是OFDI并不能显著提高企业研发投入。异质性研究表明,OFDI的研发自选择效应具有地区异质性、行业异质性和所有权异质性,地区层面上,东部地区自选择效应最低,中部地区次之,西部地区最高;行业层面上,非高技术行业企业研发自选择效应更高;所有权层面上,国有企业研发自选择效应高于非国有企业。This paper introduces the endogenous growth function into Helpman′s multinational heterogeneity model,and finds that Chinese companies OFDI has the effect of R&D self-selection.Empirical research shows that multinational companies have higher R&D investment than local companies,and OFDI intensity is positively correlated with R&D in⁃vestment;endogenous research shows that companies with high R&D investment tend to choose to engage in OFDI,but OFDI can not significantly improve their R&D investment.Heterogeneity research shows that OFDI′s R&D self-selection effect has regional heterogeneity,industry heterogeneity,and ownership heterogeneity.At the regional level,the eastern region has the lowest self-selection effect,followed by the central region,and the western region has the highest self-se⁃lection effect;at the industry level,the R&D self-selection effect of non high-tech companies is lower than that of high tech companies;at the ownership level,the self-selection effect of R&D of state-owned companies is higher than that of non-state-owned companies.

关 键 词：对外直接投资 自选择效应 内生增长模型 

分 类 号：F125[经济管理—世界经济] F832.51