Impact of Outward Foreign Direct Investment on Chinese Manufacturing Firms'Financialization and Servitization  

作　　者：Fei Nie Jian Li Xiaoli Etienne Gucheng Li 

机构地区：[1]College of Economics and Management,Huazhong Agricultural University,China [2]College of Agricultural and Life Sciences,University of Idaho,US

出　　处：《China & World Economy》2023年第2期112-136,共25页中国与世界经济（英文版）

基　　金：supported financially by the National Social Science Foundation of China(No.19CJY049);the National Natural Science Foundation of China(Nos.72173052,71803058,71873050);the Fundamental Research Funds from the Central Universities of China(No.2662022JGYJY02)。

摘　　要：This study examines the impact of outward foreign direct investment(OFDI)on Chinese manufacturing firms'financialization and servitization.Using a difference-in-differences approach with propensity score matching,we found that OFDI encouraged firms'financial and service activities.The effects of OFDI on financialization were stronger for firms specializing in short-term financial assets,operating in labor and technology-intensive sectors,investing overseas to pursue production,resources and markets there,and investing in non-OECD and Belt and Road Initiative(BRI)countries.Meanwhile,firms investing overseas were more likely to provide services at the sale or postsale stages.Outward foreign direct investment has also boosted the service activities of firms operating in the technology-intensive sector by investing overseas to seek resources and markets,as well as investing in non-OECD and BRI countries.Finally,OFDI partially influenced the extent of financialization and servitization of firms by affecting their profit-making ability.

关 键 词：FINANCIALIZATION manufacturing firms OFDI PSM-DID SERVITIZATION 

分 类 号：F832[经济管理—金融学]