外商撤资、产业关联与企业出口质量  

Foreign Divestment,Industrial Linkages and Enterprises' Export Quality

作　　者：严兵[1,2] 程敏 Yan Bing;Cheng Min

机构地区：[1]南开大学跨国公司研究中心 [2]南开大学国际经济研究所 [3]南开大学经济学院

出　　处：《复印报刊资料（国际贸易研究）》2022年第11期3-17,共15页INTERNATIONAL TRADE

基　　金：国家社会科学基金重点项目“中国制造业外迁态势、经济影响与对策研究”(批准号:21AJL011)。

摘　　要：理性认识外商撤资对企业出口质量的影响,并进行合理引导和应对,是中国产业高质量发展必须面对的重要问题。本文利用商务部外资企业变更数据,识别了外商撤资行为,在分析外商撤资对本行业企业出口质量影响的基础上,聚焦于外商撤资如何通过产业链上下游关联影响企业出口质量。研究发现,外商撤资对本行业企业出口质量的影响显著为负,后向溢出效应对上游企业的出口质量起到了抑制作用,而前向溢出效应则显著提升了下游企业的出口质量。机制分析发现,外商撤资通过削弱“竞争效应”及“示范效应”影响本行业企业的出口质量;后向溢出效应强化上游企业出口的集约边际,缩小扩展边际,从而弱化了“出口学习效应”;而前向溢出效应则通过刺激下游企业进行自主创新,以及增加进口中间品使用强度,进而产生积极影响。异质性分析表明,外资来源地、行业外部融资依赖度、地区金融发展水平以及企业出口类型均会对外商撤资对企业出口质量的影响产生异质性效果。本文的研究对于减轻外商撤资对国内企业的负面冲击,提升出口竞争力提供了有益的政策启示。Understanding the impact of foreign divestment on export quality rationally,and conducting reasonable guidance and response are important issues that must be tackled in the high-quality development of China's industries.Based on the foreign investment data of the Ministry of Commerce,this paper identifies the foreign divestment behavior,analyzes the influence of foreign divestment on the enterprise export quality within the same industry,and focuses on how foreign divestment affects export quality through upstream and downstream linkages of the industrial chain.The results show that the effect of foreign divestment on the export quality within the same industry is significantly negative,and the backward spillover effect inhibits the export quality of upstream enterprises,while the forward spillover effect significantly improves the export quality of downstream enterprises.The mechanism analysis finds that foreign divestment affects the export quality within the industry by weakening the"competition effect"and"demonstration effect".The backward spillover effect strengthens the intensive margin of upstream enterprises'export,shrinks the extensive margin,and hence weakens the"learn by exporting effect".The forward spillover effect exhibits a positive effect by stimulating downstream enterprises to carry out independent innovation and increasing the use intensity of imported intermediate products.Heterogeneity analysis shows that foreign divestment will have a heterogeneous effect on the ex-port quality according to the source of foreign capital,the industry's dependence on external financing,the level of regional financial development,and the pattern of enterprise export.The research of this paper provides useful policy implications for mitigating the negative impact of foreign divestment on domestic enterprises and improving export competitiveness.

关 键 词：外商撤资 产业关联 出口质量 溢出效应 

分 类 号：F832.6[经济管理—金融学] F752.6