外商撤资对东道国被投资企业出口规模的影响研究  

A Study on Impacts of Foreign Divestment on Host Country Affiliates'Export Scale

作　　者：熊然 穆广园 卫平[2] XIONG Ran;MU Guangyuan;WEI Ping

机构地区：[1]广东药科大学医药商学院 [2]华中科技大学经济学院

出　　处：《世界经济研究》2023年第5期120-134,M0004,共16页World Economy Studies

基　　金：广东省普通高校创新团队项目“卫生经济学与社会保障研究创新团队”(批准号:2022WCXTD011)。

摘　　要：外商撤资是一个非常重要但却容易被忽视的现象。文章聚焦于被外国所有者出售并随后被国内所有者收购的子公司,借助中国工业企业微观数据对撤资企业进行识别,继而采用PSM-DID方法考察外商撤资对东道国企业出口规模的影响效果、影响范围及影响机制。研究发现,外商撤资对企业出口规模产生了较为显著的负面影响,并且这种负面影响主要存在于加工贸易企业和劳动密集行业企业样本之中。通过检验两者之间的作用机制发现,外商撤资能够通过抬高贸易成本和加剧融资约束导致企业出口规模下降。此外,外商撤资对企业出口的负面影响同时体现在以出口决策、出口产品种类和出口市场范围衡量的广延边际层面。文章的研究有利于理性认识外资进入的积极效应和外商撤资的经济后果,可以为新形势和新挑战下外贸外资的稳中提质提供有益的政策启示。Divestment by multinational corporations is a significant yet ignored phenomenon.This paper focus on affiliates that have been divested by their foreign owners and have subsequently been acquired by domestic owners.We use the micro-data of Chinese industrial firms to identify foreign divestment firms,and then adopt a combination of propensity score matching and dfference-in-differences to test impacts,scope,and mechanisms of foreign divestment on host country affiliates'export scale.The results show that foreign divestment has a significant negative impact on the export scale of affiliates,and the negative impact of foreign divestment mainly exists in processing trade firms and labor-intensive industries.By examining their mechanisms,this paper finds that foreign divestment leads to the decline of affiliates'export scale by raising their trade costs and aggravating their financing constraints.In addition,this paper also indicates that the negative impact of foreign divestment on affliates'exports is reflected in the extensive marginal level measured by export decisions,product types,and market scope.This study is conductiove to a rational understanding of the benefits from foreign direct investment as well as the economic consequences of foreign divestment,and provides valuabe policy implication for the stable and improved performance in foreign trade and investment under the new situation and challenges.

关 键 词：外商撤资 企业出口 出口规模 贸易成本 融资约束 

分 类 号：F832.6[经济管理—金融学] F425F752.6