市场分割、OFDI与企业资本配置效率——基于上市公司动态面板数据的分析  

Market Segmentation,OFDI and Corporate Capital Allocation Efficiency——Based on Analysis of Dynamic Panel Data of Listed Companies

作　　者：曹杰[1] 刘娟[1] CAO Jie;LIU Juan(Tianjin University of Finance and Economics,Tianjin 30022)

机构地区：[1]天津财经大学经济学院,天津300222

出　　处：《天津商务职业学院学报》2023年第5期57-75,共19页Journal of Tianjin College of Commerce

基　　金：国家社会科学基金一般项目“双重贸易网络、市场拥挤与中国企业出口生存研究”(项目编号:19BJY191)的阶段性研究成果。

摘　　要：本文基于2007-2021年上市公司微观数据,实证检验市场分割情境下OFDI对企业资本配置效率的影响作用。结果表明:开放条件下OFDI可以显著反向调节市场分割对企业资本配置效率造成的消极影响;OFDI与贸易开放度双重叠加的反向调节效应更为凸显。分样本回归结果显示:制造业中当地生产类和商贸服务类企业回归结果与理论预期相符;相比地方国企,OFDI及其与贸易开放度的双重调节作用对民企资本配置效率的改善更为明显;相比西部地区,对东、中部地区企业资本配置效率改善的调节作用更为显著,且调节作用结果较为相近。进一步研究显示,OFDI更易于显著改善高水平TFP企业的资本配置效率。Based on the microdata of listed companies from 2007 to 2021,this paper empirically examines the impact of OFDI on the capital allocation efficiency of enterprises under market segmentation.The results show that OFDI under open conditions can significantly reverse the negative impact of market segmentation on the capital allocation efficiency of enterprises;the double superposition of OFDI and trade openness has a more prominent reverse adjustment effect.Sub-sample regression results show that the regression results of local production and trade service enterprises in the manufacturing industry are in line with the theoretical expectations;compared with local state-owned enterprises,OFDI and its dual regulation with trade openness is more evident for the improvement of the capital allocation efficiency of private enterprises;compared with the western region,the moderating effect of the improvement of the capital allocation efficiency of the enterprises in the eastern and central regions is more significant and the moderating effect results are more similar.Further research shows that OFDI is more likely to improve the capital allocation efficiency of high-level TFP enterprises significantly.

关 键 词：市场分割 对外直接投资 资本配置效率 上市公司数据 系统GMM 

分 类 号：F742[经济管理—国际贸易]