中国制造业企业海外投资多元化对经营绩效的影响研究  

Research on the effect of OFDI diversification of Chinese manufacturing enterprises on business performance

作　　者：昌忠泽[1] 王昱博 李汉雄 毛培 CHANG Zhongze;WANG Yubo;LI Hanxiong;MAO Pei(Research Institute of Finance and Economics,CUFE,Beijing 100081,China;School of economics,CUFE,Beijing 100081,China;School of Management,XAUAT,Xi’an 710055,China;The Macroeconomic Department,the Research Center of the General Administration of Customs,Beijing 100730,China)

机构地区：[1]中央财经大学财经研究院,北京100081 [2]中央财经大学经济学院,北京100081 [3]西安建筑科技大学管理学院,陕西西安710055 [4]中国海关总署研究中心宏观经济部,北京100730

出　　处：《中国软科学》2024年第4期122-130,共9页China Soft Science

基　　金：国家社会科学基金重大项目(19ZDA057);中央财经大学2023年度一流学科建设项目“财政政策和货币政策协调配合研究”(2023020);陕西省自然科学基础研究基金面上项目“新经济情景下企业家社会资本、动态能力对商业模式创新影响研究”。

摘　　要：中国制造业企业积极参与海外投资,是提升中国制造国际影响力和促进“双循环”发展格局的重要途径。采用中国制造业上市公司海外投资数据,实证考察企业海外直接投资的行业和地区分散度对其经营绩效的影响效应和作用机制。研究发现:第一,制造业上市公司海外投资行业或地区多元化程度的提高,均显著降低了企业经营绩效;第二,在非国有企业和高技术企业中,海外投资多元化程度的提高对企业经营绩效的负面影响表现更为显著;第三,经营成本上升和资源利用效率下降,是海外投资多元化导致企业经营绩效下降两条重要机制路径。研究结论可以从理性权衡企业多元化经营成本—收益、加大创新提升企业核心竞争力、政府出台产业政策引导投资风向着手改善制造业企业海外投资效率和合理性。The active participation of Chinese manufacturing enterprises in overseas investment is an important way to enhance the international influence of Chinese manufacturing and promote the development pattern of“Dual Circulation”.This paper uses the OFDI data of Chinese manufacturing listed companies to empirically examine the effect and mechanism of the industrial and regional dispersion of companies’overseas direct investment on business performance.The study found that:First,the improvement of the industrial or regional diversification of overseas investment of listed manufacturing companies has significantly reduced business performance.Second,the negative impact is more pronounced in non-state-owned and high-tech enterprises.Third,rising operating costs and declining resource utilization efficiency are two important mechanisms for the diversification of overseas investment to lead to a decline in corporate operating performance.According to the research conclusions,this paper believes that rationally weighing the cost-benefit of enterprise diversification,increasing innovation to enhance the core competitiveness,and the government’s introduction of industrial policies to guide investment trends can improve the OFDI efficiency and rationality.

关 键 词：制造业企业 海外投资 多元化 经营绩效 

分 类 号：F125[经济管理—世界经济] F272.3