土地价格对企业对外直接投资的影响——基于遗传匹配的微观证据  

The Impact of Land Prices on Firms'Outward Foreign Direct Investment:Micro Evidence Based on Genetic Matching

作　　者：欧阳艳艳 韩永辉[3] 李子健 Ouyang Yanyan;Han Yonghui;Li Zijian

机构地区：[1]中山大学国际金融学院 [2]中山大学区域开放与合作研究院 [3]广东外语外贸大学广东国际战略研究院 [4]香港中文大学经济学系,中国香港

出　　处：《统计研究》2024年第4期98-110,共13页Statistical Research

基　　金：国家自然科学基金青年项目“竞争性跟随与企业对外直接投资:时空特征、机制差异与风险偏好”(72003204);国家社会科学基金重大项目“面向全球价值链的产业政策治理研究”(2022B1515020008)。

摘　　要：土地价格高企已成为影响企业对外直接投资的间接区位因素。本文基于我国上市公司对外直接投资数据与国家信息中心地块交易数据,运用遗传匹配算法,实证检验土地价格对企业对外直接投资的影响。研究结果表明,土地价格上涨将促进对外直接投资规模增加。一方面,地价上涨影响企业跨期购地决策,使企业在当期选择对外直接投资作为替代策略;另一方面,土地具有生产要素和投资品的双重属性,地价上涨能够提高企业全要素生产率和抵押额度,进而促进企业对外直接投资。行业、城市和地块层面的异质性均会影响地价对企业对外直接投资的促进效果。在排除内生性、避税行为影响以及更换核心被解释变量后,本文的实证结果仍然稳健。进一步分析发现,国内异地购地和租赁土地不能完全消除高地价带来的成本和竞争压力,企业仍然具有国际化经营的动机。本文结论为企业合理配置要素,促进国内产业结构升级,构建新发展格局提供有益参考。The rise in land prices has increasingly become an indirect location factor forcing enterprises to increase outward foreign direct investment(OFDI).This paper uses the data of Chinese listed companies'OFDI and the land transaction data of the State Information Center,and uses genetic matching to analyze the impact of domestic land prices on enterprises OFDI.The results show that the increase in land prices will increase the scale of OFDI.On one hand,the rise in land prices will affect the decision of enterprises to purchase land between different periods,so that enterprises choose OFDI as an alternative investment strategy in the current period.On the other hand,lands'dual attributes of production factor and investment improve the production efficiency and mortgage amount of enterprises,and then enhance the confidence of enterprises in OFDI.The heterogeneity at industrial,enterprises and land level can affect the promotion effect of the land price on OFDI.After excluding endogeneity,tax avoidance behavior and replacing the core dependent variables,the empirical results are still robust.Further analysis finds that domestic land purchases in other cities or land rentals cannot completely eliminate the cost and competitive pressure caused by high land prices,and enterprises still have the motivation to operate internationally.The conclusion of this article provides useful reference to reasonably allocate factors,upgrade domestic industrial structure,and form a new development pattern of dual circulation.

关 键 词：土地价格 跨期决策 对外直接投资 遗传匹配 

分 类 号：F279.2[经济管理—企业管理]