反倾销、贸易联系与企业对外直接投资  

Anti-dumping, Trade Connections and Outward Foreign Direct Investment

作　　者：严兵[1,2] 吴琦琦 王乃合 YAN Bing;WU Qi-qi;WANG Nai-he(Center for Transnationals’Studies,Nankai University;The Laboratory for Economic Behaviors and Policy Simulation,Nankai University;School of Economics,Nankai University)

机构地区：[1]南开大学跨国公司研究中心 [2]南开大学经济行为与政策模拟实验室 [3]南开大学经济学院

出　　处：《中国工业经济》2024年第5期60-78,共19页China Industrial Economics

基　　金：国家社会科学基金重大项目“维护多元稳定的国际经济格局和经贸关系研究”(批准号23ZDA057)。

摘　　要：反倾销提高了被调查国出口企业的贸易成本,通过贸易联系方式作用于企业国际化战略选择。本文运用横向外商直接投资理论和内部化理论分析了企业对外直接投资的跨越贸易壁垒效应,特别是依托第三国的贸易创造效应,然后运用多时点双重差分方法,从产品、企业和国家等多个维度深入探究反倾销对中国企业对外直接投资决策的影响。研究发现,反倾销提高了企业对外直接投资活动的概率。机制分析表明,遭受反倾销的产品贸易份额下降是企业开展对外直接投资的直接动因,而产品集中度的上升可以缓解贸易冲击造成的负面影响,企业生产率的提升则促进了对外直接投资。异质性分析表明,企业在开展对外直接投资时,倾向于采用跨国并购的投资模式,而外部市场重要性和嵌入度越高、融资约束越低以及发起反倾销调查国的市场规模越大、地理距离和制度距离越远,企业就越有动机利用对外直接投资跨越贸易壁垒。本文还发现,中国企业的对外直接投资产生了跨越贸易壁垒效应以及投资第三国的贸易创造效应。本文丰富了发展中国家的对外直接投资理论,为抵御贸易和投资风险提供了政策启示。Anti-dumping increases the trade costs of export enterprises in the investigated country,and has an impact on trade contact methods and participation,affecting the internationalization strategy choices of enterprises.The report to the 20th National Congress of the Communist Party of China(CPC)pointed out that to maintain a diverse and stable international economic pattern and economic and trade relations,reducing the impact of non-tariff barriers on enterprises and maintain their diversified strategies in the international market has become an important topic to be explored.This paper first applies the horizontal foreign direct investment(FDI)theory and the internalization theory to analyze the trade substitution effect and trade creation effect of outward foreign direct investment(OFDI)by enterprises,especially the trade creation effect relying on third countries.Then,by matching multiple databases such as the global anti-dumping database,fDi markets database,zephyr cross-border M&A database,CEPII database,CSMAR listed company database,and customs database,and using the difference-in-differences(DID)with multiple time periods,this paper deeply explores the impact of anti-dumping on Chinese enterprises’OFDI decisions from multiple dimensions such as products,enterprises,and countries.This paper finds that anti-dumping increases the probability of enterprises engaging in OFDI activities.Mechanism analysis shows that the decrease in trade share of products subject to anti-dumping measures is a direct driving force for enterprises to engage in OFDI,while the increase in product concentration alleviates the negative impact of trade shocks,and the improvement of enterprise productivity promotes OFDI.Heterogeneity analysis indicates that companies tend to adopt a cross-border M&A investment model when conducting OFDI.The higher the importance and embeddedness of external markets,the lower the financing constraints,and the larger the market size,geographical distance,and institutional distance of the country initiatin

关 键 词：反倾销 贸贸易联系 对外直接投资 贸易受阻 贸易创造 

分 类 号：F424[经济管理—产业经济]