跨国投资、子公司类型与母公司全要素生产率  

Cross-border Investment,Type of Subsidiary Companies and Total Factor Productivity of Parent Companies

作　　者：陈启斐[1] 岳中刚 CHEN Qifei;YUE Zhonggang

机构地区：[1]南京财经大学国际经贸学院 [2]南京邮电大学经济学院

出　　处：《国际贸易问题》2025年第2期89-106,共18页Journal of International Trade

基　　金：国家自然基金面上项目“服务业双重开放、供应链网络重构与制造业高质量发展:理论机制与实证检验”(72173062);教育部青年基金项目“服务业双向开放重塑我国供应链网络的机理、路径与对策研究”(21YJC790014);国家社会科学基金重大项目“全球产业链供应链变化趋势及对我国影响研究”(24&ZD054);国家社会科学基金项目“新发展格局下数字平台赋能传统产业集群价值链升级研究”(23BJL078)。

摘　　要：本文通过收集和整理上市公司年报,采用文本分析法梳理出企业跨国投资的类型及其空间分布,并在此基础上利用双重差分法研究跨国投资和生产率之间的关系。研究结果表明:跨国投资能够显著提高企业全要素生产率,实验组的全要素生产率比对照组高出11.4%;企业通过跨国投资,在上游研发环节、原材料环节和下游销售环节延伸建立子公司能够显著提高生产率;跨国投资对生产率的影响存在行业异质性,主要体现在工业部门和服务部门,对农业部门的影响不显著;采用包括工具变量在内的多种方法进行稳健性检验,有效地保证了结论的可信度。本文研究对于深入理解不同类型跨国投资的生产率效应具有重要的启示意义。This paper collects and arranges the annual reports of listed companies by hand,and uses the text analysis method to sort out the types and spatial distribution of enterprises'transnational investment.On this basis,the difference-in-differences method is used to study the relationship between transnational investment and productivity.The research results show:transnational investment can significantly improve the total factor productivity of enterprises,and the total factor productivity of the experimental group is 11.4%higher than that of the control group.Through transnational investment,enterpri-ses can significantly improve their productivity by establishing subsidiaries in the extension of upstream R&D,raw material production and downstream sales.There is industry heter-ogeneity in the impact of transnational investment on productivity,mainly reflected in the industrial and service sectors,and the impact on the agricultural sector is not significant.Besides,a variety of methods including instrumental variables are used for robustness tests,effectively ensuring the credibility of the conclusions.The research of this paper has important enlightenment significance for a deeper understanding of the productivity effects of different types of transnational investment.

关 键 词：跨国投资 全要素生产率 投资类型 

分 类 号：F273[经济管理—企业管理]