海外子公司杠杆率与对外直接投资绩效——来自中国跨国企业的证据  

Leverage Ratio of Overseas Subsidiaries and OFDI Performance:Evidence From Chinese Multinational Corporations

作　　者：王碧珺[1,2] 杨志宇 林焰 Wang Bijun;Yang Zhiyu;Lin Yan(University of Chinese Academy of Social Sciences;Renmin University of China)

机构地区：[1]中国社会科学院大学 [2]中国社会科学院世界经济与政治研究所 [3]中国社会科学院大学国际政治经济学院 [4]中国人民大学商学院 [5]香港城市大学商学院,中国

出　　处：《国际经济合作》2025年第2期49-61,91,共14页Journal of International Economic Cooperation

基　　金：中国社会科学院智库基础研究项目“安全、发展与开放关系的研究”(编号:ZKJC241804);中国社会科学院学科建设“登峰战略”资助计划(编号:DF2023ZD33)。

摘　　要：在国内国际双循环相互促进的新发展格局下,探究对外直接投资绩效的影响因素事关中国跨国企业国际化成败,更是推动中国构建更大范围、更宽领域、更深层次对外开放格局的重点所在。本文基于手工建立的2006—2017年中国跨国企业海外子公司宏微观数据集,实证检验了海外子公司杠杆率对中国跨国企业对外直接投资绩效的影响及其作用机制。研究发现,海外子公司杠杆率的提高显著降低了母公司对外直接投资绩效。在一系列内生性检验和稳健性检验后,该结论依然成立。机制分析结果表明,过高的杠杆率显著抑制了子公司的研发创新活动,进而降低了母公司的对外直接投资绩效。进一步研究发现,子公司杠杆率对其经营绩效的抑制作用受到东道国(地区)发展程度、子公司规模及母公司对外直接投资模式的调节,在规模相对较小、基于绿地投资以及在发达国家(地区)建立的海外子公司中,杠杆率提高对经营绩效的抑制作用更加明显。In the context of the new pattern of development that features positive interplay between domestic and international economic flows,exploring the influencing factors of outward foreign direct investment(OFDI)performance is crucial for the internationalization of Chinese multinational corporations,and it is especially essential for China to advance a broader agenda of opening-up across more areas and in greater depth.Based on the manually collected microdata of Chinese multinational corporations'overseas subsidiaries from 2006 and 2017,this paper empirically investigates the impact of the leverage ratio of overseas subsidiaries on multinational corporations'OFDI performance and its mechanism.The results show that the increase of leverage ratio of overseas subsidiaries has a significant negative effect on multinational corporations'OFDI performance,and the results still hold after a series of endogeneity tests and robustness tests.The mechanism analyses demonstrate that an excessively high leverage ratio significantly inhibits the R&D and innovation activities of overseas subsidiaries,thus reducing multinational corporations'OFDI performance.Further research shows that the negative impact of overseas subsidiaries'leverage ratio on their business performance is moderated by the development level of the host country(region),the size of overseas subsidiaries,and the OFDI strategy of the parent company.Among small overseas subsidiaries,located in developed countries(regions)and established through greenfield investment,the negative impact of an increased leverage ratio on business performance is more pronounced.

关 键 词：跨国公司 杠杆率 绩效 海外子公司 对外直接投资 研发创新 

分 类 号：F125[经济管理—世界经济] F276.7F275