对外直接投资与企业服务化转型——来自中国制造业上市公司的微观证据  

Outward Foreign Direct Investment and Servitization of Enterprises:Micro-level Evidence from Listed Manufacturing Firms in China

作　　者：赵宸宇 李炳钰 何启志 Chenyu Zhao;Bingyu Li;Qizhi He(School of Finance,Zhejiang Gongshang University,Hangzhou Zhejiang 310018 China;Zhejiang Merchant Institute,Zhejiang Gongshang University,Hangzhou Zhejiang 310018,China;Modern Business Research Center,Zhejiang Gongshang University,Hangzhou Zhejiang 310018,China;Department of Economics,University of Wisconsin-Madison,Madison Wisconsin 53711,United States;School of Statistics and Mathematics,Zhejiang Gongshang University,Hangzhou Zhejiang 310018,China)

机构地区：[1]浙江工商大学金融学院,浙江杭州310018 [2]浙江工商大学浙商研究院,浙江杭州310018 [3]浙江工商大学现代商贸研究中心,浙江杭州310018 [4]威斯康星大学麦迪逊分校经济系,美国威斯康星州53711 [5]浙江工商大学统计与数学学院,浙江杭州310018

出　　处：《会计与经济研究》2024年第3期117-137,共21页Accounting and Economics Research

基　　金：国家社会科学基金青年项目(23CJY085);教育部人文社会科学研究青年基金项目(22YJC790177);浙江省新型重点专业智库浙江工商大学浙商研究院一般项目(23ZSKT02YB);浙江省属高校基本业务费专项资金资助项目(2021SM04YB)。

摘　　要：基于中国制造业企业转型升级背景,文章运用中国制造业上市公司数据,实证考察对外直接投资(OFDI)的服务化转型效应。基准回归发现,对外直接投资能够显著促进企业服务化转型。异质性检验发现,相比于中西部地区企业和劳动密集型行业企业,OFDI对东部地区企业、资本和技术密集型行业企业服务化转型的促进作用更强;相比于非国有企业、投资于发展中国家企业、单分支机构企业,OFDI对国有企业、投资于发达国家企业和多分支机构企业服务化转型的促进作用更强。机制检验发现,OFDI可以提高企业技术创新能力、降低企业经营成本,通过创新驱动和规模经济促进企业服务化转型。经济后果检验发现,OFDI通过促进企业服务化转型提高了企业盈利能力。研究结论对于中国制造业企业高质量“走出去”具有重要启示意义。Under the background of transformation and upgrading in China's manu-facturing sector,this study examines the servitization effect of outward foreign direct in-vestment(OFDI)using data from listed manufacturing firms in China.Benchmark regres-sions confirm that OFDI significantly promotes enterprise servitization.Heterogeneity analysis indicates stronger servitization effects for firms in the eastern region and capital-or technology-intensive industries compared to those in central and western regions and labor-intensive sectors.Moreover,OFDI more effectively promotes servitization in state-owned enterprises,firms investing in developed countries,and multi-branch firms than in non-state-owned enterprises,firms investing in developing countries,and single-branch firms.Mechanism tests reveal that OFDI drives servitization through innovation-driven growth and economies of scale by boosting technological innovation and reducing opera-tional costs.Economic consequence tests further show that OFDI improves enterprises'profitability by facilitating servitization transformation.These findings provide signific-ant implications for the high-quality"Going Global"of Chinese manufacturing enter-prises.

关 键 词：对外直接投资 服务化转型 创新驱动 高质量发展 

分 类 号：F425[经济管理—产业经济]