摘要
本文基于企业异质性理论和战略三角模型,首先提出我国出口企业转向对外直接投资(OFDI)的多维影响因素及其相应假说,然后基于我国1999-2009年12312家出口企业与500家出口转OFDI企业的微观数据,先后采用二值Logit模型与面板固定效应负二项回归模型进行总体检验与分组检验。结果表明:企业规模与生产率等异质性特征是决定出口企业是否转向OFDI的关键性因素,其中企业规模不仅与出口企业转向OFDI呈现倒U型关系,而且较之生产率发挥了更为显著的作用;行业研发投入与地区制度环境均会对出口企业转向OFDI产生显著的正向影响;囿于中国OFDI企业面临的风险与亏损面,出口经验的作用远远低于预期,其中持续性出口较之偶然性出口企业,更易对丰富出口经验保障下的出口获利产生路径依赖,其转向OFDI模式的动力明显不足。
Based on productivity heterogeneity theory and the intergrated ＂strategic tripod＂framework,this paper firstly puts forward the hypotheses and determinants of conversion from exporting to OFDI. Using the firm-level dataset of 12312 exporters and 500 OFDI firms during the period of 1999-2009,the paper then adopts the binary Logit and fixed effect panel negative binomial Count data model and makes the full-sample and sub-sample tests in light of firm＇s size and exporting experience,respectively. The results show that heterogeneous characteristics,such as firm size and productivity,are the key factors for the conversion of exporting firms into OFDI. Firm size not only shows an inverse U- shaped relationship,but also plays a more important role in transforming into OFDI. Both Industry RD and institutional environment have significant positive impacts on firms＇ OFDI decisions. Due to the huge risk and the petrntial loss of Chinese OFDI firms,exporting experience is not as significant as expected. Compared with occasional exporting firms,the persist ent exporters find it much easier to enjoy path dependence on profits guaranteed by export experience and then have less strong motives to transform towards OFDI.
出处
《中国经济问题》
CSSCI
北大核心
2015年第2期86-97,共12页
China Economic Studies
基金
国家自然科学基金(71473150)
教育部人文社科研究规划基金(14YJA790045)
山东省软科学研究计划项目(2014RKE27088)的资助
