摘要
在国际投资理论中,跨越贸易壁垒是企业对外直接投资的主要动机之一,东道国贸易保护被认为推动了企业对外直接投资的增长。本文以此为理论基础,结合国际经济逆全球化发展和我国企业对外直接投资迅速崛起的现实背景,从微观上研究东道国贸易保护对我国企业对外直接投资速度的影响。本文匹配《中国工业企业数据库》和《境外投资企业(机构)名录》构建微观样本数据库,采用企业成立年份和首次对外直接投资年份之间的时间跨度衡量企业对外直接投资速度,展开理论和实证研究。本文研究发现,由于企业在出口贸易和对外直接投资之间存在替代关系,因此总体上东道国贸易保护提升了我国企业对外直接投资速度,但这种提升效应仅发生在有出口贸易的企业以及东道国为发展中国家的企业中。进一步地,对于出口份额较高的企业以及国有企业,东道国贸易保护产生的对外直接投资速度提升效应更大。
According to the theory of international investment,crossing trade barriers is one of the main motivations of foreign direct investment,and trade protection of host countries is considered to be able to promote the growth of foreign direct investment.Taking this as the theoretical basis,and combining the real situation of anti-globalization in international economy and rapid growth of foreign direct investment of China s enterprises,in this paper we study the influence of host countries trade protection on foreign direct investment speed of China s enterprises at the micro level.We carry out theoretical and empirical research by referencing the China s Industrial Enterprise Database and Directories of Overseas Investment Enterprises(Institutions),and measuring the enterprises foreign direct investment speed in light of the time span between the year of enterprises establishment and the first year of foreign direct investment.We find that,due to the alternative relationship between export and foreign direct investment,trade protection of host countries can promote the foreign direct investment speed of China s enterprises,but such effect occurs only in the enterprises which are engaged in export trade and investing in developing countries.Furthermore,for enterprises with a higher share of export and state-owned enterprises,the trade protection of host countries has a greater promotion effect on their foreign direct investment speed.
作者
余官胜
范朋真
YU Guansheng;FAN Pengzhen(Wenzhou University,325035)
出处
《财贸经济》
CSSCI
北大核心
2018年第3期109-122,共14页
Finance & Trade Economics
基金
教育部人文社会科学研究规划基金项目"我国企业对外直接投资进入速度的风险效应与平衡政策研究"(17YJA790087)
温州市社会科学基金重点项目"民营企业对外直接投资速度与母公司绩效--基于温州微观样本的实证研究"(17wsk059)
关键词
贸易保护
企业对外直接投资速度
泊松回归
Trade Protection
Foreign Direct Investment Speed
Poisson Regression
