摘要
增加企业竞争力,推动对外直接投资,已经成为中国实务界和学术界关心的热点问题,但前人研究缺乏系统性讨论中国特殊制度背景下外资股权对上市公司对外直接投资的影响及其机制.本文采用2006-2016年中国A股上市公司样本数据进行实证研究.首先实证检验外资大股东对企业对外直接投资倾向的影响,然后分析异质性企业对它们二者关系的影响,最后讨论外资大股东对企业对外直接投资的研发机制和信息溢出机制.实证结果表明:外资大股东持股能够显著提高对外直接投资倾向,但只有长期持股才能够显著提高对外直接投资倾向;当对外直接投资于经济发达国家或地区以及上市公司产权性质是非国有时,外资大股东持股的影响更大;外资大股东的创新机制不能提高上市公司对外直接投资,但信息溢出机制起作用.研究结论丰富了对外直接投资的企业异质性理论,而且在实践中为中国开放资本市场以及国有企业混合所有制改革提供政策参考.
Enhancing enterprise competitiveness and promoting outward foreign direct investment(OFDI)has become the focus for both academics and practitioners.However,there is a dearth of literature on how foreign ownership influences OFDI in the Chinese context.Based on a sample of A-share listed companies in China from 2006 to 2016,this paper investigates the impact of large foreign shareholders on the propensity of OFDI,and then analyses the impact of heterogeneous enterprises on the relationship between foreign ownership and the propensity of OFDI.Finally we discuss two types of impact mechanisms of large foreign shareholders on the possibility of OFDI.Empirical results show that foreign ownership generally increase the tendency of FDI among Chinese listed companies,however long-term foreign ownership can significantly increase the propensity of FDI.In addition,foreign ownership has a greater impact on OFDI in developed countries than in developing countries and the foreign ownership in non-state owned listed companies has a greater impact on the tendency of FDI than that in state-owned listed companies.Foreign ownership cannot improve the possibility of enterprises by the efficiency of R&D,but it plays a role of information transmission.In theory,the conclusion of this paper enriches the theory of enterprise heterogeneity of OFDI,and also in practice provides policy reference to China’s opening-up of the capital market and the reform of mixed ownership of state-owned enterprises.
作者
叶志强
张顺明
孟磊
YE Zhiqiang;ZHANG Shunming;MENG Lei(Business School,East China University of Science and Technology,Shanghai 200237,China;School of Finance,Renmin University of China,Beijing 100872,China)
出处
《系统工程理论与实践》
EI
CSSCI
CSCD
北大核心
2021年第4期830-845,共16页
Systems Engineering-Theory & Practice
基金
国家自然科学基金(71773123)
上海市哲学社会科学规划一般课题(2018BJB013)。
关键词
外资持股
对外直接投资
研发效率
信息溢出
foreign ownership
OFDI
the efficiency of R&D
information spillover
