摘要
利用中国上市企业对外直接投资数据,实证检验要素市场扭曲对于企业对外直接投资行为的影响。结果表明:要素市场扭曲通过促进出口快速增长以及引致产能过剩两个渠道显著增强了企业的对外直接投资倾向,其增强作用对具有商贸服务、当地生产以及研究开发动机的非国有企业更为显著;当企业进入国际市场后,要素市场扭曲减弱了企业投资学习效应,而投资学习效应是影响企业持续发展的重要因素,因此要素市场扭曲不利于企业全要素生产率的提升和企业的可持续发展。推动企业对外投资可持续、高质量发展的关键在于提升全要素生产率水平,此外,优化市场环境与制定鼓励技术创新政策具有同样重要和深远的意义。
Using OFDI data of listed companies,this paper empirically tests the effect of factor market distortion on OFDI behavior.The results show that factor market distortions significantly enhance OFDI tendency of enterprises through promoting more rapid export growth and causing overcapacity,and such enhancement is more significant for non-state-owned enterprises with business services,local production and R&D motivation.When enterprises enter in the international market,factor market distortion weakens the effect of enterprise investment learning,which is an important factor affecting the sustainable development of enterprises.Therefore,factor market distortion is not conducive to the improvement of enterprise total factor productivity and sustainable development.The above conclusions show that raising total factor productivity is the key to promote the sustainable and high-quality development of enterprises’foreign investment,furthermore,optimizing the market environment and encouraging technological innovation policies have equivalent importance and far-reaching significance.
作者
王馗
胡峰
WANG Kui;HU Feng(School of Economics,Huazhong University of Science and Technology,Wuhan Hubei 430074;School of Business Administration,Zhejiang Gongshang University,Hangzhou Zhejiang 310018)
基金
国家社会科学基金重大项目“中国深度参与全球创新链治理的机制、路径与政策研究”(20&ZD124)
国家自然科学基金面上项目“中国高端制造业价值链跃迁路径研究:多重嵌入的视角”(71773115)
国家自然科学基金青年项目“多中心空间发展模式促进我国全球价值链地位提升的机理、路径及对策研究”(71903001)。
