摘要
文章基于拓展的异质性企业对外直接投资(OFDI)分析框架,探讨高、低收入市场国实施贸易保护对母国不同类型OFDI的诱发效应,并利用中国84个HS4位码细分制造业在2002~2018年间遭遇贸易救济制裁、出口市场平均关税与新设OFDI项目数据进行实证检验。研究结果表明:出口市场国贸易保护整体上促进了中国制造业OFDI扩张,且对华贸易救济的影响强于传统关税。从投资性质来看,贸易保护的OFDI诱发效应在不同收入水平的市场国、不同类型的行业间存在差异。高收入市场国对华贸易救济和关税保护促进了中国制造业垂直型OFDI,低收入国贸易救济和关税保护则主要诱发了水平型OFDI,劳动密集型与技术密集型行业分别通过垂直型OFDI和水平型OFDI应对贸易保护,资本密集型行业两者兼而有之。中国企业利用OFDI跨越贸易壁垒时需要加强自身能力建设,注意防范反规避风险,重视对新兴经济体的直接投资。
Based on the extended Outward Foreign Direct Investment(OFDI)model of heterogeneous enterprises,this paper discusses the inducing effect of high-income and low-income markets’trade protection on home country’s different types of OFDI,and empirically tests it by using the panel data on trade remedy and average tariff faced in exporting and OFDI projects launched by China’s 84 manufacturing subsectors from year 2002 to 2018.The paper concluded that trade protection imposed by export markets significantly promote the expansion of Chinese manufacturing industries’OFDI,and trade remedy measures against China play more important role than traditional tariff.The OFDI-inducing effect of trade protection is heterogeneous among different-income markets and different industries in terms of nature of the OFDI.Specifically,trade remedy and tariff protection adopted by highincome countries against china significantly promoted Chinese enterprises’vertical OFDI,but low-income countries’trade remedy and tariff protection mainly stimulated the expansion of horizontal OFDI.Labor-intensive and technology-intensive industries respond to trade protection through vertical OFDI and horizontal OFDI respectively,while capital intensive industries resort to both.To bypass trade barriers through OFDI,Chinese enterprises need strengthen their capacities,take precautions against anti-circumvention risks and pay more attention to investing in emerging economies.
作者
杨丽丽
盛斌
许斐然
Yang Lili;Sheng Bin;Xu Feiran
出处
《世界经济研究》
CSSCI
北大核心
2021年第9期118-133,M0004,共17页
World Economy Studies
基金
国家社会科学基金项目“制造业集群技术创新系统的主体关系演变与跨越式升级对策研究”(项目编号:18BJY105)
中国博士后科学基金项目“全球价值链视角下我国对外直接投资与本土产业升级研究”(项目编号:2014M561170)。
