摘要
文章利用2005~2017年中国企业大型对外投资数据,全面考察东道国外商投资壁垒对企业投资边际、模式与成败的影响。研究发现:东道国外商投资壁垒减少有助于促进中国企业对外投资集约边际扩张,但不利于扩展边际增长;随着东道国外商投资壁垒减少,企业更倾向于选择合资股权结构和跨国并购模式进入,同时投资失败的概率也会降低。异质性分析表明,发展中国家外商投资壁垒的减少对企业对外投资扩展边际和投资失败概率的负向影响更明显;东道国外商投资壁垒减少更加显著促进了企业对外投资制造业集约边际的增长,同时更加显著降低了企业对外投资服务业失败的概率;东道国外商投资壁垒削减对国有企业对外投资扩展边际的负向作用更明显,而对民营企业集约边际和选择跨国并购模式概率的正向作用更明显。渠道分析表明,相较于对主要外国人员和其他经营方面的限制而言,东道国在外国股权和对外资歧视性筛选或批准机制方面的限制对企业对外投资决策和成败的影响更明显。
Based on the data on large-scale outward foreign direct investment(OFDI)of China’s enterprises from 2005 to 2017,this paper comprehensively investigates the impact of foreign investment barriers in host countries on investment margin,mode and success or failure of the enterprises.It is found that the reduction of foreign investment barriers in host countries can promote the expansion of intensive margin of China’s enterprises’OFDI,but it’s not conducive to the growth of extensive margin;with the reduction of foreign investment barriers in host countries,China’s enterprises are more inclined to choose the entry modes of equity structure of joint venture and cross-border M&A,and the probability of investment failure will also be reduced.Heterogeneity analysis reveals that the reduction of foreign investment barriers in the developing countries has a more significant negative impact on extensive margin of the enterprises’OFDI and the probability of investment failure;the reduction of foreign investment barriers in host countries significantly promotes the growth of intensive margin of the enterprises’OFDI in manufacturing industry,and significantly reduces the probability of failure of the enterprises’OFDI in service industry;the reduction of foreign investment barriers in host countries exerts a more significant negative effect on extensive margin of state-owned enterprises’OFDI,but it has a more significant positive impact on intensive margin of private enterprises’OFDI and the probability of choosing the mode of cross-border M&A.Channel analysis shows that compared with the restrictions on key foreign personnel and other aspects of operations,the restrictions on foreign equity and the discriminatory screening or approval mechanisms for foreign investment in host countries have a more significant impact on the decision-making and success or failure of the enterprises’OFDI.
作者
杨栋旭
于津平
YANG Dong-xu;YU Jin-ping
出处
《国际经贸探索》
CSSCI
北大核心
2022年第5期52-69,共18页
International Economics and Trade Research
基金
国家社学科会基金重大研究专项项目(18VDL014)
河北省教育厅重点项目(SD2021018)
河北经贸大学社科青年项目(2021QN10)。
关键词
外商投资壁垒
投资限制
大型对外投资
foreign investment barrier
investment restriction
large-scale outward foreign direct investment(OFDI)
