摘要
本文从微观角度探究企业出口经验如何影响对外直接投资。理论模型表明,企业利用出口经验减少信息摩擦从而降低对外直接投资门槛。利用2000—2017年中国上市公司出口贸易与对外直接投资数据,实证发现:出口经验整体上提升了企业在东道国直接投资的概率,且在企业更加需要市场信息的场景中起作用:出口经验不仅能促进贸易型投资、研发型投资以及绿地投资,还能促进民营企业的投资行为;在排除了企业运输成本以及贸易风险规避的替代性假说后,可以认为出口经验通过缓解信息摩擦促进对外直接投资。本文为运用我国出口优势,降低企业对外直接投资风险,提高对外开放韧性提供了启示。
This paper examines how export experience affects firms'OFDI decisions from the microscopic perspective.The theoretical model shows that enterprises use export experience to reduce information friction and thus lower the OFDI threshold.This paper matches export trade and OFDI data of Chinese listed firms from 2000 to 2017,and the empirical evidence shows that:export experience improves the probability of firms'direct investment in host countries;export experience is more effective in the situation where firms need more market information:export experience can not only promote trade-type,R&D-type and greenfield investment but also has a significant effect on private firms;after excluding the alternative motivations of transportation cost and trade risk avoidance,the information effect can be demonstrated as the mechanism.This paper provides inspiration for utilizing China's export advantages to reduce the risk of firms'OFDI and improve their resilience to internationalization.
作者
李卓派
彭杰
黄新飞
Li Zhuopai;Peng Jie;Huang Xinfei(School of Management,Fudan University;International School of Business&Finance,Sun Yat-sen University)
出处
《经济评论》
北大核心
2024年第2期90-105,共16页
Economic Review
基金
国家社会科学基金重大项目“中国IFDI与OFDI互动发展的内在机制与经济学解释”(批准号:16ZDA042)的资助。
关键词
出口经验
对外直接投资
市场进入
信息效应
Export Experience
Outward Foreign Direct Investment
Market Entry
Information Effect
