差异化进入模式下企业海外投资生产率“学习效应”有何不同?What Are the Differences in TFP Effects of Firms' OFDI between Greenfield and M&A?
周茂,操方舟,李雨浓
摘要(Abstract)：
基于手动整理的中国制造业企业对外直接投资全新数据库,本文采用倾向得分匹配倍差法,对两种不同模式下企业进行对外直接投资的生产率"学习效应"的异质性和其形成机制进行因果效应评估。研究发现:(1)并购和新建两种模式下,企业对外直接投资的生产率"学习效应"均显著存在,且并购的总体效应大于新建;(2)从动态趋势看,新建模式下的生产率效应逐渐削减,并购模式由于存在资源整合过程后期的生产率效应更突出;(3)从渠道机制来看,在新建和并购两种模式下,对外直接投资促进企业生产率提升的共同渠道机制为规模效应,经验曲线效应和利润驱动效应都不显著。并购模式相较于新建模式,其规模效应更为突出,但"逆向技术溢出效应"不及新建模式。本研究可以为我国企业采取差异化模式"走出去"的生产绩效评估等方面提供理论和经验借鉴。
关键词(KeyWords)： 企业对外直接投资;投资模式;全要素生产率
基金项目(Foundation): 国家自然科学基金青年项目“中国企业对外直接投资模式的生产率自选择效应研究”(批准号:71703130)、“价值链视角下我国制造业国际贸易和空间集聚的互动关系研究”(批准号:71803159);; 四川省科技计划软科学项目“自贸试验区制度创新推进四川贸易高质量发展研究”(批准号:2021JDR0133);; 中央高校基本科研业务费专项资金(批准号:JBK2103003,JBK1805006)的资助
作者(Author): 周茂,操方舟,李雨浓
DOI: 10.16513/j.cnki.cje.20210512.001
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- (1)从投资金额构成来看,2004—2014年,我国企业新建投资和跨国并购分别平均占比为61. 2%和38 . 8%(数据来源于《中国对外直接投资统计公报》);从投资项目构成来看,2008—2014年,新建和并购分别平均占比为92. 2%和7. 8%(数据通过《公报》和普华永道发布的《中国企业并购回顾与前瞻》)整理而成)。
- (1)2002年国家统计局和原外经贸部联合建立的我国第一部《对外直接投资统计制度》规定对外直接投资是指我国国内投资者以现金、实物、无形资产等方式在国外及港澳台地区设立、购买国(境)外企业,拥有该企业10%或以上股权,并以控制企业的经营管理权为核心的经济活动。
- (1)2012年企业项目数明显少于其他相近年份的原因在于,我们团队搜集有关数据的时间截至2013年初,由于距离2012年很多企业发布投资信息时间间隔太短,还不能较详细地获取2012年所有有关企业的对外投资信息,未来可以进一步完善。
- (1)对于市场寻求型企业,互补性资产指当地的市场资源。