中国企业对外直接投资的学习效应研究
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财经研究 2014 年 第 40 卷第 04 期, 页码：42 - 55
摘要
参考文献
摘要
中国企业对外直接投资的学习效应不仅影响企业自身的可持续发展,也关系到中国宏观经济的发展及国际竞争力的增强。文章采用2005-2011年上市企业的微观数据,基于neighbor与kernel倾向分值匹配方法检验了企业对外直接投资是否存在学习效应。研究结果表明,中国企业通过对外直接投资显著提升了技术水平。考虑到投资区位及企业投资动态的差异,文章对境外投资企业进行细分后发现,投资于发达国家的企业比仅投资于发展中国家的企业拥有更强的学习能力,而持续对外投资的企业获得了更高的生产率及技术溢价。
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[5]Agarwal J P.Effect of foreign direct investment on employment in home countries?[J].Transnational Corporation,1997,6(2):1-28.
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[7]Delios A,Beamish P W.Survival and profitability:The roles of experience and intangible assets in foreign subsidiary performance[J].Academy of Management journal,2001,44(5):1028-1038.
[8]Wyatt A.Accounting recognition of intangible assets:Theory and evidence on economic determinant[J].The Accounting Review,2005,80(3):967-1003.
[9]Aybar B,Ficici A.Cross-border acquisitions and firm value:An analysis of emerging-market multinationals[J].Journal of International Business Studies,2009,40:1317-1338.
[10]Javorcik B S,Does foreign direct investment increase the productivity of domestic firms?In search of spillovers through backward linkages[J].The American Economic Review,2004,94(3):605-627.
[11]Bulcke D,Halsberghe E.Employment effects of multinational enterprises:A belgian case study[R].International Labour Office,Multinational Enterprises Programme,1979,Geneva.
[12]Crepon B,Ferracci M,Jolivet G,et al.Active labor market policy effects in a dynamic setting[R].Working Paper,2009.
[13]Castellani D,Mariotti I,Piscitello L,The impact of outward investments on parent company’s employment and skill composition evidence from the Italian case[J].Structural Change and Economic Dynamics,2008,(19):81-94.
[14]Dunning J H,Lundan S M.Multinational enterprises and the global economy[M].Cheltenham:Edward Elgar,2008.
[15]Fredriksson P,Johansson P,Dynamic treatment assignment:The consequences for evaluations using observational data[J].Journal of Business&Economic Statistics,2008,26(4):435-445.
[16]Fukunari Kimura,Kozo Kiyota.Exports,FDI,and Productivity of firm:Cause and effect[R].CEPS Working Documents,No.211,2004.
[17]Hansson P.Skill upgrading and production transfer within Swedish multinationals[J].The Scandinavian Journal of Economics,2005,107(4):673-692.
[18]Haskel J,Periera S,Slaughter M.Does inward foreign direct investment boost the productivity of domestic firms?[R].NBER Working Paper No.8724,2002.
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[18]Heckman J,Ichimura H,Todd P.Matching as an econometric evaluation estimator[J].Review of Economic Studies,1998,65(2):261-294.
[19]Helpman E,Krugman P,Market structure and foreign trade[M].Cambridge,MA:MIT Press,1985.
[20]Hemerling J,Michael D,Michaelis H.China’s global challengers:The strategic implications of Chinese outbound M&A[R].Boston Consulting Group,2006.
[21]Kim W,Wealth effects of international investments and agency problems for Korean multinational firms[J].Journal of International Financial Management and Accounting,2003,14(3):194-217.
[22]Keller W,Yeaple S.Multinational enterprises,international trade,and productivity growth:Firm-level evidence from the United States[R].NBER Working Paper No.9504,2003.
[23]Salerian J.Analysing the performance of firms using a decomposable ideal index number to link profit,prices and productivity[J].The Australian Economic Review,2003,36(2):143-155.
[24]Lecraw D J.Outward direct investment by indonesian firms:Motivation and effects[J].Journal of International Business Studies,1993,24(3):589-600.
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[27]Krishnan M S,Kriebel C H.Kekre S,et al.An empirical analysis of productivity and quality in software products[J].Management Science,2000,46(6):745-759.
[28]Morgan S L,Harding D J.Matching estimators of causal effects prospects and pitfalls in theory and practice[J].Sociological Methods and Research,2006,35(1):3-60.
[29]Imbens G.Nonparametric estimation of average treatment effects under exogeneity:A review[J].Review of Economics and Statistics,2004,86(1):4-29.
[30]Rosenbaum P,Rubin D.The Central role of the propensity score in observational studies for causal effects[J].Biometrika,1983,70(1):41-50.
[31]Ospina S,Schiffbauer M.Competition and firm productivity:Evidence from firm-level data[R].M F Working Paper,2010.
[32]Smith J,Todd P.Does matching overcome lalonde’s critique of nonexperimental estimators?[J].Journal of Econometrics,2005,125:305-353.
[33]Wolf M.Why globalization works[M].New Haven:Yale University Press,2004.
[34]Yeaple S.Firm heterogeneity and the structure of U.S.multinational activity:An empirical analysis[J].Journal of International Economics,2009,78(2):206-215.
①虽然回归和匹配方法均是在条件独立的基础上推出因果关系的实证方法,但两者存在显著差异。首先,与回归分析不同,匹配不依赖于函数的形式;其次,匹配更明确地比较了实验组与参照组的差异。现有计量研究表明,避免函数形式的假设和增加共同的支持条件可以显著减少观察样本的选择性偏误。
①倾向分值匹配方法详细介绍见Imbens(2004)及Smith和Todd(2005)。
①43个发达国家(地区)为:澳大利亚、奥地利、比利时、加拿大、捷克、丹麦、芬兰、法国、德国、希腊、匈牙利、冰岛、爱尔兰、意大利、日本、韩国、卢森堡、荷兰、新西兰、挪威、波兰、葡萄牙、斯洛伐克、西班牙、瑞典、瑞士、美国、英国、安道尔、巴林、新加坡、巴巴多斯、文莱、塞浦路斯、爱沙尼亚、以色列、列支敦士登、马耳他、摩纳哥、卡塔尔、圣马力诺、斯洛文尼亚、阿联酋。
①Rosenbaum和Rubin(1983)指出,平均标准偏差越低,实验组与参照组协变量差异越小,若|平均标准偏差|>20,则匹配估计不可靠。
①动态试验组的处理方法详见Fredriksson和Johansson(2008)及Crepon等(2009)。
[2]顾露露,Robert Reed.中国企业海外并购失败了吗?[J].经济研究,2011,(7):116-129.
[3]黄速建,刘建丽.中国企业海外市场进入模式选择研究[J].中国工业经济,2009,(1):108-117.
[4]冼国明,杨锐.技术积累、策略竞争与发展中国家对外直接投资[J].经济研究,1998,(11):56-63.
[5]Agarwal J P.Effect of foreign direct investment on employment in home countries?[J].Transnational Corporation,1997,6(2):1-28.
[6]Aitken B,Harrison A.Do domestic firms benefit from foreign direct investment?Evidence from Venezuela[J].American Economic Review,1999,89(3):605-618.
[7]Delios A,Beamish P W.Survival and profitability:The roles of experience and intangible assets in foreign subsidiary performance[J].Academy of Management journal,2001,44(5):1028-1038.
[8]Wyatt A.Accounting recognition of intangible assets:Theory and evidence on economic determinant[J].The Accounting Review,2005,80(3):967-1003.
[9]Aybar B,Ficici A.Cross-border acquisitions and firm value:An analysis of emerging-market multinationals[J].Journal of International Business Studies,2009,40:1317-1338.
[10]Javorcik B S,Does foreign direct investment increase the productivity of domestic firms?In search of spillovers through backward linkages[J].The American Economic Review,2004,94(3):605-627.
[11]Bulcke D,Halsberghe E.Employment effects of multinational enterprises:A belgian case study[R].International Labour Office,Multinational Enterprises Programme,1979,Geneva.
[12]Crepon B,Ferracci M,Jolivet G,et al.Active labor market policy effects in a dynamic setting[R].Working Paper,2009.
[13]Castellani D,Mariotti I,Piscitello L,The impact of outward investments on parent company’s employment and skill composition evidence from the Italian case[J].Structural Change and Economic Dynamics,2008,(19):81-94.
[14]Dunning J H,Lundan S M.Multinational enterprises and the global economy[M].Cheltenham:Edward Elgar,2008.
[15]Fredriksson P,Johansson P,Dynamic treatment assignment:The consequences for evaluations using observational data[J].Journal of Business&Economic Statistics,2008,26(4):435-445.
[16]Fukunari Kimura,Kozo Kiyota.Exports,FDI,and Productivity of firm:Cause and effect[R].CEPS Working Documents,No.211,2004.
[17]Hansson P.Skill upgrading and production transfer within Swedish multinationals[J].The Scandinavian Journal of Economics,2005,107(4):673-692.
[18]Haskel J,Periera S,Slaughter M.Does inward foreign direct investment boost the productivity of domestic firms?[R].NBER Working Paper No.8724,2002.
[17]Head K,Ries J.Offshore production and skill upgrading by Japanese manufacturing firms[J].Journal of International Economics,2002,58(1):81-105.
[18]Heckman J,Ichimura H,Todd P.Matching as an econometric evaluation estimator[J].Review of Economic Studies,1998,65(2):261-294.
[19]Helpman E,Krugman P,Market structure and foreign trade[M].Cambridge,MA:MIT Press,1985.
[20]Hemerling J,Michael D,Michaelis H.China’s global challengers:The strategic implications of Chinese outbound M&A[R].Boston Consulting Group,2006.
[21]Kim W,Wealth effects of international investments and agency problems for Korean multinational firms[J].Journal of International Financial Management and Accounting,2003,14(3):194-217.
[22]Keller W,Yeaple S.Multinational enterprises,international trade,and productivity growth:Firm-level evidence from the United States[R].NBER Working Paper No.9504,2003.
[23]Salerian J.Analysing the performance of firms using a decomposable ideal index number to link profit,prices and productivity[J].The Australian Economic Review,2003,36(2):143-155.
[24]Lecraw D J.Outward direct investment by indonesian firms:Motivation and effects[J].Journal of International Business Studies,1993,24(3):589-600.
[25]Legrain P.Open world:The truth about globalization[M].London:Abacus,2002.
[26]Luedi T.China’s track record in M&A[J].The McKinsey Quarterly,2008,3:75-81.
[27]Krishnan M S,Kriebel C H.Kekre S,et al.An empirical analysis of productivity and quality in software products[J].Management Science,2000,46(6):745-759.
[28]Morgan S L,Harding D J.Matching estimators of causal effects prospects and pitfalls in theory and practice[J].Sociological Methods and Research,2006,35(1):3-60.
[29]Imbens G.Nonparametric estimation of average treatment effects under exogeneity:A review[J].Review of Economics and Statistics,2004,86(1):4-29.
[30]Rosenbaum P,Rubin D.The Central role of the propensity score in observational studies for causal effects[J].Biometrika,1983,70(1):41-50.
[31]Ospina S,Schiffbauer M.Competition and firm productivity:Evidence from firm-level data[R].M F Working Paper,2010.
[32]Smith J,Todd P.Does matching overcome lalonde’s critique of nonexperimental estimators?[J].Journal of Econometrics,2005,125:305-353.
[33]Wolf M.Why globalization works[M].New Haven:Yale University Press,2004.
[34]Yeaple S.Firm heterogeneity and the structure of U.S.multinational activity:An empirical analysis[J].Journal of International Economics,2009,78(2):206-215.
①虽然回归和匹配方法均是在条件独立的基础上推出因果关系的实证方法,但两者存在显著差异。首先,与回归分析不同,匹配不依赖于函数的形式;其次,匹配更明确地比较了实验组与参照组的差异。现有计量研究表明,避免函数形式的假设和增加共同的支持条件可以显著减少观察样本的选择性偏误。
①倾向分值匹配方法详细介绍见Imbens(2004)及Smith和Todd(2005)。
①43个发达国家(地区)为:澳大利亚、奥地利、比利时、加拿大、捷克、丹麦、芬兰、法国、德国、希腊、匈牙利、冰岛、爱尔兰、意大利、日本、韩国、卢森堡、荷兰、新西兰、挪威、波兰、葡萄牙、斯洛伐克、西班牙、瑞典、瑞士、美国、英国、安道尔、巴林、新加坡、巴巴多斯、文莱、塞浦路斯、爱沙尼亚、以色列、列支敦士登、马耳他、摩纳哥、卡塔尔、圣马力诺、斯洛文尼亚、阿联酋。
①Rosenbaum和Rubin(1983)指出,平均标准偏差越低,实验组与参照组协变量差异越小,若|平均标准偏差|>20,则匹配估计不可靠。
①动态试验组的处理方法详见Fredriksson和Johansson(2008)及Crepon等(2009)。
引用本文
肖慧敏, 刘辉煌. 中国企业对外直接投资的学习效应研究[J]. 财经研究, 2014, 40(4): 42–55.
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