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对外直接投资对产能利用率的影响研究
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TitleA Research on the Influence of Outward Foreign Direct Investment on Capacity Utilization  
作者杨振兵 严兵  
AuthorYang Zhenbing and Yan Bing  
作者单位南京财经大学经济学院;南开大学经济学院 
OrganizationNanjing University of Finance and Economics;Nankai university 
作者Emailyzbshufe@126.com;yanbing@nankai.edu.cn 
中文关键词对外直接投资;产能利用率;产能过剩;倾向得分匹配;倍差法 
Key WordsOutward Foreign Direct Investment; Capacity Utilization; Excess Capacity; Propensity Score Matching Model; Difference in Difference 
内容提要企业对外直接投资是否有利于产能利用率的提升,对后续产能过剩治理相关政策的出台具有重要意义。本文通过倾向得分匹配和倍差法建立实证模型考察了企业对外直接投资(OFDI)对产能利用率的影响,并对其影响机制进行深入探讨。我们发现:中国工业部门整体的产能利用率多年维持在0.65左右,2010出现断崖式下滑;OFDI对产能利用率的提升具有显著的积极影响,加入控制因素以及行业地区、时间、地区固定效应,甚至更换匹配比例之后该结果仍然稳健;投资到发展中国家的OFDI比发达国家对产能利用率的积极影响效果更强;仅资源导向型OFDI效果不明显,贸易、生产与技术导向型的OFDI对产能利用率皆有积极的影响效果;OFDI对产能利用率的影响还体现出明显的所有制结构、行业及区域特征的差异,但在较低水平产能利用率企业中影响效果更强;OFDI主要是通过影响生产侧产能利用率的提升,进而对综合产能利用率具有积极影响,而且这一效果是通过对技术进步产生中介效应而实现的。因此,鼓励企业对外直接投资,同时提升母公司的生产效率,提倡要素节约型技术创新、改善全要素生产效率等均有利于缓解产能过剩现象。 
AbstractIn this paper, we will investigate whether the outward foreign direct investment (OFDI) of enterprises is beneficial to the improvement of the capacity utilization, and it has important significance to the introduction of follow-up policies to eliminate excess capacity. We employ an empirical model including propensity score matching model (PSM) and difference in difference (DID) to investigate the impact of OFDI on capacity utilization. We find that: the capacity utilization index of overall industry has remained at around 0.65, and experiences a cliff style decline in 2010; OFDI has a significant positive impact on the improvement of capacity utilization, and the results are still robust after adding other control factors, industrial, regional, time fixed effects, or even changing the matching ratio; the positive effect of OFDI in developing countries on capacity utilization is stronger than in developed countries; only the resource oriented OFDI effect is not obvious, trade, production and technology oriented OFDI have positive effects on the capacity utilization; The impact of OFDI on capacity utilization also reflects the obvious differences in ownership structure, industrial and regional characteristics, but in the enterprises with lower level of capacity utilization, the effect is stronger; OFDI has a positive impact on the comprehensive capacity utilization, mainly through the impact of capacity utilization in the production side, and this effect is achieved through the intermediary effect of technological progress. Therefore, to encourage enterprises to foreign direct investment, improve the production efficiency of the host country, and promote the factor-saving oriented innovation for the total factor production efficiency are conducive to ease the phenomenon of excess capacity. 
文章编号WP1246 
登载时间2017-12-12 
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