“引进来”是否促进了“走出去”？——外商投资对中国企业对外直接投资的影响
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| Title | Can “Bring In” Induce “Go Global”——The Impact of FDI on OFDI of China
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| 作者 | 李磊 冼国明 包群 |
| Author | Li Lei, Xian Guoming and Bao Qun |
| 作者单位 | 南开大学 |
| Organization | Nankai University |
| 作者Email | nklilei@nankai.edu.cn；gmxian@nankai.edu.cn；baoqun@yeah.net |
| 中文关键词 | FDI OFDI 溢出 水平 垂直 |
| Key Words | FDI；OFDI; Spillover; Horizontal; Vertical |
| 内容提要 | 在中国企业“走出去”加速增长背景下，论文构建了一个2004-2013年全新的企业层面微观数据集，研究“引进来”对中国内资企业“走出去”的影响。论文的结果显示：“引进来”显著的促进了中国企业“走出去”。外商投资的水平溢出、前向溢出和后向溢出每增加1%，会导致企业对外直接投资增加0.435%、0.225%和0.359%。外商投资的后向溢出效应高于前向溢出效应。论文采用多种稳健性检验，并考虑了可能存在的内生性，结果均显示，“引进来”对中国企业“走出去”的促进作用是比较稳健的。进一步的，外资溢出对企业向中、高收入国家的投资影响较强；同时对于商贸服务型、研究开发型、垂直生产型对外直接投资的正向影响更为明显。最后论文确认了外资除了通过直接的溢出效应促进本土企业对外直接投资外，还通过间接效应提高了企业的生产率，进而促进企业对外直接投资。 |
| Abstract | In the background of Chinese rapidly growing OFDI, this paper has constructed a new level of micro-data at the enterprise level from 2004 to 2013 to empirically investigate how much the FDI has influenced the OFDI. Our estimates, suggest that FDI have strong positive spillover effects on OFDI by domestic firms in china. Each 1% increase in horizontal, forward and backward FDI spillover, will result in OFDI by Chinese firm increasing 0.435%、0.225% and 0.359% respectively. The backward spillover effect of FDI is higher than the forward spillover effect. The result is still robust after using a variety of robustness tests, and the control of endogenous. Further, the spillover of FDI has a strong impact on the OFDI of Chinese firms toward middle and high-income countries. At the same time, the positive impact on the service-oriented, research-development and vertical production-oriented OFDI is more obvious. Finally, the paper confirms that FDI promotes the OFDI of local enterprises through two channels, one is through direct spillover effect, and the other is through the indirect effect that is by improving the productivity of enterprises and then promoting the OFDI. |
| 文章编号 | WP1284 |
| 登载时间 | 2018-07-05 |
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