摘要
随着"走出去"战略实施,中国企业对外直接投资大量增加。本文利用中国企业对外投资数据,实证检验了企业异质性和对外投资决策的相互关系。除验证了企业生产率越高越有可能对外投资的传统理论外,本文还发现了中国企业对外投资的特征。具体表现如下:第一,与投资中低收入国家相比,投资高收入国家的企业生产率不一定高;第二,越有效率的企业不一定进行市场寻求型投资,但越有可能进行技术研发类投资;第三,对外投资的国有企业可能不比其它类型的对外投资企业生产率更高;第四,如果目的国是中低收入国家,投资目的国越多企业生产率不一定越高。因此通过本文的微观数据检验,深化了对中国企业对外投资的理解。
As the developing of Chinese economics, the outward direct investment increases greatly. This paper using the data of Chinese firms tries to find the relationship between ODI and its productivity. Then we find some important results. Firstly, the firms with high productivity will more chance to ODI. Secondly, the firms learning technology have highest productivity. Thirdly, the firms investing more counties are not more effective than the less in poor. Fourthly, the firms investing in rich countries are not more effective than in poor. Fifth, the Firms of SOE are not more effective than other firms. As after the working, we know more about ODI in China.
出处
《金融研究》
CSSCI
北大核心
2015年第12期81-96,共16页
Journal of Financial Research
基金
自然科学基金面上项目(71273142)和自然科学基金青年项目(71503221)的资助
