摘要
外资流动是宏观经济发展中的正常现象,然而其对于微观个体的冲击不容忽视。本文基于2014~2022年中国家庭追踪调查(CFPS)数据和天眼查数据库,考察外资流动对个体教育-工作匹配状态的影响和作用机制。鉴于我国近年来外资结构的优化调整,本文将外资流动定义为外资企业退出与进入的数量之比。研究结果表明,外资流动显著提升了个体发生过度教育的概率,该结论在一系列稳健性检验后依然成立。进一步研究得出,外资流动主要通过加剧就业市场紧张度、减少高技能劳动力需求以显著增加过度教育发生的概率。异质性分析表明,在高技术产业外企退出多和知识产权密集型产业外企退出多的地区,外资流动更有可能引致过度教育,外商独资企业的撤离对于个体教育匹配状态的负面影响更为明显。与此同时,内资企业特别是民营企业的壮大能够有效缓冲外资流动的冲击,而国有企业的扩张可能会放大这一效应。本文研究结论为进一步优化外资结构与稳定就业市场提供了理论支撑。
While foreign capital flow is a fundamental feature of a macroeconomy,its micro-level impacts warrant close examination.Utilizing data from the China Family Panel Studies(2014-2022)and the Tianyancha database,this study investigates how foreign capital mobility affects individual education-employment matching.Given the recent optimization of China's foreign capital structure,we measure mobility as the ratio of exiting to newly entering foreign enterprises.The results indicate that foreign capital mobility significantly increases the probability of individual overeducation,a finding robust to a series of checks.Mechanism analysis reveals that this effect operates primarily by tightening the labor market and reducing demand for high-skilled labor.Heterogeneity analysis shows that the effect is more pronounced in regions with greater exits of foreign enterprises in high-tech and knowledge-intensive industries,and when the exiting firms are wholly foreign-owned.Furthermore,the growth of domestic enterprises,particularly private ones,can mitigate this adverse effect,whereas the expansion of state-owned enterprises may amplify it.Our findings provide theoretical insights for optimizing China's foreign capital structure and stabilizing its employment market.
作者
董建卫
谭思远
DONG Jianwei;TAN Siyuan(School of Economics and Management,Northwest University,Xi'an 710127,China;不详)
出处
《金融评论》
北大核心
2025年第5期26-48,140,共24页
Chinese Review of Financial Studies
基金
国家社会科学基金一般项目《高水平开放背景下外资风险投资攫取中国企业创新资源的行为分析与防御策略研究》(项目批准号:22BGL042)
陕西省社会科学基金年度项目《环大学概念验证基金助推陕西高校科技成果转化研究》(项目批准号:2024R016)的资助。
关键词
外资退出
过度教育
就业机会
稳外资
Foreign Divestment
Over-education
Employment Opportunities
Stabilizing Foreign Investment
