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本文基于异质性企业贸易投资理论,对母国服务业发展影响企业对外直接投资的机制分析表明,母国服务业发展有助于提高制造业和服务业企业生产效率,从而提升企业对外投资能力,固定成本和可变成本下降能够降低企业对外投资门槛,推动对外投资企业数量的增加。本文利用30个OECD国家1990-2011年的面板数据,实证考察了服务业总体水平以及四类生产者服务业(批发零售、运输仓储及通讯、金融中介、商业咨询及科技服务)发展水平对OFDI的影响。计量结果显示,一国服务业总体水平与该国OFDI存在显著的正向关系,细分行业来看,批发零售、运输仓储及通讯服务仅是效率提升对OFDI有显著促进,金融中介和商业咨询及科技服务无论是规模还是效率提高都将显著推动OFDI数量的增长。上述研究对于我国发展现代服务业推动企业对外直接投资,具有重要的政策含义。
Based on the heterogeneous theory of trade and investment, this paper analyzes the mechanism of home-country service industry’s impact on foreign direct investment. It shows that the development of domestic service industry helps to improve the production efficiency of manufacturing and service enterprises and enhance the ability of overseas investment of enterprises. Lower costs and variable costs can lower the threshold of foreign investment and promote the increase of the number of foreign-invested enterprises. Using panel data of 30 OECD countries from 1990 to 2011, this essay empirically examines the overall level of service industry and the level of development of the service industries (wholesale, retail, transportation warehousing and communications, financial intermediation, business consulting and technology services) Impact. Measurement results show that the overall level of service industry in a country and the OFDI there is a significant positive relationship between the breakdown of the industry point of view, wholesale and retail, transport warehousing and communications services only to improve the efficiency of OFDI significantly promoted, financial intermediaries and business consulting And technology services, both in size and efficiency, will significantly contribute to the growth of OFDI. The above research has important policy implications for our country to develop modern service industry and promote foreign direct investment.