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中国企业的对外直接投资行为表现特殊。不完善的信贷市场和特定范围的政策支持带来了普遍的资本扭曲,在造成成本负担的同时,也迫使企业提升生产率,并在客观上产生了增强其对外直接投资能力及意愿的效果。围绕这种复杂的影响机制,本文以中国工业企业数据库与《境外投资企业(机构)名录》的匹配数据为基础,采用两种半参数方法测算全要素生产率,利用间接法构建资本扭曲测度指标,并在考虑稀有事件偏误等问题的基础上进行了实证分析。结果表明,企业生产率与资本扭曲分别会对企业的对外直接投资决策产生正向和负向的直接影响,但同时,资本扭曲会给企业带来更高的生产率要求,进而通过生产率的中介作用产生正向的间接影响,即出现与其阻碍效应相反的倒逼机制。上述结论表明,推动企业对外直接投资的关键仍在于提高生产率水平,其中优化资本环境与鼓励技术创新的政策更具有长期意义。
Chinese enterprises have performed particularly outward foreign direct investment. Imperfect credit markets and a range of policy support have led to widespread capital distortions that have forced companies to boost productivity while creating a cost burden and have objectively created the effect of enhancing their FDI capabilities and willingness. Based on the matching data of China Industrial Enterprise Database and the Directory of Overseas Investment Enterprises (institutions), this paper uses two kinds of semi-parametric methods to measure total factor productivity and constructs a measure of capital distortion using indirect method. And based on the analysis of the problems of rare events and other issues, The results show that firm productivity and capital distortion respectively have a direct and negative direct impact on FDI decisions, but at the same time, capital distortion will result in higher productivity requirements for firms and then intermediation through productivity The indirect effect of the positive, that is, with its obstruction effect contrary to the force mechanism. The above conclusion shows that the key to promoting OFDI still lies in raising the productivity level. The policy of optimizing the capital environment and encouraging technological innovation has more long-term significance.