我国企业对外直接投资速度与经营效益——基于管理效率视角的实证研究
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摘要
通过匹配《境外投资企业(机构)名录》和中国工业企业数据库,用企业成立与首次对外直接投资行为之间的年份跨度作为对外直接投资速度的度量指标,在微观上研究企业对外直接投资速度如何影响经营效益。利用普通最小二乘法和Tobit模型回归发现,总体上快速对外直接投资能提升经营效益,但在考虑企业内部差异后发现对外直接投资速度的加快仅提升高管理效率企业的经营效益,但会降低低管理效率企业的经营效益。进一步的分位数回归发现,对于自身经营效益较高的企业,快速对外直接投资的经营效益提升作用更为明显;而对于自身经营效益较低的企业,快速对外直接投资的经营效益提升作用则较弱。
This article uses the year span between the establishment of a firm and its first outward foreign direct investment( OFDI) as the index of speed of OFDI by matching " Directory of Overseas Investment Enterprises( Institutions) "and"Database of Industrial Enterprises in China",and studies how the speed of OFDI influences firms' operating benefit at the micro level. We employ ordinary least squares and Tobit model regression to find that rapid OFDI can improve the operating benefit on the whole. However,after considering the internal difference between firms,we find that rapid OFDI can only improve firms' operating benefit with high managerial efficiency,and may reduce firms' operating benefit with low managerial efficiency. Furthermore,our quantile regression shows that the promotion effect of rapid OFDI on operating benefit is more obvious for firms with higher operating benefit,and is weaker for firms with lower operating benefit.
This article uses the year span between the establishment of a firm and its first outward foreign direct investment( OFDI) as the index of speed of OFDI by matching " Directory of Overseas Investment Enterprises( Institutions) "and"Database of Industrial Enterprises in China",and studies how the speed of OFDI influences firms' operating benefit at the micro level. We employ ordinary least squares and Tobit model regression to find that rapid OFDI can improve the operating benefit on the whole. However,after considering the internal difference between firms,we find that rapid OFDI can only improve firms' operating benefit with high managerial efficiency,and may reduce firms' operating benefit with low managerial efficiency. Furthermore,our quantile regression shows that the promotion effect of rapid OFDI on operating benefit is more obvious for firms with higher operating benefit,and is weaker for firms with lower operating benefit.
引文
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[4]汝毅,郭晨曦,吕萍.高管股权激励、约束机制与对外直接投资速率[J].财经研究,2016(3):4-15.
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[16]HILMERSSON M,JOHANSON M.Speed of SME internationalization and performance[J].Management international review,2016,56(1):67-94.
[17]YANG J Y,LU J,JIANG R H.Too slow or too fast?Speed of FDI expansions,industry globalization,and firm performance[J].Long range planning,2017,50(1):74-92.
[18]刘淑琳,黄静波.对外直接投资与企业生产率——基于中国上市公司的实证分析[J].国际经贸探索,2011(2):64-68.
[19]李梅.金融发展、对外直接投资与母国生产率增长[J].中国软科学,2014(11):170-182.
[20]蒋冠宏,蒋殿春.中国工业企业对外直接投资与企业生产率进步[J].世界经济,2014(9):53-76.
[21]袁东,李霖洁,余淼杰.外向型对外直接投资与母公司生产率——对母公司特征和子公司进入策略的考察[J].南开经济研究,2015(3):38-58.
[22]严兵,张禹,李雪飞.中国企业对外直接投资的生产率效应——基于江苏省企业数据的检验[J].南开经济研究,2016(4):85-98.
[23]戴翔.“走出去”促进我国本土企业生产率提升了吗?[J].世界经济研究,2016(2):78-89.
[24]常玉春.我国企业对外投资绩效的动态特征——以国有大型企业为例的实证研究[J].财贸经济,2011(2):87-94.
[25]白涛,焦捷,金占明,等.投资区位、进入模式选择与海外子公司存活率之间的关系——以中国企业对外直接投资为例[J].清华大学学报(自然科学版),2013(2):280-288.
[26]陈立敏,刘静雅,张世蕾.模仿同构对企业国际化—绩效关系的影响——基于制度理论正当性视角的实证研究[J].中国工业经济,2016(9):127-143.
[27]邱立成,刘灿雷,盛丹.中国企业对外直接投资与母公司经营绩效——基于成本加成率的考察[J].世界经济文汇,2016(5):60-75.
[28]毛其淋,许家云.中国企业对外直接投资如何影响了员工收入?[J].产业经济研究,2014(6):50-59.
[29]LUO Y D,ZHAO H X,DU J J.The internationalization speed of e-commerce companies:an empirical analysis[J].International marketing review,2005,22(6):693-709.
[30]MUSTEEN M,FRANCIS J,DATTA D K.The influence of international networks on internationalization speed and performance:a study of Czech SMEs[J].Journal of world business,2010,45(3):197-205.
[31]JRGENSEN E J B.Internationalisation patterns of border firms:speed and embeddedness perspectives[J].International marketing review,2014,31(4):438-458.
[32]马红旗.产能利用率、企业性质与经营效益——基于钢铁企业的实证研究[J].上海财经大学学报,2017(6):31-43.
[33]刘晓丹,衣长军.中国对外直接投资微观绩效研究——基于PSM的实证研究[J].世界经济研究,2017(3):68-77.
[2]JIANG R J,BEAMISH P W,MAKINO S.Time compression diseconomies in foreign expansion[J].Journal of world business,2014,49(1):114-121.
[3]裴长洪,樊瑛.中国企业对外直接投资的国家特定优势[J].中国工业经济,2010(7):45-54.
[4]汝毅,郭晨曦,吕萍.高管股权激励、约束机制与对外直接投资速率[J].财经研究,2016(3):4-15.
[5]HYMER S H.The international operations of national firms:a study of direct foreign investment[M].Cambridge,Mass.:MIT Press,1976.
[6]JOHANSON J,WIEDERSHEIM-PAUL F.The internationalization of the firm:four Swedish cases[J].Journal of management studies,1975,12(3):305-323.
[7]BARKEMA H G,BELL J H J,PENNINGS J M.Foreign entry,cultural barriers,and learning[J].Strategic management journal,1996,17(2):151-166.
[8]CHANG S J.International expansion strategy of Japanese firms:capability building through sequential entry[J].Academy of management journal,1995,38(2):383-407.
[9]KOGUT B,CHANG S J.Platform investments and volatile exchange rates:direct investment in the U.S.by Japanese electronic companies[J].Review of economics and statistic,1996,78(2):221-231.
[10]VERMEULEN F,BARKEMA H.Pace,rhythm,and scope:process dependence in building a profitable multinational corporation[J].Strategic management journal,2002,23(7):637-653.
[11]BARKEMA H G,DROGENDIJK R.Internationalising in small,inncremetntal or larger steps?[J].Journal of international business studies,2007,38(7):1132-1148.
[12]KNIGHT G,MADSEN T K,SERVAIS P.An inquiry into born-global firms in Europe and the USA[J].International marketing review,2004,21(6):645-665.
[13]RENNIE M W.Global competitiveness:born global[J].Mc Kinsey quarterly,1993,4(4):45-52.
[14]SALOMON R,MARTIN X.Learning,knowledge transfer,and technology implementation performance:a study of time-to-build in the global semiconductor industry[J].Management science,2008,54(7):1266-1280.
[15]PACHECO-DE-ALMEIDA G,HAWK A,YEUNG B.Speed and Tobin's q[R].New York University working paper,2010.
[16]HILMERSSON M,JOHANSON M.Speed of SME internationalization and performance[J].Management international review,2016,56(1):67-94.
[17]YANG J Y,LU J,JIANG R H.Too slow or too fast?Speed of FDI expansions,industry globalization,and firm performance[J].Long range planning,2017,50(1):74-92.
[18]刘淑琳,黄静波.对外直接投资与企业生产率——基于中国上市公司的实证分析[J].国际经贸探索,2011(2):64-68.
[19]李梅.金融发展、对外直接投资与母国生产率增长[J].中国软科学,2014(11):170-182.
[20]蒋冠宏,蒋殿春.中国工业企业对外直接投资与企业生产率进步[J].世界经济,2014(9):53-76.
[21]袁东,李霖洁,余淼杰.外向型对外直接投资与母公司生产率——对母公司特征和子公司进入策略的考察[J].南开经济研究,2015(3):38-58.
[22]严兵,张禹,李雪飞.中国企业对外直接投资的生产率效应——基于江苏省企业数据的检验[J].南开经济研究,2016(4):85-98.
[23]戴翔.“走出去”促进我国本土企业生产率提升了吗?[J].世界经济研究,2016(2):78-89.
[24]常玉春.我国企业对外投资绩效的动态特征——以国有大型企业为例的实证研究[J].财贸经济,2011(2):87-94.
[25]白涛,焦捷,金占明,等.投资区位、进入模式选择与海外子公司存活率之间的关系——以中国企业对外直接投资为例[J].清华大学学报(自然科学版),2013(2):280-288.
[26]陈立敏,刘静雅,张世蕾.模仿同构对企业国际化—绩效关系的影响——基于制度理论正当性视角的实证研究[J].中国工业经济,2016(9):127-143.
[27]邱立成,刘灿雷,盛丹.中国企业对外直接投资与母公司经营绩效——基于成本加成率的考察[J].世界经济文汇,2016(5):60-75.
[28]毛其淋,许家云.中国企业对外直接投资如何影响了员工收入?[J].产业经济研究,2014(6):50-59.
[29]LUO Y D,ZHAO H X,DU J J.The internationalization speed of e-commerce companies:an empirical analysis[J].International marketing review,2005,22(6):693-709.
[30]MUSTEEN M,FRANCIS J,DATTA D K.The influence of international networks on internationalization speed and performance:a study of Czech SMEs[J].Journal of world business,2010,45(3):197-205.
[31]JRGENSEN E J B.Internationalisation patterns of border firms:speed and embeddedness perspectives[J].International marketing review,2014,31(4):438-458.
[32]马红旗.产能利用率、企业性质与经营效益——基于钢铁企业的实证研究[J].上海财经大学学报,2017(6):31-43.
[33]刘晓丹,衣长军.中国对外直接投资微观绩效研究——基于PSM的实证研究[J].世界经济研究,2017(3):68-77.