本文關鍵詞： 異質性服務企業(yè) FDI動機 生產率溢價 選擇效應 學習效應　出處：《武漢理工大學》2014年博士論文　論文類型：學位論文

【摘要】：全球經濟的服務化促使跨國服務企業(yè)在國際直接投資中逐漸占據了主導地位，2008年全球金融危機向實體經濟的擴散進一步強化了跨國服務企業(yè)的主體地位。與此同時，全球經濟發(fā)展的不平衡以及科學技術的迅猛發(fā)展使得跨國企業(yè)對外直接投資動機日益凸顯，在有形產品領域主要體現為生產價值鏈的碎片化和分散化，而在服務領域，由于服務產品的無形性、不可存儲性等特殊屬性，主要表現在拓展東道國市場和尋求較低生產及經營成本等形式上。在上述背景下，本文借鑒Helpman et al.（2004）將企業(yè)異質性引入“臨近—集中權衡”中分析異質性企業(yè)出口與FDI抉擇的思路，基于企業(yè)生產率異質性視角，解釋了異質性跨國服務企業(yè)對外直接投資動機的行為。 首先，基于世界銀行提供的大樣本企業(yè)層面微觀數據，采取LP方法在克服同時性和選擇性偏差的基礎上考察了服務企業(yè)的生產率異質性，并進一步通過對投資動機的界定（市場尋求型和效率尋求型）考察了跨國服務企業(yè)對外直接投資的動機表現，在此基礎上，從靜態(tài)層面對異質性服務企業(yè)對外直接投資動機的生產率溢價進行了分析。結果顯示：相對于制造業(yè)企業(yè)，服務企業(yè)的生產率水平普遍偏低，但擁有較強的異質性；在投資動機表現上，跨國服務企業(yè)的對外直接投資主要表現為市場尋求型，但擁有較強的效率尋求型投資動機強度；在東道國尋求效率的跨國服務企業(yè)的生產率高于市場尋求型跨國服務企業(yè)，即存在投資動機的生產率溢價。 其次，為了解釋跨國服務企業(yè)在靜態(tài)層面表現出的生產率溢價，本文接下來分別從理論和實證兩個視角進行了動態(tài)層面的分析。在理論分析上，通過在Helpman et al.（2004）的HMY模型中納入FDI動機因素以及服務產品的特性因素（溝通成本），對異質性服務企業(yè)不同對外直接投資動機的自我選擇效應進行了解釋，并進一步通過構建反映不同投資動機的服務企業(yè)產出與勞動投入系數之間關系的函數，從規(guī)模經濟效應路徑對服務企業(yè)不同投資動機的學習效應進行了比較靜態(tài)分析。在CES偏好和冰山貿易成本的假設下，所得理論預期主要有：生產率較高的跨國服務企業(yè)傾向于在東道國尋求效率，而生產率較低的服務企業(yè)在東道國生產和提供服務產品；溝通成本降低能夠通過選擇效應和行業(yè)內再配置效應帶來母國該服務行業(yè)總體生產率水平的提升；市場尋求型和效率尋求型對外直接投資都能夠促進跨國服務企業(yè)自身生產率的提高，但在東道國尋求效率的跨國服務企業(yè)具有更大的投資學習效應。 在構建數理模型對投資動機的生產率溢價進行理論層面解釋的基礎上，為了驗證所得理論預期在現實中的適用性，本文基于不同工作活動所需的溝通水平視角，并結合文化、語言、制度環(huán)境等因素分別構建了測算行業(yè)層面和國家層面的跨國服務企業(yè)與消費者等組織外部溝通水平的指數，在此基礎上，采取美國跨國服務企業(yè)的微觀層面數據，分別從母國和東道國視角對理論分析所得的理論預期進行了實證檢驗，估計結果顯示：跨國服務企業(yè)對外直接投資動機的選擇效應在國家層面顯著存在，即生產率較高的服務企業(yè)傾向于在東道國尋求效率，但在行業(yè)層面投資動機的選擇效應的表現不顯著；異質性服務企業(yè)對外直接投資動機的學習效應在國家和行業(yè)層面均存在，即效率尋求型跨國服務企業(yè)存在顯著的投資學習效應，其在東道國市場尋求生產和經營效率的同時提升了自身的生產率水平。 最后，與制造業(yè)跨國企業(yè)的比較分析，發(fā)現：跨國服務企業(yè)與消費者等組織外部的溝通水平和成本高于制造業(yè)跨國企業(yè)；制造業(yè)跨國企業(yè)對外直接投資動機的學習效應在國家層面顯著存在，但在行業(yè)層面未呈現出明顯的選擇效應，這與服務領域的分析結論是一致的；在投資動機的學習效應方面，制造業(yè)跨國企業(yè)無論在國家層面，還是行業(yè)層面，均發(fā)現制造業(yè)跨國企業(yè)不存在投資動機的學習效應在；總體層面上，投資動機的學習效應僅體現在跨國層面，，說明對外直接投資動機的學習效應在服務領域表現的更加明顯。 上述結論對于對于一國政府和企業(yè)，特別是像中國這樣的引資和對外投資大國的服務業(yè)生產能力和發(fā)展水平的提升、服務貿易的快速發(fā)展、服務業(yè)引資和對外投資政策的制定以及服務企業(yè)“走出去”戰(zhàn)略的選擇等有著十分重要的現實意義。
[Abstract]:The global economy service to multinational enterprises in the international direct investment gradually dominate the global financial crisis in 2008, spread to the real economy to further strengthen the service multinational enterprise's main body status. At the same time, the imbalance of the global economic development and the rapid development of science and technology makes the motivation of foreign direct investment of multinational enterprises has become increasingly prominent, in the field of tangible products is mainly reflected in the production value chain fragmentation and decentralization, while in the service sector, due to the intangible service products, no special attributes of storage, mainly in the development of the host country market and seeking lower production and operating costs and other forms. Based on the above background, this paper uses Helpman (ET al. 2004) the firm heterogeneity introduced ideas heterogeneity analysis of export and FDI choice approaches - focus weigh ", based on the enterprise productivity The Heterogeneity Perspective explains the behavior of foreign direct investment motivation of heterogeneous multinational service enterprises.
First, a large sample of the micro enterprise level data provided by the World Bank Based on LP method and take in overcoming the basic and selective bias on the effects of productivity heterogeneity of service enterprises, and further through the definition of investment motivation (market seeking and efficiency seeking) effects of foreign direct investment of transnational service enterprise motivation and on this basis, from the static layer facing the motivation of foreign direct investment heterogeneity of service enterprise productivity premium was analyzed. The results showed that: compared with manufacturing enterprises, service enterprises through peaceful water productivity is low, but has strong heterogeneity; in the investment motive performance, foreign direct investment mainly for service enterprises the type of market, but has strong efficiency seeking investment motive strength; production rate for efficiency in the host country is higher than that of Multinational Enterprises Market seeking multinational service enterprises, that is, the productivity premium of investment motivation.
Secondly, in order to explain transnational service enterprises in the static level shows the productivity premium, then respectively from two aspects of theoretical and empirical analysis of the dynamic level. In the theoretical analysis, the Helpman et al. (2004) FDI into the motivation factors and characteristics of service products in the HMY model (the cost of communication), self selection effect of heterogeneous service enterprises of different foreign direct investment motives are explained, and further reflect the different investment motives through the construction of service enterprise output and labor input coefficient of the relationship between the function of learning effect from scale economy effect path of service enterprises of different investment motives were compared to static analysis. In the CES preference and the iceberg trade costs under the assumption that the theoretical expectations are: high productivity service transnational enterprises tend to seek efficiency in the host country, and The low productivity of service enterprises in the host country production and service products; to reduce communication costs through the selection effect and intra industry reallocation effects bring about the overall level of productivity of the home service industry; market seeking and efficiency seeking FDI can promote international service enterprise productivity, but the quest for efficiency in the host country the multinational service enterprises with investment in learning more effect.
The basic theory of interpretation in the construction of mathematical model of productivity premium investment motivation, in order to verify the applicability of the theoretical expectations in reality, this paper needs different activities based on the level of communication perspective, combined with the culture, language, system environment and other factors respectively, and constructs the industry level and the national level of multinational service enterprise and consumer organizations such as external communication level index, based on micro level data, take the United States multinational service companies, respectively from the theoretical analysis on expectations of income of host country and from the perspective of the empirical test results show that selection effects of motivation of foreign direct investment of transnational service enterprises is significant at the national level that is, the higher productivity of service enterprises tend to seek efficiency in the host country, but the selection effect at the industry level investment motivation table This effect is not significant; learning motivation of foreign direct investment of service enterprise heterogeneity exists both in the country and industry level, the efficiency of seeking transnational service enterprises investment learning effect, the host market seeking production and operation efficiency and improve the level of their productivity.
Finally, comparative analysis, and manufacturing multinational companies that multinational enterprises and consumer organizations such as external communication level and is higher than the cost of manufacturing enterprises; learning motivation effect of foreign direct investment of multinational manufacturing enterprises is significant at the national level, but at the industry level did not show obvious effect is consistent with selection, analysis this conclusion and service areas; learning effect in the motives of investment, multinational manufacturing enterprises both at the national level or industry level, were found in multinational manufacturing enterprises do not have the investment motivation of learning effect in the overall level, learning effect; investment motivation only reflected in the international level, learning effect explains the motivation of foreign the performance of direct investment in the service sector is more obvious.
The conclusion for government and enterprises, especially the production capacity and the level of development China such powers like investment and foreign investment promotion service industry, the rapid development of service trade, has very important practical significance of the service industry investment and foreign investment policy and service enterprises to "go out" strategy.

【學位授予單位】：武漢理工大學
【學位級別】：博士
【學位授予年份】：2014
【分類號】：F719;F125.4

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