本文選題：多元異質(zhì)性 + 自我選擇　； 參考：《山東大學》2016年博士論文

【摘要】：關于國際直接投資理論,經(jīng)濟學家們已經(jīng)建立了理論框架研究企業(yè)為什么和怎樣進行FDI,但是發(fā)展中國家跨國公司的出現(xiàn)為FDI理論研究提供了進行實證檢驗、提煉以及擴展的獨特的研究背景。與傳統(tǒng)跨國公司相比,由于經(jīng)濟發(fā)展水平低,存在體制漏洞等,發(fā)展中國家跨國公司在國際化進程中具有不同的投資動機、競爭戰(zhàn)略和風險承受能力；發(fā)展中國家OFDI“體現(xiàn)出獲取國內(nèi)企業(yè)所缺乏的技術(shù)、管理和戰(zhàn)略技能的特征”,即戰(zhàn)略資產(chǎn)獲取動機。隨著全球FDI自由化的推進,大量中國企業(yè)通過OFDI涌入國際市場,進行戰(zhàn)略資產(chǎn)獲取；在激烈的國際市場競爭中,有的企業(yè)越來越強大,建立起自己的所有權(quán)優(yōu)勢,有的企業(yè)艱難生存,直至退出市場。中國OFDI企業(yè)國際經(jīng)營績效的差異以及市場的進入和退出體現(xiàn)了異質(zhì)性企業(yè)FDI理論的主要觀點,即企業(yè)異質(zhì)性是國際化自我選擇和國際經(jīng)營績效差異的主要原因。本文嘗試利用最新的異質(zhì)性企業(yè)FDI理論的研究框架對發(fā)展中國家戰(zhàn)略資產(chǎn)獲取型OFDI的自我選擇和投資績效進行研究。當異質(zhì)性企業(yè)理論框架置于發(fā)展中國家OFDI情境中,特別是考慮到發(fā)展中國家普遍存在的戰(zhàn)略資產(chǎn)獲取型OFDI時,必須改變相關假設條件,如加入逆向溢出的假設。相應地,模型中原有的FDI與生產(chǎn)率、FDI學習效應、FDI自由化與福利影響等關系也需要重新加以考慮；在這種情況下,簡單的靜態(tài)模型分析已不足以對現(xiàn)實進行全面解釋,需要在模型中融入企業(yè)異質(zhì)性的動態(tài)化。本文理論和實證研究得到的主要結(jié)論如下：(1)本文通過對Helpman et al.(2004)的異質(zhì)性企業(yè)FDI理論模型進行修正,將不同于普通FDI的戰(zhàn)略資產(chǎn)獲取型FDI引入理論框架；并在此基礎上引入生產(chǎn)率驅(qū)動因子的概念對企業(yè)生產(chǎn)率進行動態(tài)化,從而建立一個包含內(nèi)生周期變動的、刻畫企業(yè)自我選擇的長期均衡模型。該模型的內(nèi)生“自我選擇”動態(tài)過程表明企業(yè)會有目的地采取行動去提高生產(chǎn)率水平,并基于自身生產(chǎn)率異質(zhì)性進行“自我選擇”,從而引導市場的動態(tài)變化。生產(chǎn)率最低的企業(yè),不對生產(chǎn)率驅(qū)動因子進行投資,其生產(chǎn)率將逐步下降為零,最終被驅(qū)逐出市場。生產(chǎn)率高的企業(yè)選擇進入國際市場并不斷對生產(chǎn)率驅(qū)動因子進行投資,其生產(chǎn)率水平、利潤和產(chǎn)量持續(xù)得以提升；其中只有生產(chǎn)率最高的企業(yè)才會選擇進行戰(zhàn)略資產(chǎn)獲取型FDI,因為與普通FDI相比,該類FDI需要投入更高的進入成本和生產(chǎn)率驅(qū)動因子投資成本。(2)本文利用L-P方法對中國制造業(yè)上市公司進行全要素生產(chǎn)率估計,結(jié)果表明生產(chǎn)率異質(zhì)性與生產(chǎn)率悖論并存。一方面即使對于像中國這樣的發(fā)展中國家,異質(zhì)性企業(yè)FDI理論也能夠?qū)栴}做出一定的解釋；另一方面在某些行業(yè)中,企業(yè)的國際化經(jīng)營決策存在著“FDI——生產(chǎn)率悖論”和“戰(zhàn)略資產(chǎn)獲取型FDI—生產(chǎn)率悖論”。為此本文在理論模型中引入重要的FDI逆向溢出效應,改變了企業(yè)的生產(chǎn)成本、企業(yè)國際化經(jīng)營的利潤、以及企業(yè)各種國際化決策的臨界生產(chǎn)率水平；在假設FDI和戰(zhàn)略資產(chǎn)獲取型FDI的逆向溢出效應足夠大的情況下,可以對“FDI——生產(chǎn)率悖論”和“戰(zhàn)略資產(chǎn)獲取型FDI——生產(chǎn)率悖論”做出—定的合理解釋。(3)本文利用2005-2014年中國制造業(yè)上市公司數(shù)據(jù),對基于企業(yè)多元異質(zhì)性的中國戰(zhàn)略資產(chǎn)獲取型OFDI的自我選擇進行了探討；面板多元排序probit(logit)模型的回歸檢驗結(jié)果顯示,中國戰(zhàn)略資產(chǎn)獲取型OFDI的自我選擇是基于包括生產(chǎn)率差異在內(nèi)的企業(yè)多元異質(zhì)性。與非OFDI和普通OFDI企業(yè)相比,中國戰(zhàn)略資產(chǎn)獲取型OFDI企業(yè)的生產(chǎn)率更高、規(guī)模更大、多為民營企業(yè)、多位于沿海開放城市、創(chuàng)新能力更強、更注重品牌塑造、長期償債能力更強、增長速度較慢；上述企業(yè)多元異質(zhì)性的影響在中國區(qū)域間和行業(yè)間存在著差異。金融危機帶來的“游戲規(guī)則改變”為中國向發(fā)達國家進行“跳板”式戰(zhàn)略資產(chǎn)獲取提供了機會,引入金融危機虛擬變量的回歸分析證明中國戰(zhàn)略資產(chǎn)獲取型OFDI的自我選擇在2008年金融危機前后確實存在著“經(jīng)濟結(jié)構(gòu)變動”情況。(4)本文運用2005-2014年中國1844家制造業(yè)上市公司數(shù)據(jù)對OFDI學習效應進行的實證檢驗結(jié)果顯示：中國企業(yè)海外投資具有明顯的OFDI學習效應,與基期相比,OFDI企業(yè)TFP有顯著提高；特別地,戰(zhàn)略資產(chǎn)獲取型OFDI的學習效應比OFDI整體要更明顯。鑒于OFDI學習效應模型無法刻畫企業(yè)多元異質(zhì)性的動態(tài)演變對中國戰(zhàn)略資產(chǎn)獲取型OFDI企業(yè)績效的影響,本文運用2005-2014年中國740家制造業(yè)OFDI上市公司的面板數(shù)據(jù),對企業(yè)多元異質(zhì)性和企業(yè)績效之間的關系進行了回歸分析。結(jié)果發(fā)現(xiàn)：企業(yè)多元異質(zhì)性對不同動機的OFDI企業(yè)績效的影響存在著顯著的差異；戰(zhàn)略資產(chǎn)獲取型OFDI企業(yè)績效水平的提高顯著表現(xiàn)在那些全要素生產(chǎn)率高、成立時間短、長期債務負擔輕,成長迅速、職工報酬高的企業(yè)上。與現(xiàn)有文獻相比,本文的創(chuàng)新體現(xiàn)在以下三個方面：(1)從發(fā)展中國家的角度對異質(zhì)性企業(yè)FDI理論進行擴展和修正,構(gòu)建了戰(zhàn)略資產(chǎn)獲取型FDI的理論模型。該理論模型是在Helpman et al.(2004)經(jīng)典異質(zhì)性企業(yè)FDI理論模型的基礎上引入戰(zhàn)略資產(chǎn)獲取型FDI；同時參考Orlando Gomes (2014)的包含生產(chǎn)率驅(qū)動因子的內(nèi)生非線性發(fā)展模型對靜態(tài)模型進行動態(tài)化,從而建立起包含內(nèi)生周期變動的、刻畫企業(yè)自我選擇效應機制的長期均衡模型。該模型能夠解釋基于生產(chǎn)率異質(zhì)性的戰(zhàn)略資產(chǎn)獲取型FDI的自我選擇,以及對生產(chǎn)率驅(qū)動因子進行不斷投資帶來的動態(tài)演進,從理論上彌補前人研究的空白；同時本文還依據(jù)實證檢驗的結(jié)果對該理論模型進行適時修正,引入關鍵的逆向溢出效應,以解釋“戰(zhàn)略資產(chǎn)獲取型FDI——生產(chǎn)率悖論”。(2)從動態(tài)角度把握基于企業(yè)多元異質(zhì)性的中國戰(zhàn)略資產(chǎn)獲取型OFDI的自我選擇。通過考察中國企業(yè)OFDI的發(fā)展歷程,指出生產(chǎn)率差異不是企業(yè)異質(zhì)性的全部,中國戰(zhàn)略資產(chǎn)獲取型OFDI的自我選擇是包括生產(chǎn)率在內(nèi)的企業(yè)多元異質(zhì)性共同作用的結(jié)果。運用2005-2014年中國企業(yè)的面板數(shù)據(jù)考察了基于多元異質(zhì)性的中國戰(zhàn)略資產(chǎn)獲取型OFDI的自我選擇,以及其在中國區(qū)域和行業(yè)間的差異。特別地,利用虛擬變量法,本文發(fā)現(xiàn)中國戰(zhàn)略資產(chǎn)獲取型OFDI的自我選擇在2008年全球金融危機前后存在著“經(jīng)濟結(jié)構(gòu)變動”情況。(3)本文建立的基于動態(tài)企業(yè)異質(zhì)性的戰(zhàn)略資產(chǎn)獲取型FDI理論模型以及相關實證檢驗的結(jié)果豐富了現(xiàn)有異質(zhì)性企業(yè)FDI理論和戰(zhàn)略資產(chǎn)獲取型FDI理論交叉研究的成果；對企業(yè)多元異質(zhì)性的探討和深入研究有利于揭開企業(yè)內(nèi)部組織的“黑匣子”,更好地探究企業(yè)生產(chǎn)率提升和績效改善的有效途徑。
[Abstract]:On the theory of international direct investment, economists have established a theoretical framework to study why and how enterprises carry out FDI, but the emergence of multinational corporations in developing countries provides a unique research background for the empirical test, refining and expansion of FDI theory. Compared with the traditional multinational corporations, the level of economic development is low. In the process of internationalization, developing country MNCs have different investment motives, competitive strategies and risk tolerance. Developing countries' OFDI "embodies the characteristics of acquiring technology, management and strategic skills that domestic enterprises are lacking", that is, the motivation of acquiring strategic assets. With the promotion of global FDI liberalization, A large number of Chinese enterprises are pouring into the international market through OFDI to obtain strategic assets. In the fierce competition of the international market, some enterprises are becoming more and more powerful and have their own ownership advantages. Some enterprises are hard to survive and withdraw from the market. The difference in performance of international operation and the entry and exit of the market in China's OFDI enterprises are different. The main point of FDI theory in qualitative enterprise is that enterprise heterogeneity is the main reason for international self selection and international business performance differences. This paper tries to study the self selection and investment performance of strategic asset acquisition type OFDI in developing countries by using the latest research framework of heterogeneous enterprise FDI theory. When the framework is placed in the OFDI situation of developing countries, especially considering the common strategic asset acquisition OFDI in developing countries, the relevant assumptions must be changed, such as the assumption of the addition of reverse spillovers. Accordingly, the relationship between the original FDI and productivity, the learning effect of FDI, the liberalization of FDI and the impact of the welfare effect in the model also needs to be renewed. In this case, the simple static model analysis is not sufficient to fully explain the reality, and it is necessary to integrate the dynamics of enterprise heterogeneity in the model. The main conclusions of this paper are as follows: (1) this paper will modify the Helpman et al. (2004) heterogeneous enterprise FDI theoretical model, and will be different The strategic asset acquisition FDI of FDI is introduced into the theoretical framework, and on this basis the concept of productivity driving factor is introduced to the dynamic of enterprise productivity, thus establishing a long-term equilibrium model that contains endogenous periodic changes and portrays enterprise self selection. The industry will take action to improve the productivity level and "self selection" based on the heterogeneity of its own productivity to guide the dynamic changes in the market. The lowest productivity enterprises will not invest in the productivity drivers, and their productivity will gradually decline to zero and eventually be expelled from the market. To enter the international market and continue to invest in productivity drivers, the productivity level, profit and production continue to increase; only the most productive enterprises will choose the strategic asset acquisition FDI, because compared with the common FDI, the FDI needs to invest in higher entry cost and productivity drivers. (2) this paper uses the L-P method to estimate the total factor productivity of Chinese manufacturing listed companies. The results show that the productivity heterogeneity and productivity paradox coexist. On the one hand, even for developing countries like China, the FDI theory of heterogeneous enterprises can make some explanations to the problem; on the other hand, in some industries, There are "FDI - productivity paradox" and "strategic asset acquisition FDI - productivity paradox" in the international business decision making. In this paper, an important FDI reverse spillover effect is introduced in the theoretical model, which changes the production cost of the enterprise, the profit of the enterprise's international operation, and the critical productivity of the enterprise's various international decisions. On the assumption that the reverse spillover effect of FDI and strategic asset acquisition FDI is large enough, it can make a reasonable explanation of "FDI productivity paradox" and "strategic asset acquisition FDI - productivity paradox". (3) this paper uses the data of the 2005-2014 year Chinese manufacturing listed companies to be based on the diversification of enterprises. The self selection of the qualitative Chinese strategic asset acquisition type OFDI is discussed. The regression test results of the panel multiple ranking probit (logit) model show that the self selection of the Chinese strategic asset acquisition OFDI is based on the diversification of enterprises, including the difference in productivity. Compared with the non OFDI and ordinary OFDI Enterprises, China's strategic assets are compared. OFDI enterprises have higher productivity, larger scale, more private enterprises, more located in the coastal open cities, more innovative ability, more emphasis on brand building, more long-term debt paying ability and slower growth rate; the influence of multiple heterogeneity in these enterprises is different between regions and industries in China. The "game" brought by the financial crisis is the "game" The rule change provides the opportunity for China to carry out the "springboard" strategic asset acquisition to the developed countries. The regression analysis of the virtual variables of the financial crisis proves that the self selection of the Chinese strategic asset acquisition type OFDI does exist in the "economic structure change" before and after the 2008 financial crisis. (4) this paper uses 2005-2014 years of China 1. The empirical test results of 844 manufacturing listed companies' data on the learning effect of OFDI show that the overseas investment of Chinese enterprises has an obvious OFDI learning effect. Compared with the base period, the TFP of the OFDI enterprise has been significantly improved; in particular, the learning effect of the strategic asset acquisition OFDI is more obvious than that of the OFDI as a whole. In view of the OFDI learning effect model The method depicts the impact of the dynamic evolution of multiple heterogeneity of enterprises on the performance of Chinese strategic asset acquisition OFDI. This paper uses the panel data of 740 manufacturing companies in China for 2005-2014 years to analyze the relationship between multiple heterogeneity and enterprise performance. The results show that the diversification of enterprise heterogeneity is different to different enterprises. There are significant differences in the impact of the OFDI performance of motivation; the improvement of the performance level of the strategic asset acquisition OFDI is manifested in those enterprises with high total factor productivity, short time, light debt burden, rapid growth and high remuneration for workers. The innovation of this paper is reflected in the following three aspects. (1) to expand and amend the FDI theory of heterogeneous enterprises from the perspective of developing countries, the theoretical model of strategic asset acquisition FDI is constructed. The theoretical model is based on the introduction of strategic asset acquisition FDI on the basis of the Helpman et al. (2004) classic heterogeneous enterprise FDI theory model; meanwhile, it refers to the inclusion of Orlando Gomes (2014). The endogenous nonlinear development model of yield driving factor is dynamic to the static model, thus establishing a long-term equilibrium model that contains endogenous periodic changes and depicts the mechanism of enterprise self selection effect. This model can explain the self selection of the strategic asset acquisition type FDI based on productivity heterogeneity and the productivity driving factor. The dynamic evolution of continuous investment is made to make up the blank of previous research in theory; at the same time, the theoretical model is revised in time according to the results of empirical test, and the key reverse spillover effect is introduced to explain the "strategic asset acquisition FDI - productivity paradox". (2) from the dynamic perspective, it is based on the diversification of the enterprise. The self selection of Chinese strategic asset acquisition type OFDI is heterogeneous. By examining the development process of Chinese enterprise OFDI, it is pointed out that the difference in productivity is not the whole of the heterogeneity of the enterprise. The self selection of the Chinese strategic asset acquisition type OFDI is the result of the multiple heterogeneity of enterprises, including productivity, including the productivity of 2005-2014 years. The panel data of the industry examines the self selection of China's strategic asset acquisition based OFDI based on multiple heterogeneity and its differences in China's regions and industries. In particular, using the virtual variable method, this paper finds that the self selection of China's strategic asset acquisition OFDI has "economic structure changes" before and after the 2008 global financial crisis. (3) (3) the theoretical model of strategic asset acquisition based on dynamic enterprise heterogeneity and the results of relevant empirical tests have enriched the results of the cross study of the existing heterogeneous enterprise FDI theory and the strategic asset acquisition FDI theory, and the discussion and in-depth study of the diversification of enterprises is beneficial to uncover the internal enterprise. The organization's "black box" can better explore effective ways to improve productivity and performance of enterprises.
【學位授予單位】：山東大學
【學位級別】：博士
【學位授予年份】：2016
【分類號】：F832.3;F279.2
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本文編號：1904901