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使用2006~2012年A股上市工业企业样本数据,实证研究了具有生产率异质性的中国跨国企业如何在具有不同市场条件的东道国进行对外直接投资的区位选择。研究结果表明:相比生产率较低的企业,生产率更高的中国企业更有可能在一些市场条件较差的国家进行投资。其内在逻辑是:市场规模较小、进入成本更高、制度质量较差的国家对中国企业而言有着更高的临界生产率,由此吸引更多生产率较高的中国企业在该国投资。在使用多种方法处理企业生产率与对外直接投资行为之间可能的逆向因果关系之后,这一结论依然是稳健的。
Using the sample data of A-share listed industrial enterprises from 2006 to 2012, this paper empirically studies how Chinese multinationals with heterogeneity of production can choose the location of foreign direct investment in the host countries with different market conditions. The results show that Chinese firms with higher productivity are more likely to invest in countries with less favorable market conditions than those with lower productivity. The inherent logic is that countries with smaller markets, higher costs of entry and poor system quality have higher critical productivity for Chinese enterprises, thereby attracting more Chinese enterprises with higher productivity to invest in the country. This conclusion remains robust after using a variety of methods to deal with the possible negative causal link between firm productivity and OFDI behavior.