摘要
基于对外直接投资动机理论,分析了不同动机的中国工业企业利用对外直接投资化解产能过剩的内在机制;基于中国工业企业的财务数据,运用随机前沿生产函数法测算了产能利用率,以测算出的产能利用率作为被解释变量,通过面板数据回归方法实证分析了对外直接投资对产能过剩的化解作用,研究发现:对外直接投资的企业,产能利用率比投资前有所提升,过剩产能得到化解;不同动机的企业对外直接投资化解产能过剩的效果不同,资源寻求型、市场寻求型对外直接投资化解方式直接,化解效果更显著,战略资产寻求型对外直接投资凭借逆向技术溢出效应,促进技术水平和管理能力的提升,属于间接方式,化解产能过剩的效果较慢。
Under the guidance of the theory of outward foreign direct investment(OFDI)motivation,this paper analyses the internal mechanism of China’s industrial enterprises with different motivations to resolve overcapacity by using OFDI.It employs a stochastic frontier production function approach to calculate capacity utilization rate based on the financial data of China’s industrial enterprises.Then,it takes the calculated capacity utilization rate as explained variable to empirically analyze the performance of OFDI in resolving overcapacity through panel data regression method.The findings show that,for enterprises engaged in OFDI,the overcapacity can be resolved with the increasing capacity utilization rate.The effects of resolving overcapacity with OFDI are different for enterprises with different motivations.Resource-oriented and marketoriented OFDI are direct approaches with remarkable effects,while strategic asset-oriented OFDI,which can improve the technical level and management ability by means of reverse technology spillover effect,is an indirect approach with insignificant effect.
作者
吕萍
刘小猛
LYU Ping;LIU Xiao-meng(School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190,China)
出处
《兰州大学学报（社会科学版）》
CSSCI
北大核心
2020年第4期60-68,共9页
Journal of Lanzhou University（Social Sciences）
基金
国家自然科学基金面上项目(71872168,71472173)。
关键词
对外直接投资
产能过剩
产能利用率
中国工业企业
上市公司
outward foreign direct investment(OFDI)
overcapacity
capacity utilization rate
China’s industrial enterprise
listed enterprise
作者简介
吕萍(1980-),女,黑龙江哈尔滨人,博士,教授,博士生导师,从事海外投资与并购研究。
