对外直接投资如何影响中国经济增长质量:事实与机制

Facts and Mechanisms on How ODI Affects China's Economic Growth Quality

中文关键词:  对外直接投资  经济增长质量  “一带一路”倡议  倾向得分匹配  异质性检验  中介效应

英文关键词:overseas direct investment (ODI)  economic growth quality  “Belt and Road” Initiative  tendency score matching  heterogeneity test  mediation effect

中文摘要:

      外有国际贸易新格局的挑战,内临经济发展方式的转变,如何利用我国对外直接投资的规模优势来助力经济增长质量的提高,是当下寻求高质量发展的新思路。基于微观层面的企业数据,从odi逆向技术溢出效应着手探讨其对经济增长质量的影响。研究表明:(1)企业进行对外直接投资能促进我国质量型经济的发展,尤其对经济增长效率及可持续性的贡献突出；(2)odi对经济增长质量的积极作用存在时滞效应,即odi逆向技术溢出需要时间才能发挥作用；(3)东道国经济水平高、企业分支机构数量少、企业从事贸易销售型业务的对外直接投资将会促进我国经济增长的质量、效率和可持续性,但在稳定性方面,odi作用效果不理想；(4)odi规模扩张能提升母国企业的人力资本水平和研发强度,阻碍技术差距的扩大,并经由这些变量的中介效应来显著提高我国经济增长质量。

英文摘要:

      With the challenge from the new pattern of international trade in the world and the domestic transformation of economic development mode, it is a new way for the high-quality development to seek how to use the scale advantage of China's ODI to help improve the quality of economic growth. Based on the enterprise data at the micro level, taking the ODI reverse technology spillover effect into account, this paper constructs models to deeply explore its impact on the quality of economic growth. The research shows that:(1) The ODI of enterprises can promote the development of quality economy in China, especially remarkable in the efficiency and sustainability of economic growth; (2) The positive effect of ODI on the economic growth quality has a time lag effect, that is, it should take time for ODI reverse technology spillover effect to work; (3) The high economic level of the host country, the small number of enterprise branches, and the enterprises engaged in trade sales business will promote the quality, efficiency and sustainability of China's economic growth, but with no ideal effect of ODI on stability; (4) The expansion of ODI scale can improve the human capital level and R&D intensity of domestic enterprises, prevent the technology gap from widening, and significantly improve the quality of China's economic growth through the mediating effect of these variables.