Page 29 - 《北京工商大学学报（社会科学版）》2020年第1期

第 35 卷摇 第 1 期 刘友金, 冀有幸, 曾小明: 对外直接投资与企业异质性升级

经济? ———基于中国增值税改革的实证研究[J]. 经济研 业经济, 2014 (5): 57 - 69.
究, 2016 (11): 70 - 82. [31] XU B, WANG J. Trade, FDI, and international
[29]戴魁早. 技术市场发展对出口技术复杂度的影 technology diffusion [ J]. Journal of Economic Integration,
响及其作用机制[J]. 中国工业经济, 2018(7): 117 - 2000, 15(4): 585 - 601.
135. [32]沈能, 赵增耀, 周晶晶. 生产要素拥挤与最优
[30]孙晓华, 王昀. 企业规模对生产率及其差异的 集聚度识别———行业异质性的视角[J]. 中国工业经济,
影响———来自工业企业微观数据的实证研究[J]. 中国工 2014(5): 83 - 95.

Outward Foreign Direct Investment and Heterogeneity Upgrading of
Enterprises: Empirical Study Based on Endogenous Switching

Regression Model and Marginal Treatment Effect Model

LIU Youjin, JI Youxing & ZENG Xiaoming
(Hunan University of Science and Technology, Xiangtan, Hunan 411201, China)

Abstract: Under the background of the “Going Global冶 strategy and the “Belt and Road冶 (B&R) Initiative, the key to a鄄
chieving the high quality development of the economy lies in the upgrading of enterprises at the micro level. However, there is no
in鄄depth study on how outward foreign direct investment (OFDI) will affect the upgrading of enterprises. Based on the data of
China爷s A鄄share listed companies during the years from 2010 to 2015, this paper uses the parameter estimation methods of en鄄
dogenous switching regression (ESR) model and marginal treatment effect (MTE) model to analyze the impact of OFDI on enter鄄
prise upgrading. The empirical research shows that: (1) OFDI can promote the enterprise upgrading marked by productivity im鄄
provement. This promotion is mainly achieved through intermediary mechanism such as R&D investment effect, reverse technolo鄄
gy spillover effect, and scale economy effect. (2) The results of counterfactual estimation indicate that if the OFDI companies
choose not to invest abroad, they will inhibit their upgrading, while the non鄄OFDI enterprises will promote their upgrading if they
choose OFDI. (3) The results of marginal treatment effect of the total sample show that the lower the potential cost of OFDI in an
enterprises, the higher the marginal treatment effect and the greater the upgrading effect. (4) The average upgrading effect of
sub鄄samples shows that it is higher in high鄄tech enterprises than in traditional enterprises, and it is higher in technology鄄intensive
enterprises than in other factor鄄intensive enterprises. When the potential cost of OFDI is very low, the marginal upgrading effect
is greater in the state鄄owned enterprises and enterprises invested along the B&R countries than in the private enterprises and en鄄
terprises invested along the non鄄B&R countries respectively. The findings of this paper are of enlightening significance to guide
the enterprises “Going Global冶 by category, reduce the investment cost of enterprises along the B&R countries, and promote the
enterprise upgrading.
Key Words: outward foreign direct investment (OFDI); enterprise upgrading; the “Belt and Road冶 (B&R); endogenous
switching regression (ESR) model; marginal treatment effect (MTE) model

(本文责编摇 邓摇 艳)

· 2 5 ·