论文部分内容阅读
本文使用广东省上市公司2008-2012年面板数据来研究企业对外直接投资与全要素生产率之间的关系。结果显示上市公司在进行对外直接投资时不存在自我选择效应,甚至存在一定的生产率悖论。企业规模,利润,人力资本,所有制结构都是影响企业进行对外直接投资的重要因素。企业进行对外直接投资存在显著的学习效应,学习效应的发挥受到母公司人力资本和当地金融发展水平的影响。
This paper uses the panel data of listed companies in Guangdong Province from 2008 to 2012 to study the relationship between FDI and total factor productivity. The result shows that listed companies do not have self-selection effect when making outward direct investment, and even some productivity paradoxes exist. Enterprise size, profit, human capital, ownership structure are all important factors affecting the enterprises to make direct investment abroad. Enterprises have significant learning effects on OFDI. The learning effect is influenced by the parent company’s human capital and local financial development.