中文摘要：

本文使用中国上市公司2010—2014年数据，从企业角度测算了产能利用率。在考虑异质性效应和内生性选择的基础上，基于内生转换回归模型和边际处理效应的参数估计方法，考察了对外投资对中国企业产能利用率的影响。结果显示融资成本较低、所得税率较低及规模较小的企业，产能利用率相对较高。对外投资对企业产能利用率影响的平均处理效应为4．1个百分点，总体上有助于提高企业的产能利用率。越倾向于进行对外投资的企业，对外投资对提升其产能利用率的边际处理效应越高；然而，那些不具备比较优势的企业如果选择对外投资。反而可能会降低其产能利用率。

英文摘要：

This paper estimates China＇s enterprises＇ capacity utilization rate from the perspective of the enterprises. In order to estimate the heterogeneous effect of outward foreign direct investments （OFDI） on this rate, we introduce heterogeneity and selection bias into the endogenous switching regression（ESR） model. Furthermore, we apply parametric marginal treatment effect（PMTE） method to the matching data of China＇s listed companies and ＂overseas investment listed enterprises/institntions＂ published by the Ministry of Commerce of China during 2010-2014. The results show that firms with lower costs of financing, facing lower income tax rates, or of smaller sizes will have higher capacity utilization rates. In addition, OFDI will help enterprises improve the overall capacity utilization rates with the average treatment effect amounting to 4. 1%. The more likely the companies choose to invest abroad, the higher the marginal treatment effect will be. However, those companies without any comparative advantages cannot enhance, and may even lower their capacity utilization rates after choosing OFDI.