中文摘要：

本文利用江苏省制造业企业2005--2007年生产和对外直接投资的企业层面数据，考察了企业生产率与企业对外投资决策之间的关系。除验证了全要素生产率高的企业更可能对外投资的传统理论外，本文也发现了一些江苏省企业对外投资的特点，具体表现有：第一，资本密集度和企业规模对企业对外投资决策产生了显著影响，与资本密集度较低的企业相比，在资本密度较高的企业样本中，生产率对其对外投资决策的影响更大。第二，不论是出口企业还是非出口企业，企业生产率均对企业的对外投资决策产生了显著影响，在相同生产率水平下，出口企业更倾向于对外直接投资。第三，生产率和资本密集度等企业异质性因素并未对国有企业对外直接投资决策产生显著影响。第四，企业生产率不仅影响到企业是否对外投资的决策，而且对投资金额也有显著影响，生产率和资本密集度越高的企业对外投资额也越大。

英文摘要：

Using -the firm-level dataset of Jiangsu province for 2005--2007, we investigate the relationship between firm＇s productivity and firm＇s outward foreign direct invest- ment （OFDI）. This paper proves a firm has a greater chance of foreign direct investment when it has a higher TFP, which is also suggested in traditional theory. What＇s more, this paper also explores the investment characteristics of the enterprises in Jiangsu Province. Firstly, a company with high capital intensity is more in line with the traditional theory compared to those with low capital intensity. Secondly, with the same level of TFP, the export enterprises are more likely to conduct OFDI than those non-exporters. Thirdly, the characteristics of the state-owned enterprises＇ behavior are very different from the non-stateowned, TFP which may be associated with the policies and regime in China. Such findings make has no significant impact on SOE＇S up for the blanks in the research of foreign direct investment at the enterprise level to some extent. Fourthly, the higher TFP a firm has, the more its OFDI is.