本文采用2005—2011年企业微观数据,基于倾向分值匹配方法估计境外直接投资对企业生产及技术效率的影响。研究结果表明,中国企业通过对外直接投资显著提升了技术效率,且对外投资的积极作用甚至存在于企业跨国投资之前。考虑到投资区位及企业性质的差异,本文对境外投资企业进一步细分,结果显示投资于发达国家的企业比仅投资于发展中国家的企业获得了更多的效率改进,而民营对外投资企业拥有更强的学习能力。该结果说明建立境外子公司积极参与全球竞争促进了中国企业的可持续发展,同时也为政府“走出去”政策提供有力的微观依据。
Using the 2005--2011 micro-data and based on the propensity score matching method, this paper estimates the impact of China's outward FDI on firm's production and technical efficiency. The results show that by outward FDI Chinese companies significantly enhanced technical efficiency, and the positive role of outward investment even existed prior to cross-border investment. Taking the differences in investment location and corporate nature into account, we subdivided foreign-invested enterprises. The results show that enterprises which invested in developed countries obtained more efficiency improvements than enterprises which only invested in developing countries, while private foreign-- invested enterprises have stronger ability to learn.