【摘要】 从市场竞争来看,大规模外资进入可能加剧国内行业的竞争程度,从而降低企业利润率。本文利用1998-2007年中国工业企业数据,以2002年外资管制政策的调整作为政策冲击,将双重差分思想嵌入工具变量方法中,在有效控制内生性问题的基础上,更为准确地考察了外资进入对中国内资企业利润率的影响及作用机制。研究发现,大规模外资进入并未恶化内资企业利润率,反而通过扩大企业生产规模、提升企业管理效率、提升劳动和资本产出率对内资企业利润率产生了显著的正向作用。基于企业、行业和地区层面的异质性分析表明,外资进入对内资企业利润率的积极作用主要体现在民营企业、内销企业、一般贸易企业和中等技术行业的企业中,并对提高西部地区企业利润率的作用更大。更多还原

【Abstract】 From the market competition effect perspective, the inflow of large-scale foreign investment is bound to intensify the competition level in the domestic market, thereby reducing the enterprise profitability. Based on 1998-2007 Chinese manufacturing firm-level data and taking the adjustment of FDI regulations in 2002 as a policy shock, this paper embeds a difference-in-differences method into the instrumental variable estimation, which effectively control endogenous problems and investigates the impact of FDI on profitability accurately. The results indicates that instead of worsening domestic firms’ profitability, a surge of FDI inflows promote greater profitability of domestic firms by expanding the production scale, reducing the business management cost, improving the labour and capital productivity. In addition, further heterogeneous analysis on the firm, industrial and regional levels shows that this positive effect is mainly reflected in private firms, domestic marketing firms, general trading firms, and firms in the medium-tech industry and western regions.更多还原