【作者】 李雯；

【导师】 费章凤；

【作者基本信息】 东华大学 ， 国际贸易， 2013， 硕士

【副题名】基于沪粤两地制造业上市公司的实证研究

【摘要】 国际贸易理论一直致力于解释贸易的基础、影响及其与经济发展的相互作用,这些理论从宏观层面上揭示了贸易产生的原因和贸易活动的效用,但是其中都隐含了一个共同的假设——企业是同质的,即所有企业都是一样的,可以用一个“代表性”的企业来表示,因而忽略了不同企业自身的内部特性。但最近十几年的研究却不断的证明了这样一个事实：企业是异质性的,如企业之间的生产率、规模等基本特性是存在差异的。而且经验研究也普遍证明了企业的异质性与企业的国际化经营是存在密切联系的,因此,本文基于异质性企业贸易理论的研究框架,进一步探讨企业异质性如何影响不同企业的对外直接投资行为。本文首先回顾了异质性企业贸易理论的相关文献,对异质性企业贸易理论研究假设、理论框架等内容进行分析,为本文的研究奠定了理论基础。并对不同国家异质性企业生产率与出口、对外直接投资之间关系的研究进行了梳理和总结,相关的经验研究主要是围绕异质性企业是否存在自我选择效应和学习效应展开,但结论并不一致,在此基础上提出本文的实证假设。其次,本文结合上海和广东企业对外直接投资的现状与特点,进一步探讨企业生产率与对外直接投资之间的关系。通过对这两个典型区域的相关研究,为我国企业今后开展对外直接投资提供一定的借鉴意义。接着,分别利用上海和广东制造业上市公司的数据,在验证FDI企业生产率要高于出口企业的基础上,通过实证研究,重点分析FDI企业是否存在自我选择效应和学习效应,即企业在开展FDI之前是否就已经具有较高的生产率,以及通过从事FDI活动企业是否能够提高生产率。最后,根据实证分析结果,对企业生产率与对外直接投资的关系做出明确的结论,并对我国企业制定“走出去”战略提出针对性的政策建议：企业应根据自身的生产率状况决定国际化路径选择,如果生产率水平确实很高,就应该积极开展对外直接投资,但如果生产率水平还不是很高,就应先从事出口或在国内销售；政府应实施相应的措施来鼓励和帮助有条件的企业走出去,因为企业通过开展对外直接投资可以有助于企业提高生产率。更多还原

【Abstract】 The purposes of international trade theories are to explain the foundation and effect of trade, and their interaction with economic development. These theories reveal the cause and effectiveness of trade activities at macro level, but there is a common implicit assumption--firms are homogenous, which means all firms are the same and represented by a "representative" firm. Therefore, the internal characteristics of different firms are ignored. However, researches during the past ten years have proved that firms are heterogeneous. For example, the productivity of each firm is different from others. Empirical studies have generally shown that firm heterogeneity is closely connected to its international operations. As a result, this paper is going to explore how heterogeneity affects firm’s foreign direct investment behavior based on the framework of Heterogeneous-Firms Trade Theory.This paper firstly reviewed the literature of Heterogeneous-Firms Trade Theory, analyzing the contents of assumptions and theoretical framework of Heterogeneous-Firms Trade Theory, which laid the theoretical foundation of this paper. Furthermore, the paper concluded and systematically analyzed the correlation of heterogeneity in firm productivity with export and Foreign Direct Investment from different countries. Related studies focus on test whether the heterogeneous firms have self-selection effect and learning effect, but the conclusion is not consistent. Thus, put forward corresponding empirical assumptions for the study of this paper.Secondly, combined with the current situation and characteristics of Shanghai and Guangdong Foreign Direct Investment, this paper further explored the relationship between firm productivity and Foreign Direct Investment. By studying on these two typical areas, it provides certain referential significance for Chinese enterprises to engage in foreign direct investment in the future.Thirdly, after proving that the productivity of FDI enterprises is higher than the export enterprises by using the data from listed manufacturing companies in Shanghai and Guangdong, this paper emphasized on analyzing whether self-selection effectiveness and learning effectiveness exist in FDI enterprises. That is to say, whether enterprises already have higher productivity before conducting FDI activities, and whether doing FDI can help enterprises improve their productivity.Finally, based on the empirical results, this paper came to the definitive conclusions that there is a strong relationship between firm productivity and Foreign Direct Investment and made specific policy proposals on the strategy of how China’s enterprises should "go abroad". The enterprises should choose the internationalization path according to the condition of their own productivity. If the productivity is really high, then the enterprises should actively engage in Foreign Direct Investment; if not, they should first export or sale in domestic market. At the mean time, the government should take appropriate measures to encourage and assist qualified enterprises to go abroad, for doing FDI can help the enterprises improve their productivity.更多还原