【作者】 陈超然；

【导师】 李恒；

【作者基本信息】 河南大学 ， 世界经济， 2019， 硕士

【摘要】 在改革开放40年来,外商直接投资对于中国企业的产业升级起到了重要作用,中国经济在外商直接投资的帮助下得到了飞速提升,企业的发展也呈现出了飞速的增长,外商直接投资对于提升我国企业绩效起到了积极作用;例如在营运方面,外商的到来会带来大量的资金和先进的管理手段,在技术方面,外商直接投资已经成为中国的重要一环引进先进技术的渠道。外商直接投资对于提高我国企业的绩效起到了重要的作用。但是,任何事物都具有其双面效应,外商直接投资在给我国企业发展带来好处的同时,也带来了市场垄断等一些负面影响。所以,在中国经济稳中向好这一个大背景之中,如何利用外商直接投资在提升国内企业的业绩和竞争力的同时减少对本地企业的危害,是我们研究外商直接投资对企业绩效影响的关键所在。因此,研究外商直接投资对于企业绩效的影响具有较强的现实意义。本文拟分析外商直接投资对中国上市企业的溢出效应及其对国内企业绩效的影响。在理论研究之中,本文首先梳理了企业绩效的影响因素以及外商直接投资的相关渠道,在其理论基础之上,对于已有的研究成果进行有层次的梳理,进一步分析出外商直接投资对于企业绩效的影响机理,并分析出当外商直接投资引用适度之时,可以促进企业绩效的提升,但是,过度引用外商直接投资会抑制国内企业自身的技术升级,继而对国内企业绩效产生负面抑制作用。在理论的基础之上,本文选取我国大陆地区31个省域2006-2017年的相关面板数据,构建计量模型,将企业绩效作为被解释变量,外商直接投资作为核心解释变量,并将托宾Q,流动比率,资产负债率,现金流,企业规模等作为控制变量依次加入模型,采用逐步分析法,运用固定效应模型进行回归分析,对外商直接投资对企业绩效的影响进行研究,结果显示,在全国层面外商直接投资对于企业绩效具有抑制作用,为了能更加细致的分析外商直接投资对于我国不同地区之间的影响,本文还专门对于我国地域进行了中东西部的分组讨论,最终分析出不同地区对于外商直接投资的溢出效应的吸收能力不同,外商直接投资对于中部地区具有显著的促进作用。最后根据研究结果,本文提出了几点相关建议:首先,相关决策部门应将吸引外商直接投资与其他国内经济改革政策结合起来,充分发挥外商直接投资,以带来经济效益。第二,伴随着东部地区的经济发展日渐饱和,我国应该增加对于中部和西部的外商直接投资引进幅度,进一步提升中部和西部的外商投资对于当地企业绩效的溢出效应。第三,减少各级政府的干预控制行为,给予市场足够的自由度。更多还原

【Abstract】 Enterprise performance serves as the cornerstone of enterprise development.It is of great significance to discover the influencing factors of enterprise performance and give relevant suggestions for its improvement.In the past 40 years of reform and opening up,foreign investment has played an important role in China’s industrial upgrading and China’s economy has been developed rapidly with the help of foreign direct investment and the enterprise development has also shown a rapid growth.Meanwhile,foreign direct investment has exerted a positive influence on the improvement of China’s enterprise performance.For example,foreign businessmen will bring a great deal of working capital and advanced management measures when they set up companies in China.In terms of technology,as China has been remaining the developing stage,many relevant technologies are not well-developed.Therefore,foreign direct investment has become an important part of China’s advanced technical channels.However,everything has its double-sided effect.Although foreign direct investment has brought benefits to the technological development of Chinese enterprises,it has led to some negative consequences such as market monopoly.Therefore,in the context of China’s stable economy,how to use foreign direct investment to improve the performance and competitiveness of domestic enterprises while reducing the harm to local enterprises is the key point of the study that the impact of foreign investment on enterprise performance should be analyzed.This paper attempts to analyze the spillover effect of foreign direct investment on Chinese listed companies and its impact on domestic enterprise performance.In the theoretical research,this paper firstly analyzes the influencing factors of enterprise performance and related channels of foreign direct investment,and further analyzes the mechanism of foreign direct investment on enterprise performance on the basis of its theory.This paper finally concludes that the improvement of enterprise performance can be improved if foreign direct investment is introduced reasonably.However,excessive introduction of foreign direct investment will impede the technology upgrading of the domestic enterprises,and then it will have an adverse impact on China’s enterprise performance.On the basis of theory,this paper selects relevant panel data of 30 provinces in mainland of China from 2006 to 2017,constructing an econometric model,taking enterprise performance as the explanatory variable and foreign direct investment as the core explanatory variable.The Tobin Q,current ratio,asset-liability ratio,cash flow,firm size,etc.are taken as control variables,being added into the model,and then this paper studies the influence of foreign direct investment on the enterprise performance through regression analysis with the fixed-effect model.The results show that foreign direct investment has a negative effect on enterprise performance at a national level.But in order to analyze the impact of foreign direct investment on different regions of China in a more detailed way,this paper also conducts a group discussion on the central and western region of China respectively.Finally,it draws a conclusion that the absorption capacity of the spillover of foreign direct investment differs a lot in different regions.It is noticeable that the investment has a significant role in promoting the development of the central region.Finally,based on the research results,this paper makes an attempt to put forward several policy proposals: First,relevant decision-making departments should combine foreign direct investment with other domestic economic reform policies to take the full advantage of foreign investment,so as to bring economic benefit;Second,with the increasing economic development in the eastern region,China should increase the introduction of foreign direct investment in the central and western regions,and further increase the spillover effect of foreign investment in the two regions on the performance of local enterprises;Third,intervening and controlling measures of governments at all levels should be limited and enough freedom should be given to the market.更多还原