The Productivity Determinants of Chinese OFDI Firms: A Firm-Level Analysis

[[abstract]] 探討新興經濟體國家的對外投資與母國生產力之間的影響已成為近年來研究者關心的議題。本研究以中國大陸為研究對象，自1999至2010年間，選取在上海與深圳交易所上市之中國對外投資廠商為研究樣本。採用廠商層級資料作分析的優點在於，對個別廠商之間的競爭關係淺而易見，政府也易於設計有益於未來成長的政策。我們嘗試整合過去探究生產力之決定因素的理論，從資源基礎論、廠商競爭理論、制度理論，三種面向去做實證分析。 從實證結果發現，中國對外投資廠商之母國生產力和勞動資本比、員工教育程度、營運成本、產業內部競爭程度、市佔率，有正向關係影響；和廠商規模、國家持股程度有負向關係影響。表示廠商應積極推動企業精實、提高員工教育程度，擴大營運成本與資本投入，提升產業內的市場佔有率來影響母國生產力；而政府應該提供產業內良好的競爭環境，並且致力改善國有企業的生產力效率低落問題。[[abstract]] Recently, people focus on the relationship between home country productivity and foreign direct investment (FDI) within emerging economies. This study takes Chinese firms as an empirical research. The data are from 1999 to 2010 which are selected from the listed firms on Shanghai and Shenzhen stock exchanges. The advantages of using firm-level data are easy to distinguish the competitiveness among firms and to design appropriate sustainable policies for policy makers. Therefore, we are trying to integrate the contemporary theoretical views which can explain the determinants of home country productivity. They are the resource-based view of firms, industrial organization economic, and institutional theory. These three dimensions provide multiple views to empirical researches. From our results, the home country productivity of Chinese FDI firms has a positive relationship with capital-labor ratio, education of employees, operating costs, the revelry of industry, and market share, but negative with state-own share. These imply the OFDI firms should downsize, improve the education of employees, involve more input in operating, and increase the market share to boost productivity. We suggest the policy maker create a fair and open-minded environment of industry, and improve the efficiency of Chinese state-owned enterprises.[[note]]碩