经验积累与企业对外直接投资的动态反馈——来自中国矿业企业的实证检验

摘要以中国矿业企业为研究对象,采用中国工业企业数据库和商务部境外投资企业(机构)名录的合并数据,实证检验了企业在对外直接投资中的经验积累产生的动态反馈效应,即企业前期对外投资活动对其后续对外投资产生的影响。结果表明:企业的经验积累即前期对外直接投资在后续对外直接投资中存在显著的正向动态反馈效应,企业规模也对其对外投资有着积极的促进作用,企业出口和前期利用外资对企业对外直接投资没有显著影响。多年份检验表明:次贷危机为中国矿业企业海外投资创造了机会,但却削弱了前期对外直接投资的边际影响。在当前国际直接投资快速发展的背景下,政府应通过支持已具备一定能力的本土企业实现海外投资,助其获得在国内无法获得的能力和优势。

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	陈忱
	陈涛涛

关键词：对外直接投资经验积累动态反馈效应矿业企业

Abstract： This paper examines the dynamic feedback effect of OFDI activities from experience accumulation. Based on data from Chinese mining industry companies, by matching the Chinese Industrial Enterprises Database and the List of Overseas Investment Enterprises (Institutions) from the Ministry of Commerce, this paper finds that companies’ former OFDI experiences have significant positive dynamic feedback on their latter OFDI activities. Besides, the companies’ scales also have significant positive impact on their OFDI. However, there is no evidence showing that the companies’ exports and the level of IFDI would affect the activities of OFDI. Multi-year test shows that, subprime mortgage crisis created opportunities for Chinese mining companies to invest abroad, while it weakened the marginal impact of experience accumulation. Under the rapid expansion of globalization, government policy is critical in the OFDI experience accumulation which could help domestic companies to achieve strategic assets and capabilities that could not be acquired in local market.

Keywords： OFDI Experience Accumulation Dynamic Feedback Effect Mining Industry Company

收稿日期 2019-07-12; 接受日期 ;

作者简介: 陈忱(1988— ),女,重庆人,博士,助理研究员,主要从事国际直接投资与国际金融研究;陈涛涛(1965— ),女,北京人,博士,教授,博士生导师,主要从事国际直接投资与国际商务研究。

引用本文:

陈忱, 陈涛涛.经验积累与企业对外直接投资的动态反馈——来自中国矿业企业的实证检验[J]. 经济经纬, 2020,2: 61-68

CHEN Chen, CHEN Taotao.Experience Accumulation and the Dynamic Feedback of OFDI——An Empirical Study from Chinese Mining Industry Companies[J] Economic Survey, 2020,V37(2): 61-68

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2020/V37/I2/61

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