摘要
服务业是中国进一步深化改革和扩大高水平对外开放的重点,为培育中国制造业对外直接投资竞争优势提供了新契机。本文基于中国A股上市企业数据,通过构建服务业外资政策调整指数,从上下游产业关联的视角考察了上游服务业“引进来”对下游制造业企业“走出去”的影响。研究结果表明:上游服务业外资政策调整通过产业关联对下游制造业企业对外直接投资倾向的提升和投资规模的增长产生了明显的促进作用。结合服务业所具备的知识密集与信息沟通特性进行的机制分析显示,服务业外资政策调整不仅能通过引进与创新相关的高级生产要素促进下游制造业企业技术创新,提升企业对外投资的技术优势,还能凭借外资服务部门与国际市场之间的天然网络联系有效缓解下游企业与国际市场之间的信息摩擦,提升企业对外投资的信息优势。异质性分析显示,服务业外资政策调整的投资促进效应在不同企业、不同行业之间存在一定的差异。研究结论揭示了我国扩大服务业开放进程中的国际投资效应,对促进中国双向投资协调发展和优化国际化战略路径选择具有重要启示。
The service industry plays a crucial role in further deepening the reform and expanding high-level opening-up in China.It provides a new opportunity to enhance competitive advantages of outward foreign direct investment(OFDI)in China's manufacturing industry.Based on the data of A-share listed enterprises in China,this paper constructs an adjustment index of foreign investment policies for the service industry to investigate the infuences of the“bringing in"of the upstream service industry on the"going global"of the downstream manufacturing industry from the perspective of linkage between upstream and downstream industries.The results show that the adjustment of foreign investment policies for the upstream service industry has significantly reinforced downstream manufacturing enterprises'OFDI tendency and increased their investment scale through industrial linkage.The mechanism analysis based on the characteristics of"knowledge-intensive"and"information-exchanging"of the service industry shows that the adjustment of foreign investment policies for the service industry promotes technological innovation of downstream manufacturing enterprises and enhances their technological advantages of OFDI by introducing innovation-related advanced production factors.It also effectively reduces information friction between downstream enterprises and the global market and enhances these enterprises'information advantages of OFDI through the natural network linkage between the foreign-investment service sector and the global market.The heterogeneity analysis reveals that the investment promotion effects of the adjustment of foreign investment policies for the service industry vary for different enterprises and industries.Our conclusion reveals the international investment effects in the process of expanding openingup of China's service industry,thus providing significant implications for facilitating the coordinated development of China's two-way investment and optimizing the path selection of internationalization strategy.
作者
苏二豆
郭娟娟
薛军
SU Erdou;GUO Juanjuan;XUE Jun
出处
《国际贸易问题》
CSSCI
北大核心
2023年第3期71-88,共18页
Journal of International Trade
基金
国家社会科学基金重点项目“世界经济新格局下的创新保护研究”(18AZD001)
首都经济贸易大学新入职青年教师科研启动基金项目“服务型OFDI对中国企业转型升级的影响研究”(XRZ2022044)
北京市教育委员会社科计划一般项目“北京市企业对‘一带一路’沿线国家直接投资风险及防范研究”(SM202110038012)。
关键词
服务业外资政策调整
对外直接投资
技术创新
信息摩擦
Adjustment of Foreign Investment Policies for the Service Industry
Outward Foreign Direct Investment
Technological Innovation
Information Friction
