【MBA中國網訊】近日北大國發院餘淼傑教授及合作者香港大學的陳誠教授、對外經濟貿易大學的田巍教授合作論文「Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms」被經濟學頂級期刊之一的《Economic Journal》接受。
目前中國已經成為全球第二大的對外直接投資（outward FDI）國家。利用我國在新世紀以來製造業企業走出去的大型微觀數據，餘淼傑教授的這篇合作論文發現了兩個有趣現象：
第一，走出去的中國製造業民營企業的全要素生產率比走出去中國製造業國有企業總體要低，儘管在所有企業（包括進行國外投資和沒有國外投資）中，民營企業全要素生產率比國有企業較高。
第二，就比例而言，相對於國有企業，更多的民營企業走出去。之所以如此，主要原因是國內要素市場扭曲。儘管國家一再強調對各類企業一視同仁，但在現實中的確出現民營企業購地價格較高、貸款利率較高的現象。因此，民營企業有強烈意願自選擇到海外投資以規避國內要素市場的扭曲。
基於一般均衡的理論模型和大量的計量實證都從多角度論證了這個假說。
文章英文摘要：
We examine how domestic distortions affect firms' production strategies abroad by documenting two puzzling findings using Chinese firm-level data of manufacturing firms. First, private multinational corporations (MNCs) are less productive than state-owned MNCs, while they are more productive than state-owned enterprises overall. Second, there are disproportionately fewer state-owned MNCs than private MNCs. We build a model to rationalize these findings by showing that discrimination against private firms domestically incentives them to produce abroad. The model shows that selection reversal is more pronounced in industries with more severe discrimination against private firms, which receives empirical support.