世界经济 ›› 2020, Vol. 43 ›› Issue (7): 26-48.

• • 上一篇    下一篇

中国企业对外直接投资与贸易福利:理论与经验研究

尹斯斯1, 潘文卿2, 高云舒3, 黄寰1   

  1. 1 成都理工大学商学院;
    2 清华大学经济管理学院;
    3 中国人民大学经济学院
  • 出版日期:2020-07-10 发布日期:2020-07-17
  • 通讯作者: 黄寰(通讯作者),电子邮箱:2577956583@qq.com E-mail:2577956583@qq.com
  • 作者简介:尹斯斯,电子邮箱:190702978@qq.com;潘文卿,电子邮箱:panwq@sem.tsinghua.edu.cn;高云舒,电子邮箱398861611@qq.com
  • 基金资助:
    本文是清华大学自主科研计划课题(2019THZW)的阶段性成果。

OFDI and Trade Welfare of Chinese Firms: Theory and Empirical Evidence

Yin Sisi1, Pan Wenqing2, Gao Yunshu3, Huang Huan1   

  • Online:2020-07-10 Published:2020-07-17

摘要: 本文通过构建一个包含企业对外直接投资的一般均衡模型,研究企业对外直接投资如何影响贸易福利及其影响机制。对本文核心命题的经验研究表明,企业对外直接投资会加剧母国市场竞争强度,从而促进贸易福利,母国在东道国的对外直接投资的劳动力成本优势越大、东道国对母国研发水平优势越大,越有利于贸易福利提升。同时,民营经济份额、贸易自由化以及行业生产率提高都能显著促进贸易福利提升。在贸易成本(主要是关税)带来贸易福利提升的路径面临越来越大不确定性的情况下,加大对外直接投资政策支持是促进贸易福利的重要手段,也是未来中国对外开放战略的一个调整方向。

关键词: 对外直接投资, 异质性企业, 贸易福利, 一般均衡

Abstract: This paper builds a general equilibrium model that includes the foreign direct investment (FDI) of firms in order to verify the method and mechanism of FDI impact on trade welfare, and then demonstrate the core proposition through a dataset collated from the following databases:the Directory of Overseas Investment Enterprises of the Chinese Ministry of Commerce, the Annual Survey of Industrial Production (ASIP), the Chinese Customs Import and Export Database (CCD) and the UNCTAD Trade Analysis Information System (TRAINS).The conclusions indicate that:(1) OFDIs intensify market competition in the home country, thereby promoting trade welfare; and (2) a greater wage gap between firms in the home and host countries and a greater R&D advantage of the host country improve trade welfare. At the same time, increased private economy participation, trade liberalisation and industrial productivity level can significantly promote improved trade welfare. At this juncture, as the route to trade welfare promotion paved by the trade cost (mainly tariffs) becomes increasingly uncertain, OFDI support policies become an essential way in which to enhance trade welfare and provide an adjustment direction for China's opening strategy in the future.

Key words: OFDI, heterogeneous firms, trade welfare, general equilibrium