外商投资企业是否有更高的退出风险

发布时间：2018-03-18 05:32

本文选题：外资溢价　切入点：自由流动　出处：《世界经济》2017年07期 　论文类型：期刊论文

【摘要】：本文基于1998-2008年中国工业企业数据,在严格界定企业退出的前提下,利用能控制多重生存期和不可观测异质性的离散时间生存分析方法,检验了中国以不同方式定义的外商投资企业是否存在"自由流动"特性。核心结论有:中国外商投资企业的无条件和条件退出风险均低于内资企业;这一所有权溢价主要源于"干中学"和合资、合作方的"相互学"。另外,企业和产业层面的特征也会对外商投资企业退出风险产生显著影响。上述结论从退出风险的角度为中国坚持扩大外资准入、放松外资股权比例限制等政策提供了经验支撑。
[Abstract]:Based on the data of Chinese industrial enterprises from 1998 to 2008, under the premise of strictly defining the withdrawal of enterprises, this paper uses a discrete time survival analysis method which can control multiple survival times and non-observable heterogeneity. The characteristics of "free flow" of foreign-invested enterprises defined in different ways in China are examined. The core conclusions are as follows: the unconditional and conditional exit risk of foreign-invested enterprises in China is lower than that of domestic enterprises; This premium of ownership comes mainly from "dry middle schools" and joint ventures, where partners learn from each other. The characteristics of enterprises and industries will also have a significant impact on the exit risk of foreign-invested enterprises. The above conclusions provide empirical support for China's policy of expanding foreign capital access and relaxing the restriction of foreign equity ratio from the angle of exit risk.
【作者单位】：中国社会科学院世界经济与政治研究所;中国社会科学院人口与劳动经济研究所;
【基金】：国家自然科学基金面上项目(71573271);国家自然科学基金应急管理项目(71642003) 中国社会科学院哲学社会科学创新项目“全球价值链下的中国贸易结构转型研究”的阶段性成果
【分类号】：F425;F832.6

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