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文章从合法性视角探讨了经济转型时期我国外资企业的资产收益。文章认为,在经济发展方式转变下,外资企业能否获得政府和社会赋予的合法性,对其资产收益有至关重要的作用。文章运用实证方法研究了在怎样的具体条件下,外资企业更容易获得合法性并取得较好的资产收益。根据2001~2011年期间省际面板数据的实证检验显示:环境规制对外资企业资产收益的影响存在“正U型”效应,而能源消耗对外资企业资产收益的负效应显著;外资资本密度不利于外资企业资产收益的提高;本土私营企业合法性提高对外资企业资产收益带来的负面作用相对有限;吸纳当地就业显著改善了外资企业的资产收益。同时,研究结果表明,这些因素在影响外商与港澳台两种不同投资来源的企业时呈现不一致性。文章结论充分表明,在我国经济转型时期,外资企业资产收益离不开以合法性为核心的社会系统的构建。
From the perspective of legitimacy, the paper explores the return on assets of foreign-funded enterprises during the period of economic transition. The article holds that whether the foreign-funded enterprises get the legitimacy granted by the government and society under the change of economic development mode is crucial to the return on their assets. The article uses empirical methods to study under what specific conditions, foreign-funded enterprises are more likely to obtain legitimacy and achieve better return on assets. According to the empirical test of provincial panel data from 2001 to 2011, the negative effect of energy consumption on the return on assets of foreign-funded enterprises is obvious. The effect of environmental regulation on the return on assets of foreign-funded enterprises is “positive U-type” Which is not conducive to the improvement of the return on assets of foreign-funded enterprises; the increase of the legitimacy of local private-owned enterprises has a relatively limited negative impact on the return on assets of foreign-funded enterprises; absorbing local employment has significantly improved the return on assets of foreign-funded enterprises. At the same time, the results of the study show that these factors show inconsistencies in the enterprises that affect foreign investors, Hong Kong, Maucao and Hong Kong, Macao and Taiwan as two different sources of investment. The conclusion of the article fully shows that in the period of economic restructuring in our country, the return on assets of a foreign-funded enterprise can not be separated from the construction of a social system centered on legitimacy.