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外资来源的异质性问题在以“量”为主的外资政策语境下,长期以来被研究者忽略。而外资企业组织形式选择的内生性,使得以外资份额为解释变量的相关研究面临严重的估计偏误问题。本文运用1998～2007年中国制造业微观企业数据,考察了外资来源的异质性和组织形式的差异对不同所有制企业生产率外溢效应的影响。研究结果表明,外资份额和外资企业的组织形式选择具有内生性;西方外资的进入提升了国有企业生产率、抑制了私营企业生产率提高,而港、澳、台资的进入对国有和私营企业生产率均有显著正向溢出效应;以合资形式进入的外资对国有企业生产率影响最大,而合作形式的外资对私营企业生产率影响最大,独资形式的外资对两类企业都有显著的正向生产率外溢效应。本文的结果对外资分类管制、外资企业组织形式的限定等具有重要的政策含义。
The heterogeneity of foreign capital sources has long been neglected by researchers in the context of foreign-funded policies dominated by “quantity”. The endogenous nature of the choice of organizational form of foreign-funded enterprises, making the relevant study of the share of foreign capital as explanatory variables are facing serious problems of estimation bias. In this paper, we use the data of China’s manufacturing micro-enterprises from 1998 to 2007 to examine the impact of the heterogeneity of foreign capital sources and the differences of organizational forms on the productivity spillover effects of different ownership enterprises. The results show that the share of foreign investment and the choice of organizational form of foreign-funded enterprises are endogenous. The entry of western foreign capital promotes the productivity of state-owned enterprises and restrain the increase of private-owned enterprises’ productivity. However, the entry of Hong Kong, Owned foreign investment has the most positive spillover effect on both state-owned enterprises. However, the foreign-funded cooperation has the greatest impact on the productivity of privately-owned enterprises. The results of this paper have important policy implications for the control of foreign capital classification and the definition of the form of foreign-funded enterprises.