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自新—新贸易理论提出后,生产率被认为是决定企业国际化路径选择最为重要的因素。本文运用2012年中国制造业上市企业数据,探究中国企业OFDI是否存在自我选择效应,然后根据中国国情,对HMY模型进行扩展,分析影响中国制造业企业OFDI行为的其他异质性因素。研究表明,中国制造业企业整体OFDI自我选择效应不显著,存在生产率悖论,企业规模对中国制造业企业OFDI行为有显著的正向影响,而企业性质与其存在显著的负相关关系,企业利润并不是中国制造业企业OFDI的主要驱动力。
Since the new theory of trade was put forward, productivity is considered as the most important factor that determines the path of internationalization of enterprises. This article uses the data of China’s manufacturing listed companies in 2012 to explore whether the OFDI in Chinese enterprises has the effect of self-selection. Based on China’s national conditions, this article extends the HMY model and analyzes other heterogeneous factors that affect the OFDI behavior of Chinese manufacturing enterprises. The research shows that the overall OFDI self-selection effect of Chinese manufacturing enterprises is not significant, there is a paradox of productivity, and the scale of enterprises has a significant positive impact on the OFDI behavior of Chinese manufacturing enterprises. However, the nature of enterprises has a significant negative correlation with their existence, Not a major driver of OFDI for Chinese manufacturing companies.