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外资进入是否有助于我国内资企业生产效率的提高?有关外国直接投资溢出效应的众多研究尚无一致结论,其中一个重要原因在于差异样本数据的使用以及对企业内部技术溢出效应的忽视。本文使用我国1998~2007年的微观企业数据,从企业内部和企业之间(包括行业内和行业间)两个角度检验了外资溢出效应,并进一步讨论了市场化进程对于外资溢出效应的动态影响。我们在近177万份观测样本中发现,外资参股能够显著提高参股企业的生产效率水平,“己厂效应”为正;外资进入对内资企业的前向关联效应显著为正,但是后向关联并不显著;外资对同行业内资企业的溢出作用是不确定的。进一步考察制度因素发现,在当前的市场化进程下,外国投资的正向溢出作用正在逐渐弱化。
Whether the entry of foreign capital can contribute to the improvement of production efficiency of domestic-funded enterprises? Many studies on the spillover effect of FDI have not been concluded yet. One important reason is that the use of differential sample data and neglect of the internal spillover effect of enterprises. This paper examines the spillover effect of foreign capital from the perspective of micro-enterprise data from 1998 to 2007 in our country and between enterprises (including intra-industry and inter-industry), and further discusses the dynamic influence of the process of marketization on the spillover effect of foreign capital . We found in nearly 1.77 million observation samples that foreign equity participation can significantly improve the productive efficiency of the joint-stock enterprises and positive effect of foreign investment in the domestic-funded enterprises. However, the backwardness The association is not significant; the spillover effect of foreign capital on the domestic-funded enterprises in the same industry is uncertain. Further examining the institutional factors found that under the current market-oriented process, the positive spillover effect of foreign investment is gradually weakened.