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大量研究显示外资兼并可以促进中国企业出口和技术进步,但是研究结果的可信度却因外资兼并的内生性问题而大打折扣。因为外资极有可能会选择技术水平更高或者更具备出口倾向的企业进行兼并,所以无法确定企业出口行为和技术进步是由外资进入而导致的还是由企业自身所具备特征和发展战略而导致的。基于上述问题,本文采用准实验设计法中的倾向指数再加权估计法克服外资兼并的内生性问题,使用2001年—2007年中国企业层面数据,针对外资兼并与企业出口行为和技术进步之间的实际关系进行实证检验,并从企业异质性的角度进行分析。研究结果表明,外资兼并确实会对企业出口行为和技术进步产生影响,并且外资参与程度会对企业出口和技术进步产生差异性的影响,来自国家统计局的最新宏观数据也验证了本文的研究结论。
A large number of studies have shown that foreign mergers can promote Chinese enterprises’ export and technological progress, but the credibility of the research results is greatly reduced because of the endogenous problems of mergers and acquisitions in foreign countries. Because foreign investors will most likely choose to merge with more advanced or export oriented enterprises, it is not possible to determine whether their export behavior and technological progress are caused by the inflow of foreign capital or by their own characteristics and development strategies . Based on the above problems, this paper adopts the re-weighted index of propensity index in quasi-experimental design method to overcome the endogeneity of foreign-capital merger. By using the data of Chinese enterprises in 2001-2007, this paper analyzes the relationship between FDI and export and technological progress The actual relationship between the empirical test, and from the perspective of business heterogeneity. The results show that foreign mergers and acquisitions do have an impact on the export behavior and technological progress of enterprises, and the degree of foreign participation will have a disproportionate impact on the export of enterprises and technological progress. The latest macroeconomic data from the National Bureau of Statistics also verify the conclusions of this study .