商业研究

商业研究

• 商经理论 • 上一篇    下一篇

交易费用对我国对外直接投资的影响 ——基于我国31个省市2007-2015年面板数据的分析

符磊，任红，叶思雨   

  1. （河海大学 商学院，南京 211100）
  • 收稿日期:2017-07-19 出版日期:2017-12-20
  • 作者简介:符磊（1983-），男，江苏江都人，河海大学商学院讲师，经济学博士，研究方向：国际投资理论与政策；任红（1994-），女，河南虞城人，河海大学商学院学生，研究方向：服务贸易理论与政策；叶思雨（1996-），女，新疆石河子人，河海大学商学院学生，研究方向：服务贸易理论与政策。
  • 基金资助:
    中央高校基本科研业务费项目“通过国际转移消化过剩产能研究”，项目编号：2017B18314；国家社科基金项目“共享型物品与服务的价格形成机制及配置特征研究”，项目编号：17BJY142。

The Impact of Transaction Costs on Outward Foreign Direct Investment of China: An Analysis based on 2007-2015 Panel Data of 31 Provinces and Cities

FU Lei，REN Hong，YE Si-yu   

  1. （Business School, Hohai University, Nanjing 211100,China）
  • Received:2017-07-19 Online:2017-12-20

摘要： 基于交易费用理论，本文使用面板数据、系统广义矩估计和门限回归的方法，实证分析以第三产业不同部门增加值所度量的不同类型交易费用对我国OFDI的影响。结果表明交易费用对OFDI有显著促进作用，交易费用中的制度费用对OFDI有促进作用，且存在降低单笔交换费用的节约效应；节约效应在不同时间段的大小不同，当前制度费用对OFDI促进作用在减弱，交换费用对OFDI呈抑制作用；制度费用和交换费用存在门限效应，在规模较小时能够促进OFDI，而到达特定规模后会抑制OFDI；现阶段制度费用上升对OFDI的促进作用大于交换费用上升带来的抑制作用。以上结论对于我国明确发展技术知识密集型的现代服务业、调整和升级服务业产业结构提供了理论依据，对规范企业对外直接投资行为和提升对外直接投资绩效具有政策意义。

关键词: 面板门限, 对外直接投资, 交易费用

Abstract: Based on transaction cost theory, the paper uses panel data, generalized moment estimation and threshold regression to empirically analyze the impact of different transaction costs measured by the added value of different sectors of the tertiary industry on China OFDI. Results show that transaction costs have significant promoting roles in the OFDI system, and institutional costs has the saving effect which reduces the single exchange cost, so it can promote OFDI; the saving effect has different scales in different time, currently, the power of promoting OFDI by institutional costs is on the wane, as a contrast, the type of exchange costs shows inhibitory effect on the OFDI; there is a threshold effect hidden in transaction cost, when the scale of transaction cost is small, the transaction cost can promote OFDI, while when the scale of transaction cost reaches the certain value, OFDI will be depressed. At present stage, the promoting effect on OFDI is greater than the inhibitory effect. The above conclusions provide a theoretical basis for our country to clearly develop the modern service industry with technology and intensive knowledge, adjust and upgrade the service industry structure. The conclusions also have policy significance for standardizing the OFDI behavior of enterprises and improving the performance of outward foreign direct investment.

Key words: panel threshold, outward foreign direct investment(OFDI), transaction cost