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【MBAChina網(wǎng)訊】近日北大國(guó)發(fā)院余淼杰教授及合作者香港大學(xué)的陳誠(chéng)教授、對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)的田巍教授合作論文“Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms”被經(jīng)濟(jì)學(xué)頂級(jí)期刊之一的《Economic Journal》接受。

目前中國(guó)已經(jīng)成為全球第二大的對(duì)外直接投資（outward FDI）國(guó)家。利用我國(guó)在新世紀(jì)以來(lái)制造業(yè)企業(yè)走出去的大型微觀數(shù)據(jù)，余淼杰教授的這篇合作論文發(fā)現(xiàn)了兩個(gè)有趣現(xiàn)象：

第一，走出去的中國(guó)制造業(yè)民營(yíng)企業(yè)的全要素生產(chǎn)率比走出去中國(guó)制造業(yè)國(guó)有企業(yè)總體要低，盡管在所有企業(yè)（包括進(jìn)行國(guó)外投資和沒有國(guó)外投資）中，民營(yíng)企業(yè)全要素生產(chǎn)率比國(guó)有企業(yè)較高。

第二，就比例而言，相對(duì)于國(guó)有企業(yè)，更多的民營(yíng)企業(yè)走出去。之所以如此，主要原因是國(guó)內(nèi)要素市場(chǎng)扭曲。盡管國(guó)家一再?gòu)?qiáng)調(diào)對(duì)各類企業(yè)一視同仁，但在現(xiàn)實(shí)中的確出現(xiàn)民營(yíng)企業(yè)購(gòu)地價(jià)格較高、*利率較高的現(xiàn)象。因此，民營(yíng)企業(yè)有強(qiáng)烈意愿自選擇到海外投資以規(guī)避國(guó)內(nèi)要素市場(chǎng)的扭曲。

基于一般均衡的理論模型和大量的計(jì)量實(shí)證都從多角度論證了這個(gè)假說(shuō)。

文章英文摘要：

We examine how domestic distortions affect firms' production strategies abroad by documenting two puzzling findings using Chinese firm-level data of manufacturing firms. First, private multinational corporations (MNCs) are less productive than state-owned MNCs, while they are more productive than state-owned enterprises overall. Second, there are disproportionately fewer state-owned MNCs than private MNCs. We build a model to rationalize these findings by showing that discrimination against private firms domestically incentives them to produce abroad. The model shows that selection reversal is more pronounced in industries with more severe discrimination against private firms, which receives empirical support.