外资兼并对企业出口和技术进步的影响: 基于倾向指数再加权估计法

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。

The Impact of Foreign Merger and Acquisition on Enterprises Export Behavior and Technology: Based on Propensity Score Reweighting Estimator

Although most studies show that foreign merger and acquisition (M&A) can promote Chinese enterprises to export and investment in technology, but most of them ignore the endogenous problem of M&A. It is hard to identify that whether the enterprise' behavior of export and investment in technology is determined by foreign capital or by the characteristics of enterprises, because foreign investor will be likely to choose enterprises which is more effective or export-oriented. Therefore, enterprise data in China is used to do the empirical test during the period of 2001-2007, which is based on the Propensity Score Reweighting Estimator to solve the endogenous problem. Further enterprise heterogeneity theory is introduced to explain this phenomenon. The results show that foreign merger and acquisition (M&A) do affect enterprise behavior of export and technology progress, and different level of foreign participation exist different influence on the firms' behavior.