目录
摘要 II
关键词 II
Abstract III
引言
一、 引言 1
（一）研究背景 1
（二）研究意义 1
二、 文献综述 2
（一）企业生产率与出口行为 2
（二）企业生产率与OFDI行为 2
（三）企业生产率与OFDI模式选择 3
（四）文献评述 3
三、 理论分析与计量模型构建 4
（一）理论分析 4
（二）计量模型构建 5
1.变量说明 5
2.数据来源 6
3.计量模型 7
四、 实证结果与分析 7
（一）变量统计描述 7
（二）全样本回归结果分析 8
（三）按组分析 9
五、 研究结论与对策建议 10
（一）研究结论 10
（二）对策建议 11
1.企业层面的建议 11
2.国家层面的建议 11
参考文献 12
致谢 14
企业生产率与中国企业“走出去”：基于企业层面的实证分析
摘 要
在“走出去”战略和“一带一路”战略的背景框架下，我国企业的对外直接投资迅猛发展，但企业成功率及最终利润率却不容乐观，因此，本文聚焦于企业生产率对对外直接投资模式选择的影响，即企业如何根据自身生产率选择绿地投资亦或是跨国并购。首先，从异质性贸易理论角度出发，梳理已有研究并归纳总结企业生产率影响对外投资模式选择的理论依据。其次，通过整理20102015年我国A股上市企业的混合截面数据，总结了不同投资模式企业存在的差异，接着建立Probit模型，分析企业生产率对对外直接投资具体模式的影响，并以所有权性制和资本密集度为分组依据进行分组回归，研究结果表明：第一，企业的生产率越高越有可能以绿地投资的方式进入国际市场，反之，生产率低的企业倾向于跨国并购；第二，除企业生产率外，企业的盈利能力、融资能力以及东道国的制度环境、对外开放程度都对企业OFDI模式选择有显著影响；第三，生产率的差异在不同所有制和不同资本密集度的企业间 *51今日免费论文网|www.51jrft.com +Q: ^351916072^ 
存在差异，国有企业和劳动密集型企业的企业生产率较非国有企业和资本密集型企业更为显著。最后，基于研究结论，针对性地从企业和政府两个层面提出对策和建议，为企业的国际化决策提供客观指导，并帮助政府对企业进行有效的政策引导。
ENTERPRISE PRODUCTIVITY AND CHINESE ENTERPRISES "GO GLOBAL": AN EMPIRICAL ANALYSIS BASED ON THE ENTERPRISE LEVEL
ABSTRACT
Under the background framework of the "go global" strategy and the "B&R" strategy, Chinese OFDI has developed rapidly, but the enterprises success rate and final profit rate are pessimistic. Therefore, this article focuses on the impact of enterprise productivity on the choice of OFDI model, that is, how enterprise choose greenfield investment or crossborder mergers and acquisitions based on their own productivity. First of all, from the perspective of heterogeneous trade theory, combing the existing research and summarizing the theoretical basis of the impact of enterprise productivity on the choice of OFDI mode. Secondly, by sorting the mixed section data of Chinese Ashare listed enterprises from 2010 to 2015, the differences between enterprises with different OFDI models are summarized, and then a Probit model is established to analyze the impact of enterprise productivity on the specific OFDI model, next perform a group regression based on enterprise ownership and capital intensity, the research results show that: First, the higher the productivity of enterprise, the more likely they are to enter the international market by means of greenfield investment. On the contrary, enterprise with low productivity tend to crossborder M&A; Second, in addition to corporate productivity, the profitability, financing capacity, the host country’s institutional environment and the degree of the host country’s openness all have a significant impact on the choice of enterprise’s OFDI model; third, the difference in productivity varies between enterprises with different ownerships and enterprises with different capital intensity. The productivity of stateowned enterprises and laborintensive enterprises is more significant than that of nonstateowned enterprises and capitalintensive enterprises. Finally, based on the conclusions of the study, it puts forward countermeasures and suggestions from both the enterprise and government levels to provide objective guidance for the enterprises international decisionmaking and help the government to provide effective policy guidance to the enterprise.

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