【MBAChina网讯】近日北大国发院余淼杰教授及合作者香港大学的陈诚教授、对外经济贸易大学的田巍教授合作论文“Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms”被经济学顶级期刊之一的《Economic Journal》接受。

目前中国已经成为全球第二大的对外直接投资（outward FDI）国家。利用我国在新世纪以来制造业企业走出去的大型微观数据，余淼杰教授的这篇合作论文发现了两个有趣现象：

第一，走出去的中国制造业民营企业的全要素生产率比走出去中国制造业国有企业总体要低，尽管在所有企业（包括进行国外投资和没有国外投资）中，民营企业全要素生产率比国有企业较高。

第二，就比例而言，相对于国有企业，更多的民营企业走出去。之所以如此，主要原因是国内要素市场扭曲。尽管国家一再强调对各类企业一视同仁，但在现实中的确出现民营企业购地价格较高、*利率较高的现象。因此，民营企业有强烈意愿自选择到海外投资以规避国内要素市场的扭曲。

基于一般均衡的理论模型和大量的计量实证都从多角度论证了这个假说。

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.