CAJ | 학술논문

利用中国制造业1997～2007年间企业层面数据，分析了行业内、行业间外资进入程度对内资企业绩效的影响以及模仿壁垒的调节作用。实证结果表明：外资进入程度对同行业和上游行业的内资企业绩效均有正向影响，而对下游行业的内资企业绩效的影响较弱；在行业内，当模仿壁垒较高时，即FDI不规律进入、无形资产比重更高和出口程度更高时，负向调节外资进入程度对内资企业绩效的影响；在行业间，出口程度与行业内得出的结论一致，而外资不规律地进入负向调节作用不明显，无形资产比重更高却有利于外资进入程度对内资企业绩效的影响。该研究结果进一步拓展了外资溢出效应的研究边界，为深化外商直接投资政策提供了新的方向。
이용중국제조업1997～2007년간기업층면수거，분석료행업내、행업간외자진입정도대내자기업적효적영향이급모방벽루적조절작용。실증결과표명：외자진입정도대동행업화상유행업적내자기업적효균유정향영향，이대하유행업적내자기업적효적영향교약；재행업내，당모방벽루교고시，즉FDI불규률진입、무형자산비중경고화출구정도경고시，부향조절외자진입정도대내자기업적효적영향；재행업간，출구정도여행업내득출적결론일치，이외자불규률지진입부향조절작용불명현，무형자산비중경고각유리우외자진입정도대내자기업적효적영향。해연구결과진일보탁전료외자일출효응적연구변계，위심화외상직접투자정책제공료신적방향。
Based on the enterprise level data of manufacturing industry in China from 1997 to 2007,the paper analyses the influence of FDI inflow on the performance of domestic-funded enter-prises in both intra-manufacturing industry and inter-manufacturing industry and the adjustment function of barrier to imitation. Empirical results show that the degree of FDI inflow has positive in-fluence on the domestic-funded enterprises of the same industry and the upstream industry,while the influence on the performance of the downstream industry is comparatively weak. For inter-man-ufacturing industry,when the barrier to imitation is high,that is,the inflow of FDI is irregular,the proportion of intangible asset is high and the export intensity is high,we can find negative adjust-ment function of the impact of FDI inflow on the performance of domestic-funded enterprise. For intra-manufacturing industry,the result of export intensity is the same with the inter-manufactur-ing industry,but the negative adjustment function of irregular FDI inflow is insignificant,and the higher proportion of intangible asset is beneficial to the impact. This study further expands the re-search boundary of FDI spillover effect,and provides new ideas on deepening FDI policy.