CAJ | 학술논문

文章将外向直接投资与逆向技术溢出纳入企业的异质性研究框架进行分析。考虑逆向技术溢出对生产效率的促进、企业的动态均衡、跨期利润最大化等问题，并从比较静态和动态两个角度进行了分析。静态分析表明，企业为了有效地弥补国际化经营带来的附加成本，却是遵循了新新贸易理论的生产率标准，即生产率最高的企业进行OFDI，次之企业对外出口，再次之企业留在国内；而动态分析结果表明，国际化经营会给企业带来效率与成本变化的综合效应，而谋取该效应的最大化也就成了企业动态化经营决策标准。基于这一动态决策原则，我们发现，与发达国家不同的是，发展中和新兴工业化国家对外直接投资的决策明显地受到这一动态效率的影响；即使最初的生产效率较低，也会根据跨期最大化利润原则，因可能获得足够的效率和利润激励而选择国际化经营。
문장장외향직접투자여역향기술일출납입기업적이질성연구광가진행분석。고필역향기술일출대생산효솔적촉진、기업적동태균형、과기리윤최대화등문제，병종비교정태화동태량개각도진행료분석。정태분석표명，기업위료유효지미보국제화경영대래적부가성본，각시준순료신신무역이론적생산솔표준，즉생산솔최고적기업진행OFDI，차지기업대외출구，재차지기업류재국내；이동태분석결과표명，국제화경영회급기업대래효솔여성본변화적종합효응，이모취해효응적최대화야취성료기업동태화경영결책표준。기우저일동태결책원칙，아문발현，여발체국가불동적시，발전중화신흥공업화국가대외직접투자적결책명현지수도저일동태효솔적영향；즉사최초적생산효솔교저，야회근거과기최대화리윤원칙，인가능획득족구적효솔화리윤격려이선택국제화경영。
This article puts the OFDI and reverse spillover into the research frame of enterprise heterogeneity. It mainly considers the issues like the reverse spillover＇ s promotion to productivity, enterprise＇ s dynamic equilibrium and multi - period profit - maximization which are analyzed from two perspectives. The static analysis presents that companies with highest productivity will launch OFDI, companies with middle - level productivity will export products and companies with lowest productivity can only supply domestic market. The dynamic analysis presents companies＇ internationalization will get the combined effects on productivity and wage. Different ways of internationalization will have different effects. Companies will choose the favorabre one. The conclusion presents something different from the developed countries that developing and new industrial countries in a low productivity level can invest abroad to get the multi -period profit - maximization.