CAJ | 학술논문

本文采用系统GMM方法控制内生性问题，使用1998—2007年我国制造业企业的微观数据，基于企业的不同所有制特征，研究跨国公司OFDI的市场效应。结果表明：国际市场上，跨国公司OFDI数量对本土企业出口具有积极作用，而跨国公司OFDI广度对出口具有消极作用，投资国越多、越分散，会替代企业出口；国内市场上，跨国公司OFDI的市场效应因企业的所有制性质而异，OFDl数量增加会减少国有企业和集体企业的国内销售，增加私营企业的国内销售，OFDI广度增加会增加国有企业和私营企业的国内销售，对集体企业没有显著影响。
본문채용계통GMM방법공제내생성문제，사용1998—2007년아국제조업기업적미관수거，기우기업적불동소유제특정，연구과국공사OFDI적시장효응。결과표명：국제시장상，과국공사OFDI수량대본토기업출구구유적겁작용，이과국공사OFDI엄도대출구구유소겁작용，투자국월다、월분산，회체대기업출구；국내시장상，과국공사OFDI적시장효응인기업적소유제성질이이，OFDl수량증가회감소국유기업화집체기업적국내소수，증가사영기업적국내소수，OFDI엄도증가회증가국유기업화사영기업적국내소수，대집체기업몰유현저영향。
This paper puts forward four hypotheses on the impact of outward foreign direct investment （OFDI） on the international and home markets. Firm-lev- el data of Chinese manufacturing industry from 1998 to 2007 are used to test the hypotheses with a system GMM method. Considering the heterogeneity, this paper classifies firms according to their ownership types. The results show that OFDI by multinational enterprises （MNEs） has a significant effect both on the in- ternational market and home market. On the international market, the quantity of OFDI has a positive effect on indigenous firms＇ exports, but the scope of OFDI has a negative effect on their exports. On the domestic market, OFDI＇s market effects vary with firms＇ ownership types. Specifically, the quantity of OFDI has a negative effect on domestic sales of state-owned enterprises （SOEs） and collec- tively-owned enterprises （COEs）, but has a positive effect on domestic sales of privately-owned enterprises （POEs）. The domestic sales of SOEs and POEs, but mestic sales. The findings help MNEs to scope of OFDI has a positive effect on has no significant effect on COEs＇ do- develop their marketing strategies.