CAJ | 학술논문

本文选取1999-2010年沪深证券交易所上市的对外直接投资企业为研究样本，在对外直接投资理论的基础上结合资源基础理论、产业组织理论、制度理论，从不同视角分析中国对外直接投资企业生产率的影响因素。实证结果发现，对外直接投资企业的资本劳动比、员工受教育程度、企业运营成本、行业内竞争程度、市场占有率对其生产率有正向影响；企业规模、国家所有权水平对其生产率有负向影响。同时本文还揭示了现实中出现的与传统理论不符的现象，如投资到发达国家反而会使母国企业生产率降低、企业经营成本越高其生产率也越高等现象，本文结合实际针对这些现象给出了合理解释，并对如何提高中国对外直接投资企业生产率分别向企业和政府提出了政策建议。
본문선취1999-2010년호심증권교역소상시적대외직접투자기업위연구양본，재대외직접투자이론적기출상결합자원기출이론、산업조직이론、제도이론，종불동시각분석중국대외직접투자기업생산솔적영향인소。실증결과발현，대외직접투자기업적자본노동비、원공수교육정도、기업운영성본、행업내경쟁정도、시장점유솔대기생산솔유정향영향；기업규모、국가소유권수평대기생산솔유부향영향。동시본문환게시료현실중출현적여전통이론불부적현상，여투자도발체국가반이회사모국기업생산솔강저、기업경영성본월고기생산솔야월고등현상，본문결합실제침대저사현상급출료합리해석，병대여하제고중국대외직접투자기업생산솔분별향기업화정부제출료정책건의。
Based on FDI, RBT, IO and the institutional theory, this paper conducts an empirical analysis on the influencing factors of productivity of China＇ s OFDI firms by using data of listed firms from 1999 to 2010. The findings show that the firm age, capital- labor ratio, education of employees, operating costs, industry competition degree and market share have positive effects on pro- ductivity of OFDI firms, while the firm size and the state- owned share have negative effects. In addition, this paper reveals the phenomenon that investing in the developed countries could decrease the productivity of the home country and higher operating costs could create higher productivity, which are inconsistent with the traditional theories. And this paper offers rational explanation. Moreover, according to the analysis, this paper puts forward suggestions of improving pro- ductivity for OFDI firms and the government respectively.