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CCER讨论稿：Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms
发布日期：2016-10-31 10:13 来源：北京大学国家发展研究院
No.E2016013 October 2016
Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms*Cheng Chen† Wei Tian‡ Miaojie Yu§
Abstract
This paper examines how domestic distortions affect firms’ investment strategies abroad. The study documents two puzzling findings using firm-level data from China. The first is that private multinational corporations are less productive than state-owned multinational corporations, and private firms are more productive than state-owned enterprises overall (selection reversal). The second is that there are disproportionately fewer state-owned multinational corporations than private multinational corporations. The paper builds a theoretical model to rationalize these findings and yields rich empirical predictions. The key insight of the model is that discrimination against private firms domestically incentivizes these firms to produce abroad to implement institutional arbitrage, which results in easier selection into foreign direct investment for private firms. Moreover, the model shows that selection reversal is more pronounced in capital-intensive industries and regions with more severe discrimination against private firms, both of which receive empirical support from the data.
JEL: F13, O11, P51.
Keywords: Outward FDI, Multinational Corporations (MNCs), Institutional Distortion, State-owned Enterprises
论文下载： OFDI_Distortion
* We thank Jim Anderson, Pol Antràs, Sam Bazzi, Svetlana Demidova, Hanming Fan, Rob Feenstra, Martin Fiszben, Chang-Tai Hsieh, Yi Huang, Marc Melitz, Nina Pavcnik, John Ries, Chang Sun, Hei-Wai Tang, Stephen Terry, Shang-Jin Wei, Daniel Xu, and Stephen Yeaple for their insightful comments. We thank seminar participants at BC, BU, CUFE, Geneva Graduate Institute, Histotsubashi, HKU, McMaster, NSU, Penn State, PKU, NBER-CCER annual conference, and the CCER summer institute, for their very helpful suggestions and comments. Cheng Chen thanks IED of Boston University for their hospitality when we were writing the paper. Wei Tian and Miaojie Yu thank the Histotsubashi Institute of Advanced Studies for their hospitality when we were writing the paper. However, all errors are ours.
† School of Economics and Finance, University of Hong Kong, HKSAR, China. Email: ccfour@hku.hk.
‡ China Center for Economic Research (CCER), National School of Development, Peking University, Beijing 100871, China. Email: mjyu@nsd.pku.edu.cn.
§ China Center for Economic Research (CCER), National School of Development, Peking University, Beijing 100871, China. Email: mjyu@nsd.pku.edu.cn
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CCER讨论稿：Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms
发布日期：2016-10-31 10:13 来源：北京大学国家发展研究院
No.E2016013 October 2016
Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms*Cheng Chen† Wei Tian‡ Miaojie Yu§
Abstract
This paper examines how domestic distortions affect firms’ investment strategies abroad. The study documents two puzzling findings using firm-level data from China. The first is that private multinational corporations are less productive than state-owned multinational corporations, and private firms are more productive than state-owned enterprises overall (selection reversal). The second is that there are disproportionately fewer state-owned multinational corporations than private multinational corporations. The paper builds a theoretical model to rationalize these findings and yields rich empirical predictions. The key insight of the model is that discrimination against private firms domestically incentivizes these firms to produce abroad to implement institutional arbitrage, which results in easier selection into foreign direct investment for private firms. Moreover, the model shows that selection reversal is more pronounced in capital-intensive industries and regions with more severe discrimination against private firms, both of which receive empirical support from the data.
JEL: F13, O11, P51.
Keywords: Outward FDI, Multinational Corporations (MNCs), Institutional Distortion, State-owned Enterprises
论文下载： OFDI_Distortion
* We thank Jim Anderson, Pol Antràs, Sam Bazzi, Svetlana Demidova, Hanming Fan, Rob Feenstra, Martin Fiszben, Chang-Tai Hsieh, Yi Huang, Marc Melitz, Nina Pavcnik, John Ries, Chang Sun, Hei-Wai Tang, Stephen Terry, Shang-Jin Wei, Daniel Xu, and Stephen Yeaple for their insightful comments. We thank seminar participants at BC, BU, CUFE, Geneva Graduate Institute, Histotsubashi, HKU, McMaster, NSU, Penn State, PKU, NBER-CCER annual conference, and the CCER summer institute, for their very helpful suggestions and comments. Cheng Chen thanks IED of Boston University for their hospitality when we were writing the paper. Wei Tian and Miaojie Yu thank the Histotsubashi Institute of Advanced Studies for their hospitality when we were writing the paper. However, all errors are ours.
† School of Economics and Finance, University of Hong Kong, HKSAR, China. Email: ccfour@hku.hk.
‡ China Center for Economic Research (CCER), National School of Development, Peking University, Beijing 100871, China. Email: mjyu@nsd.pku.edu.cn.
§ China Center for Economic Research (CCER), National School of Development, Peking University, Beijing 100871, China. Email: mjyu@nsd.pku.edu.cn
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