摘要
面对外资管制放松及伴随的市场环境变化带来的冲击,国内企业该如何调整生产决策显得尤为重要。本文借助2002年出台的《外商投资产业指导目录》调整这一准自然实验,从企业供应链决策的角度,首次采用双重差分法实证研究了外资管制放松对企业非产成品存货调整的影响。研究发现:①外资进入显著提高了企业的非产成品存货,在充分考虑识别假设条件和其他稳健性结果后这一结论依然成立,表明外资进入带来的市场不确定性导致国内企业增加非产成品存货的动机明显提升;②外资管制放松导致的企业非产成品存货增长主要通过市场竞争加剧下的中间品投入增加、市场规模扩张下的产值和销量增加以及价值链关联下的上游企业存货调整三类渠道实现;③外资管制放松对于内陆地区、国有、轻工业及大规模存货行业企业非产成品存货的提升作用更突出。本文为全面评估中国近年来的招商引资政策绩效提供了更为丰富的微观证据,同时对于国内企业如何选择更为优化的生产库存决策应对外资进入具有一定的政策启示意义。
To cope with the impact of foreign investment deregulation and the accompanying changes in the market environment,how the domestic enterprises should adjust their production decisions is particularly important.This paper uses the modification of“Catalogue for the Guidance of Foreign Investment Industries”in 2002 as the quasi-natural experiment.From the perspective of the enterprise’s supply chain strategy,for the first time this paper uses the difference-in-difference method to empirically study the impact of foreign investment deregulation on the enterprise’s adjustment of non-finished product inventory.The study found that the foreign investment deregulation significantly increased the enterprise’s non-finished product inventory and this result is valid after fully considering the identification assumptions and a battery of robustness checks,indicating that the domestic enterprises are more motivated to increase non-finished product inventory given the market uncertainty caused by foreign entry.The increase in non-finished product inventory caused by the deregulation of foreign investment is mainly realized through three types of channels:increased input of intermediate products due to intensified market competition,increased output and sales income due to the expansion of market size,and inventory adjustment of the upstream enterprises due to the value chain linkage.The enhancement of non-finished product inventory due to foreign investment deregulation is more prominent for inland enterprises,state-owned enterprises,enterprises of light industries and large-scale inventory industries.This study provides richer micro evidence for a comprehensive evaluation of the performance of China’s investment promotion policies in recent years,and it has certain policy implications for how domestic companies choose more optimized production and inventory decisions to deal with foreign entry.
作者
李雨浓
赵维
周茂
朱连明
LI Yu-nong;ZHAO Wei;ZHOU Mao;ZHU Lian-ming(School of International Business SWUFE,Chengdu 611130,China;School of Economics and Management WNU,Weinan714099,China;Institute of Social and Economic Research,Osaka University,Japan)
出处
《中国工业经济》
CSSCI
北大核心
2020年第9期118-136,共19页
China Industrial Economics
基金
国家自然科学基金青年项目“价值链视角下我国制造业国际贸易和空间集聚的互动关系研究”(批准号71803159)
国家自然科学基金青年项目“中国企业对外直接投资模式的生产率自选择效应研究”(批准号71703130)
中央高校基本科研业务费专项资金项目“新常态和加大对外开放下宏观经济运行和宏观调控研究创新团队”(批准号JBK1805006)
西南财经大学四川自由贸易试验区综合研究院的资助。
关键词
外资管制放松
存货调整
非产成品存货
deregulation of foreign investment
inventory adjustment
non-finished product inventory
