如何利用外商直接投资的溢出效应,更好地促进本土企业转型和产业水平提高,仍有许多值得深入探讨的问题.运用1998-2007年中国工业企业数据库,将外资溢出效应、企业异质性与企业绩效整合在统一框架内,通过构建三重交互模型,分析企业生产效率、企业规模对外资溢出效应的调节作用.结果表明:(1)企业生产效率和企业规模对FDI的两种溢出效应均具有调节作用,并且企业规模的"二阶调节效应"显著;(2)企业生产效率和企业规模的调节作用对西方资本的溢出效应更多地体现在人员流动效应上,而港澳台资本的溢出效应调节作用主要体现在竞争示范效应.两种资本均受企业规模的"二阶调节效应"影响;(3)企业生产效率和企业规模的调节作用在国有企业中表现并不显著,而外资对非国有企业的溢出效应会受到企业规模和企业生产效率的显著调节作用.%Through a triple interaction model,this paper analyzes the adjustment function between enter-prise scale,production efficiency and FDI's spillover effects in a unified framework by using 1998-2007 Chi-na industrial enterprise database. The results show that:(1)The enterprise production efficiency and scale have adjustment function on FDI's two spillover effects,and the scale's"second order adjustment effect"is sig-nificant;(2)For western capital,the adjustment function of enterprise scale and production efficiency reflects on the mobility of enterprise,whereas for HMT,the adjustment function reflects on competition demonstration effect. Both capital are affected by the scale's"second order adjustment effect".(3)The adjustment function of enterprise scale and production efficiency is not significant in SOEs,but is significant in Non-SOEs.
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