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Resource misallocation, production efficiency and outward foreign direct investment decisions of Chinese enterprises

机译：资源误放大，生产效率和外国直接投资决策中国企业

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Resource misallocation, as an essential characteristic of China's "progressive reform," has become a significant factor restricting high-quality outward foreign direct investment (OFDI). Using the Database of Chinese Industrial Enterprises (2009-2013), this paper empirically analyzes the impact of resource misallocation on OFDI and its heterogeneous characteristics via the Heckman two-stage selection model. This study finds that total factor productivity has a positive influence on expanding investment quantity. In addition, from the perspective of resource misallocation, factor price distortion inhibits the role of productivity in increasing investment propensity. A mechanism analysis indicates that there is no "productivity paradox" in the decision-making process of OFDI in China as a whole; but there may be an investment productivity paradox in foreign-funded enterprises, enterprises in coastal areas, and large-scale enterprises. After controlling for factor price distortions, the productivity paradox disappears. Thus, total factor productivity (TFP) becomes an important factor in promoting OFDI propensity of overseas-funded enterprises, enterprises in coastal areas and large-scale enterprises.
机译：资源误放大，作为中国“渐进式改革”的重要特征，已成为限制高质量外国直接投资（OFDI）的重要因素。本文使用中国工业企业数据库（2009 - 2013年），经验分析了通过HECKMAN两阶段选择模型对OFDI对OFDI及其异构特征的影响。本研究发现，总因素生产率对扩大投资数量具有积极影响。此外，从资源错误分配的角度来看，因素价格变形抑制了生产率在增加投资倾向的作用。机制分析表明，在中国的OFDI决策过程中没有“生产力悖论”;但在外资企业，沿海地区企业和大型企业可能有投资生产力悖论。在控制因素价格扭曲后，生产力悖论消失。因此，总因素生产率（TFP）成为促进海外资助企业，沿海地区企业和大型企业的促进OFDI倾向的重要因素。

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