贸易摩擦、异质性与企业的国际化选择 ———基于纺织企业的实证.

Trade friction and productivity are important influencing factors for enterprises' internationalization choices. Based on the cases of Chinese textile enterprises and the panel data of exports and foreign direct investment of listed textile and apparel enterprises from 2005 to 2019 this paper establishes an empirical model to combine the external factors of trade friction with the internal factors of firm heterogeneity to study the impact of trade friction on enterprises' export and outward foreign direct investment OFDI internationalization choices. Scholars of the New Trade Theory study the relationship between trade and investment from the perspective of microenterprise heterogeneity using the internal factor productivity of enterprises as a measure and believe that enterprises with lower productivity will choose to sell domestically or withdraw from the market and enterprises with higher productivity will choose to export and invest abroad. However some domestic scholars have found the opposite phenomenon when studying the export and domestic sales choices of enterprises Low-productivity companies choose to export and highproductivity companies choose to sell domestically. Scholars call the phenomenon the productivity paradox which opposes the results of the New Trade Theory. Trade friction is an important external factor for companies to choose export or OFDI. Due to the existence of trade friction some enterprises with low productivity will choose OFDI in order to avoid non-tariff barriers. Therefore trade friction may reduce critical productivity for enterprises choosing OFDI which provides us with a new explanation for the productivity paradox. There are three kinds of relationship between OFDI and export Substitution complementarity and contingency. When trade frictions increase some enterprises will choose OFDI to avoid trade barriers. However no significant decline in exports has been found during OFDI period for all the listed textile enterprises in the study and the substitution relationship between foreign investment and exports is not clear. This paper explores an empirical analysis through typical case studies and a panel binary logit model combining external factors of trade friction with internal factors of firm heterogeneity. We study the impact of trade friction on enterprises' internationalization choices between export and OFDI' finding a new explanation of " productivity paradox". The results show that there is a productivity paradox of foreign investment. As trade friction increases the probability of enterprises choosing OFDI increases. Trade friction significantly lowers the critical productivity of OFDI enterprises. The more trade frictions the greater the probability that the downstream terminal textile and garment industry will choose OFDI. [ABSTRACT FROM AUTHOR]