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Table of Contents
Intro
Contents
1 The Exceptional Performance of Chinese Outward Direct Investment Firms
1.1 Introduction
1.2 Literature Review
1.3 Data and Empirics
1.3.1 Data
1.3.2 Empirical Results
1.3.3 Benchmark Estimates
1.3.4 Alternative Measure of Firm Performance
1.3.5 Robustness Checks
1.4 Policy Suggestions
1.5 Conclusions
References
2 Firm Productivity and Outward Foreign Direct Investment: A Firm- Level Empirical Investigation of China
2.1 Introduction
2.2 Data and Measurement
2.3 Determinants Affecting Enterprises' Entry into the FDI Market
2.4 Enterprise Productivity and the Enterprise FDI Decision
2.4.1 Impact of the Firm's Productivity on Its OFDI Decision
2.4.2 Endogeneity Between OFDI and Firm Productivity
2.4.3 Relationship Between Firm Productivity and Income Level of the Destination Country
2.4.4 Enterprise OFDI and Industry Labor Intensity
2.5 Impact of Firm Productivity on the Volume of OFDI
2.5.1 Benchmark Regression
2.5.2 Endogeneity Analysis
2.5.3 Additional Robustness Tests: Analysis Based on the Gravity Equation
2.6 Summary
Appendix
References
3 Distribution, Outward FDI, and Productivity Heterogeneity: China and Cross-Countries' Evidence
3.1 Introduction
3.2 Model
3.3 Data and Measures
3.3.1 FDI Decision Data
3.3.2 FDI Flow Data
3.3.3 Firm-Level Production Data
3.3.4 Data Merge
3.4 Extensive Margin of FDI
3.4.1 Descriptive Analysis on Productivity Differences
3.4.2 Extensive Margin of FDI
3.4.3 Estimates with Rare Events Corrections
3.4.4 Multinomial Logit Estimates with Distribution FDI
3.4.5 Endogeneity of Firm Productivity
3.4.6 Discussions of Fixed Costs Ordering
3.5 Type-2 Tobit Estimates of Intensive Margin
3.6 Investment Destination
3.6.1 Communication Costs in Destination Markets
3.6.2 Investment Decision by Destination Income
3.6.3 Threshold Estimates of the Linder Hypothesis
3.7 Concluding Remarks
Appendix: Supplementary Material
References
4 Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms
4.1 Motivation and Findings
4.2 Data and Stylised Facts
4.2.1 Data
4.2.2 Measures
4.2.3 Stylised Facts
4.3 Model
4.3.1 Setup
4.3.2 Domestic Production, Exporting and FDI
4.3.3 Domestic Distortion and Patterns of Outward FDI
4.4 Evidence
4.4.1 FDI Decision and Firm Ownership
4.4.2 Input Market Distortions
4.4.3 Channels and Sectoral Heterogeneity
4.4.4 Capital Intensity and Pattern of Outward FDI
4.4.5 Estimates at the Intensive Margin
4.4.6 Outward FDI Data Between 2000 and 2013
4.5 Concluding Remarks
References
5 Does Outward FDI Generate Higher Productivity for Emerging Economy MNEs?-Micro-level Evidence from Chinese Manufacturing Firms
5.1 Introduction
5.2 Literature Review and Hypothesis Development
Contents
1 The Exceptional Performance of Chinese Outward Direct Investment Firms
1.1 Introduction
1.2 Literature Review
1.3 Data and Empirics
1.3.1 Data
1.3.2 Empirical Results
1.3.3 Benchmark Estimates
1.3.4 Alternative Measure of Firm Performance
1.3.5 Robustness Checks
1.4 Policy Suggestions
1.5 Conclusions
References
2 Firm Productivity and Outward Foreign Direct Investment: A Firm- Level Empirical Investigation of China
2.1 Introduction
2.2 Data and Measurement
2.3 Determinants Affecting Enterprises' Entry into the FDI Market
2.4 Enterprise Productivity and the Enterprise FDI Decision
2.4.1 Impact of the Firm's Productivity on Its OFDI Decision
2.4.2 Endogeneity Between OFDI and Firm Productivity
2.4.3 Relationship Between Firm Productivity and Income Level of the Destination Country
2.4.4 Enterprise OFDI and Industry Labor Intensity
2.5 Impact of Firm Productivity on the Volume of OFDI
2.5.1 Benchmark Regression
2.5.2 Endogeneity Analysis
2.5.3 Additional Robustness Tests: Analysis Based on the Gravity Equation
2.6 Summary
Appendix
References
3 Distribution, Outward FDI, and Productivity Heterogeneity: China and Cross-Countries' Evidence
3.1 Introduction
3.2 Model
3.3 Data and Measures
3.3.1 FDI Decision Data
3.3.2 FDI Flow Data
3.3.3 Firm-Level Production Data
3.3.4 Data Merge
3.4 Extensive Margin of FDI
3.4.1 Descriptive Analysis on Productivity Differences
3.4.2 Extensive Margin of FDI
3.4.3 Estimates with Rare Events Corrections
3.4.4 Multinomial Logit Estimates with Distribution FDI
3.4.5 Endogeneity of Firm Productivity
3.4.6 Discussions of Fixed Costs Ordering
3.5 Type-2 Tobit Estimates of Intensive Margin
3.6 Investment Destination
3.6.1 Communication Costs in Destination Markets
3.6.2 Investment Decision by Destination Income
3.6.3 Threshold Estimates of the Linder Hypothesis
3.7 Concluding Remarks
Appendix: Supplementary Material
References
4 Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms
4.1 Motivation and Findings
4.2 Data and Stylised Facts
4.2.1 Data
4.2.2 Measures
4.2.3 Stylised Facts
4.3 Model
4.3.1 Setup
4.3.2 Domestic Production, Exporting and FDI
4.3.3 Domestic Distortion and Patterns of Outward FDI
4.4 Evidence
4.4.1 FDI Decision and Firm Ownership
4.4.2 Input Market Distortions
4.4.3 Channels and Sectoral Heterogeneity
4.4.4 Capital Intensity and Pattern of Outward FDI
4.4.5 Estimates at the Intensive Margin
4.4.6 Outward FDI Data Between 2000 and 2013
4.5 Concluding Remarks
References
5 Does Outward FDI Generate Higher Productivity for Emerging Economy MNEs?-Micro-level Evidence from Chinese Manufacturing Firms
5.1 Introduction
5.2 Literature Review and Hypothesis Development