Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms
利用中国制造业企业数据，发现国内对民营企业的歧视激励其通过对外直接投资规避扭曲，导致民营跨国企业生产率低于国有跨国企业但高于国内国有企业。
Abstract We examine how domestic distortions affect firms’ production strategies abroad by documenting two puzzling findings using Chinese firm-level data of manufacturing firms. First, private multinational corporations (MNCs) are less productive than state-owned MNCs, but they are more productive than state-owned enterprises overall. Second, there are disproportionately fewer state-owned MNCs than private MNCs. We build a model to rationalise these findings by showing that discrimination against private firms domestically incentivises them to produce abroad. The model shows that selection reversal is more pronounced in industries with more severe discrimination against private firms, which receives empirical support.