最优所有权与企业绩效：对中国外商直接投资自由化的分析
Optimal Ownership and Firm Performance: An Analysis of China’s FDI Liberalization
Review of Economics and Statistics · 2024 · [{"name": "Peter Eppinger", "affiliation": ["Carl von Ossietzky Universität Oldenburg", "University of Tübingen"]}, {"name": "Hong Ma", "affiliation": ["Tsinghua University"]}]
中文摘要
摘要 企业理论的开创性研究认为，企业所有权的配置旨在最小化契约无效率。然而，在实践中最优所有权选择究竟在多大程度上影响企业绩效，目前仍不清楚。本文利用中国对外资所有权政策限制的一次重大自由化，首次量化了跨国企业内部最优所有权配置带来的收益。此次自由化使此前受限制的企业得以成为外商独资企业。我们发现，这些重新优化后的所有权选择使企业产出平均提高40%，生产率平均提高7.5%。一个扩展的跨国企业产权理论为这些效应及其异质性提供了理论解释。
Abstract
Abstract Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification of the gains from optimal ownership within multinational firms by exploiting a major liberalization of China’s policy restrictions on foreign ownership. The liberalization allowed previously restricted firms to become fully foreign-owned. We find that these reoptimized ownership choices raise firm output by 40% and productivity by 7.5% on average. An extended property-rights theory of the multinational firm rationalizes these effects and their heterogeneity.