Endogenous Test.

This paper takes A-share Chinese listed companies from 2011 to 2021 as research samples and discusses the effects and potential moderating mechanisms of two-way FDI on corporate total factor productivity. Firstly, It is empirically found that the impact of corporate inward foreign direct investment (IFDI) on its own total factor productivity (TFP) is higher than that brought by outward foreign direct investment (OFDI). After a series of robustness tests, the baseline results are still firm and valid. Secondly, moderating analyses demonstrate that both corporate environmental information disclosure quality and technological innovations exert significant moderating effects on the relationship between two-way FDI and corporate total factor productivity. Thirdly, this paper finds that the effects of two-way FDI faced by listed companies in the central and western regions, non-heavily polluting companies and state-owned listed companies are more significant. Finally, this paper clarifies that policies should be formulated according to local conditions to promote fair competition among enterprises efficiently while reducing the investment and financing thresholds for small enterprises, so as to improve the international competitiveness of Chinese enterprises in various fields as soon as possible.

本文以2011年至2021年中国A股上市公司为研究样本，探讨双向对外直接投资（Two-way FDI）对企业全要素生产率的影响及其潜在调节机制。首先，实证研究发现，企业内向型外商直接投资（Inward Foreign Direct Investment, IFDI）对自身全要素生产率（Total Factor Productivity, TFP）的影响效应高于外向型对外直接投资（Outward Foreign Direct Investment, OFDI）。经一系列稳健性检验后，基准回归结果依然稳健可靠。其次，调节效应分析表明，企业环境信息披露质量与技术创新均对双向FDI与企业全要素生产率之间的关系存在显著调节作用。第三，本文发现，中西部地区上市公司、非重污染企业及国有上市公司所面临的双向FDI效应更为显著。最后，本文提出应因地制宜制定政策，在降低小微企业投融资门槛的同时高效推动企业间公平竞争，以尽快提升中国企业在各领域的国际竞争力。