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中国外国直接投资自由化分析

IF 7.6 1区经济学 Q1 ECONOMICS

Review of Economics and Statistics Pub Date : 2024-03-18 DOI:10.1162/rest_a_01431

Peter Eppinger, Hong Ma

{"title":"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中国外国直接投资自由化分析","authors":"Peter Eppinger, Hong Ma","doi":"10.1162/rest_a_01431","DOIUrl":null,"url":null,"abstract":"\n 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.","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":7.6000,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Optimal Ownership and Firm Performance: An Analysis of China's FDI Liberalization\",\"authors\":\"Peter Eppinger, Hong Ma\",\"doi\":\"10.1162/rest_a_01431\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\n 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.\",\"PeriodicalId\":48456,\"journal\":{\"name\":\"Review of Economics and Statistics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.6000,\"publicationDate\":\"2024-03-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Economics and Statistics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1162/rest_a_01431\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Economics and Statistics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1162/rest_a_01431","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

著名的公司理论认为，公司所有权的分配是为了最大限度地降低合同效率低下的程度。然而，最佳所有权选择在多大程度上影响企业的实际绩效，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放宽，首次量化了跨国公司最佳所有权的收益。这一政策放开允许以前受限制的企业成为完全外资企业。我们发现，这些重新优化的所有权选择使企业产出平均提高了 40%，生产率平均提高了 7.5%。扩展的跨国公司产权理论合理解释了这些效应及其异质性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Optimal Ownership and Firm Performance: An Analysis of China's FDI Liberalization

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.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Review of Economics and Statistics Multiple-

CiteScore

8.50

自引率

0.00%

发文量

175

期刊介绍： The Review of Economics and Statistics is a 100-year-old general journal of applied (especially quantitative) economics. Edited at the Harvard Kennedy School, the Review has published some of the most important articles in empirical economics.