过去对国际贸易行为的文献均以企业同质化为前提条件，而企业作为独立的 个体，它们在对外投资的选择上必然存在差异。那么从微观的角度来看，我国服 务业日渐增加的对外直接投资是由什么企业创造的？企业生产率、企业规模的异 质性因素能否影响服务业企业的对外投资决策？这一问题在企业异质性理论中 得到解答：只有生产率最高的企业才会进行对外直接投资。此后，这一结论被在 众多文献中得到证明。但对于中国而言，服务业企业受政策调控等因素的影响， 也许会出现与之相反的现象。因此，在企业差异化的假设下，考察影响我国服务 业企业对外直接投资决策的关键因素，具有重要意义。 通过对国内外文献的梳理，把企业生产率、企业规模、企业成立年限、盈利 能力、所有权性质、资本密集度等6个指标纳入企业异质性因素，并提出研究假 设。利用2008-2015年间共511家服务业上市公司数据对研究假设进行检验，运 用异方差情况下的Probit模型进行估计，为了保证结果的稳健性，采用两种方法 计算生产率分别进行回归，在模型中引入解释变量的一阶滞后项以及工具变量控 制内生性，同时，计算解释变量的边际效应以比较各异质性因素的相对重要程度。 随后本文按投资目的地收入水平、母公司区位、行业劳动力密集度对服务业企业 进行分组，比较分析不同分组下企业异质性因素对服务业企业对外直接投资决策 的影响。基于研究结论，从政府和企业两个方面提出有针对性的建议。 本文得出的主要结论为：（1）企业生产率、企业规模、成立年限能够增加服 务业企业对外投资的概率；企业资本密集度会减少企业对外投资的可能；企业盈 利能力的影响具有滞后性。（2）在多个企业异质性因素中，对服务业企业对外直 接投资决策影响程度最大的是企业生产率；假设所有解释变量处于均值，当我国 服务业企业近似全要素生产率的对数提高1个单位，企业去到海外投资的可能性 提高4.2%。（3）生产率对于企业投资何种收入水平的东道国没有显著影响。（4） 中西部地区的国有控股服务业企业具有更大的可能性以对外投资的方式扩张海 外市场，但东部地区的服务业企业是否进行对外投资不受企业所有权性质的影响。 （5）本文的核心结论不受到服务业行业资本密集度的影响；在资本密集型行业 中，国有企业更倾向于对外直接投资。 关键词：企业异质性；对外直接投资；服务业；生产率 II Abstract Inthepast,theliteratureoninternationaltradebehaviorwasbasedonthe premiseofhomogenizationoffirms,andfirms,asindependentindividuals,inevitably differintheirchoiceofforeigninvestment.Fromamicroperspective,whatfirmsare responsiblefortheincreasingforeigndirectinvestmentinChina'sserviceindustry? Cantheheterogeneousfactorsoffirmproductivityandfirmsizeaffectservicefirms' foreigninvestmentdecisions?Thisquestionisansweredinthetheoryoffirm heterogeneity:onlyfirmswiththehighestproductivitywillmakeforeigndirect investment.Sincethen,thisconclusionhasbeenprovedinmanyliteratures.However, forChina,servicecompaniesmaybeaffectedbypoliciesandotherfactors,andthe oppositephenomenonmayoccur.Therefore,undertheassumptionofenterprise differentiation,itisofgreatsignificancetoexaminethemainfactorsconsideredby China'sserviceindustryenterpriseswhendecidingontransnationaloperations. Bysortingoutthedomesticandforeignliteratures,sixindicatorsincluding enterpriseproductivity,enterprisescale,establishmentage,profitability,natureof ownership,andcapitalintensityareincludedintheheterogeneousfactorsoffirms, andresearchhypothesesareproposed.Usingthedataofatotalof511serviceindustry listedcompaniesfrom2008to2015,theresearchhypothesiswastested,andthe Probitmodelunderheteroscedasticitywasusedtoestimate.Inordertoensurethe robustnessoftheresults,twomethodswereusedtocalculatetheproductivityand performregressionrespectively.InthemodelIntroducethefirst-orderlagof explanatoryvariablesandinstrumentalvariablestocontrolendogeneity.Atthesame time,calculatethemarginaleffectsofexplanatoryvariablestocomparetherelative importanceofvariousheterogeneousfactors.Subsequently,thispapergroupsservice companiesaccordingtotheincomeleveloftheinvestmentdestination,thelocationof theparentcompany,andthelaborintensityoftheindustry,andcomparatively analyzestheimpactoftheheterogeneityfactorsofthecompaniesontheforeigndirect investmentdecisionsoftheservicecompanies.Basedontheconclusionsofthestudy, targetedsuggestionsaremadefromboththegovernmentandtheenterprise. Themainconclusionsdrawninthesisare:(1)firmproductivity,firmsize,and theestablishmentperiodcanincreasetheprobabilityofservicefirmsinvestingabroad; firmcapitalintensitywillreducethepossibilityoffirmsinvestingabroad;theimpact III offirmprofitabilityislagging.(2)Amongthemultiplefirmheterogeneityfactors,the firstfactorthatshouldbeconsideredwhenmakingserviceinvestmentfirms'foreign investmentdecisionsisthefirmproductivity;assumingthatallexplanatoryvariables areattheaverage,whenChina'sserviceindustryfirmsapproximatethelogarithmof totalfactorproductivityByincreasingby1unit,thepossibilityofcompanies investingoverseasincreasesby4.2%.(3)Productivityhasnosignificanteffectonthe hostcountryatwhichthefirminvestsintheincomelevel.(4)State-ownedholding servicefirmsinthecentralandwesternregionsaremorelikelytoexpandoverseas marketsbymeansofforeigninvestment,butwhethertheservicefirmsintheeastern regionmakeforeigninvestmentsisnotaffectedbythenatureofthecompany's ownership.(5)Thecoreconclusionofthisarticleisnotaffectedbythecapital intensityoftheserviceindustry;incapital-intensiveindustries,state-ownedfirms haveacompetitiveadvantageinoverseasproductionandoperation. KeyWords：Firmheterogeneity;Outwardforeigndirectinvestment;Service industry;Productivity IV 目录 摘要..............................................................................................................................I Abstract..........................................................................................................................II 第1章绪论..................................................................................................................1 1.1研究背景及意义.................................................................................................1 1.1.1研究背景......................................................................................................1 1.1.2研究目的......................................................................................................2 1.1.3研究意义......................................................................................................2 1.2国内外研究综述.................................................................................................3 1.2.1.企业异质性与OFDI研究..........................................................................3 1.2.2.企业异质性与服务业OFDI研究..............................................................5 1.2.3.企业异质性与中国企业OFDI研究..........................................................6 1.2.4.文献述评.....................................................................................................7 1.3研究内容与研究方法.........................................................................................8 1.3.1研究内容......................................................................................................8 1.3.2研究方法......................................................................................................8 第2章理论基础与研究假设....................................................................................14 2.1企业异质性概念界定及理论模型...................................................................14 2.1.1概念界定....................................................................................................14 2.1.2理论模型....................................................................................................14 2.2研究假设...........................................................................................................19 2.2.1企业生产率................................................................................................19 2.2.2企业规模....................................................................................................20 2.2.3所有权性质................................................................................................20 2.2.4企业成立年限............................................................................................21 2.2.5企业盈利能力.................................