Abstract: Based on the matched data of Chinese listed companies in 2003～2013, this paper uses the system GMM estimation method to analyze the domestic economic effect of Chinese manufacturing enterprises' outward FDI and makes further examination based on heterogeneous enterprises' investment motive. The results show that on the whole, Chinese manufacturing enterprises' OFDI has a negative impact on domestic employment, domestic investment and domestic output, and domestic manufacturing enterprises' OFDI, to a certain extent, has caused the domestic “industrial Hollowing-out”. From the perspective of heterogeneous enterprises' investment motivation, market-seeking enterprises' OFDI is conducive to domestic employment and output, but at the same time crowds out the domestic investment; production resource-seeking enterprises', especially labor-intensive enterprises' OFDI gives rise to the domestic “industrial Hollow-out”; strategic resource-seeking enterprises' OFDI has substitution effects on domestic employment, and it is not conducive to domestic investment and output in the short-term, but promotes the domestic investment and output in the long-term.

Key words: Manufacturing Enterprises, OFDI, Industrial Hollowing-out, Investment Motive

摘要： 本文利用2003~2013年我国匹配后的制造业上市公司数据,采用动态面板系统GMM估计方法,实证分析我国制造业企业对外直接投资的母国经济效应。研究结果表明,从整体上来说,我国制造业企业OFDI对国内就业、投资和产出都带来了负面影响,国内制造业企业快速OFDI在一定程度上造成国内“产业空心化”。对异质性企业投资动机的进一步检验发现,市场寻求型企业OFDI有利于增加国内就业和产出,但同时挤出了国内投资;生产资源寻求型企业特别是劳动密集型企业OFDI带来了国内“产业空心化”;战略资源寻求型企业OFDI对国内就业具有替代作用,短期不利于国内投资和产出,长期促进国内投资和产出。

关键词: 制造业企业, OFDI, 产业空心化, 投资动机