引入外资股东提高企业出口产品质量了吗？
Has the Introduction of Foreign Shareholders Improved the Quality of Export Products of Enterprises?

本文首次从公司治理的角度考察了引入外资股东对我国上市制造业企业出口产品质量的影响及相关机制。研究结果发现：第一，引入外资股东对出口产品质量呈现出显著的正向效应，并且随着外资持股比例越高，出口产品质量提升效应越明显。第二，外资股东主要通过缓解企业融资约束、增加海归高管和激励模仿创新三种路径促进了企业出口产品质量升级。第三，外资股东对出口产品质量的促进效应在不同入股方式和不同地域特征方面存在异质性，即相比企业IPO当年后入股和地处内陆地区，外资股东在IPO当年之前入股以及企业位于东部沿海地区组别中表现得更为明显。
From the perspective of corporate governance, this paper first investigates the influence of introducing foreign shareholders on the quality of export products of listed manufacturing enterprises in China and its related mechanisms. The results show that: firstly, the introduction of foreign shareholders has a significant positive effect on the quality of export products, and the higher the proportion of foreign shareholders, the more obvious the effect of improving the quality of export products. Secondly, foreign shareholders mainly promote the quality upgrade of export products by easing the financing constraints of enterprises, increasing the number of overseas executives and encouraging imitation and innovation. Thirdly, the promotion effect of foreign shareholders on the quality of export products is heterogeneous in different ways of investment and different geographical characteristics, that is, compared with the enterprises that invested in shares after the year of IPO and located in inland areas, the foreign shareholders invested in shares before the year of IPO and the enterprises located in the eastern coastal areas are more obvious.