The extant literature highlights a threshold productivity level firms are required to attain ex-ante in order to successfully undertake FDI. The current paper extends this framework by modelling a threshold productivity range which is below the required threshold productivity level. Firms in this range can successfully venture abroad when learning allows these firms to rise above that threshold productivity level, ex-post. Theoretical models which predict negative profitability for firms which undertake FDI when below the required threshold productivity level are extended to incorporate learning, and negative profits during the transition path turn positive once productivity increases above the threshold productivity level. The hypotheses developed are tested using panel data on firms operating in Canada over the period 2000 to 2014. These firm-level data include measures of productivity, firm size, R&D intensity, and when firms undertake outward FDI. We demonstrate that firms which venture abroad while in the threshold productivity range and also have sufficiently high levels of absorptive capacity, proxied by R&D intensity, are able to learn from their foreign experience, and hence increase their productivity levels, ex-post.

现有文献强调了企业为了成功进行 FDI 需要事前达到的门槛生产率水平。当前的论文通过对低于所需阈值生产力水平的阈值生产力范围进行建模来扩展该框架。当学习允许这些公司在事后提高到超过该门槛生产率水平时，这个范围内的公司可以成功地在国外冒险。预测在低于所需的生产率阈值水平时进行 FDI 的公司的负盈利能力的理论模型被扩展到包含学习，一旦生产率提高到高于阈值生产率水平，过渡路径中的负利润就会变为正。使用 2000 年至 2014 年期间在加拿大经营的公司的面板数据对所制定的假设进行了检验。这些公司层面的数据包括生产力、公司规模、研发强度以及公司何时进行对外直接投资的措施。我们证明，那些在生产率阈值范围内进行海外投资并且具有足够高水平的吸收能力（以研发强度为代表）的公司能够从他们的国外经验中学习，从而在事后提高他们的生产率水平。