自 1986 年推動改革開放以來，越南已由計畫經濟成功轉型為高度依賴貿易的開放型經濟體。隨著 2007 年加入世界貿易組織，越南出口占 GDP 比重顯著提升，然而出口行為是否促進企業生產力提升（即「出口學習效果」），關鍵往往在於企業內部的吸收能力。既有文獻對越南的研究多僅以出口虛擬變數衡量，鮮少探討出口深度與吸收能力的調節機制。故本文旨在檢驗出口規模對生產力的動態影響，並進一步探討研發投入與員工訓練如何影響出口學習效果之轉化。 本文蒐集 2009 年至 2015 年越南統計總局之企業調查資料，利用 Wooldridge (2009) 提出的一般動差法（generalized method of moment， GMM）估計生產函數估計並衡量總要素生產力（TFP）。實證模型納入落後一期與落後二期之出口變數，藉此捕捉出口行為對生產力影響的時間延遲性與動態演變過程。實證結果顯示，出口對生產力的提升並非一蹴可幾，我們得出以下三點結論：一、出口學習效果具時間延遲性：落後二期的出口規模對生產力具負向影響，反映企業進入國際供應鏈初期需負擔高額設備升級與組織重整之前置成本；待經驗累積後，落後一期之出口規模則轉為顯著正向影響。二、員工訓練為關鍵調節機制：透過教育訓練累積的人力資本能顯著強化出口學習效果，協助企業內化外部技術；相較之下，研發支出之調節效果並不顯著，顯示越南廠商此階段仍以技術模仿與流程改善為主。三、所有權與規模之異質性：國營企業憑藉資源優勢，其起始生產力普遍高於私營與外資企業；而大型企業則因組織僵化與資源錯置，呈現效率遞減趨勢，未展現顯著規模經濟。;Since the 1986 Doi Moi reforms， Vietnam has transitioned from a planned economy to a trade-dependent open economy. Following its 2007 WTO accession， the ratio of exports to GDP has grown significantly. However， whether exporting enhances firm productivity—the "learning-by-exporting" effect—often depends on firms’ absorptive capacity. Existing literature on Vietnam frequently relies on export dummy variables， rarely exploring the moderating mechanisms of export intensity and absorptive capacity. This thesis examines the dynamic impact of export scale on productivity and investigates how R&D investment and employee training mediate the learning-by-exporting effect. Utilizing Vietnam General Statistics Office (GSO) enterprise survey data from 2009 to 2015， this thesis employs Wooldridge’s (2009) methodology to estimate production total factor productivity (TFP). The empirical model incorporates first and second lags of export variables to capture the time-lagged effects and dynamic evolution of exporting on productivity. The empirical results indicate that productivity gains from exporting are not instantaneous， yielding three primary findings: First， there is time lag in learning-by-exporting. The second lag of export scale negatively impacts productivity， reflecting high upfront costs for equipment upgrades and organizational restructuring upon entering international supply chains. After accumulating experience， the first lag of export scale exerts a significant positive impact. Second， Employee training is a key moderator. Human capital accumulated through training significantly strengthens the learning-by-exporting effect， helping firms internalize external technologies. Conversely， the moderating effect of R&D expenditure is insignificant， suggesting that Vietnamese firms currently focus on technology imitation and process improvement. Thirdly， there is heterogeneity in ownership and scale. State-owned enterprises (SOEs) exhibit higher initial productivity than private and foreign-invested firms due to resource advantages. Meanwhile， large-scale enterprises show diminishing efficiency and lack significant economies of scale， likely due to organizational rigidity and resource misallocation.
