外商直接投资、劳动力市场一体化与中国纺织业就业

本文研究FDI通过竞争效应、技术溢出效应和制度变迁效应三种渠道对纺织业就业产生的间接影响,并综合考察FDI通过直接渠道和间接渠道对就业产生的总体效应。研究结论表明,FDI促进了纺织业就业,其中FDI对纺织业就业的直接影响是正向的,间接影响是负向的;FDI通过竞争效应和技术溢出效应阻碍了纺织业的就业增加;劳动力市场的一体化程度没有对纺织业就业产生影响。     

Foreign direct investment and inequality: Evidence from China's policy change

In this paper, we examine the impact of foreign direct investment (FDI) on local urban inequality in China. Specifically, we consider the FDI policy change as an exogenous shock on the local labour markets. We find that cities that have experienced a bigger policy change in promoting FDI between 1997 and 2002 are significantly more unequal in 2005. This pattern is mainly driven by the positive association between FDI liberalisation and skill premia. The result holds after we control for other policy changes, such as privatisation of state-owned enterprises, infrastructure and trade liberalisation. We then turn to investigate the mechanisms using firm and individual-level information. Our firm-level evidence shows that FDI firms not only hire relatively more high-skilled workers but also provide relatively higher wages to high-skilled workers compared to domestic firms. Moreover, the individual-level analysis shows that FDI has a significantly positive spillover effect on wages received by skilled workers employed by state-owned enterprises, but not wages of unskilled workers.     

Human capital and wages in exporting firms

This paper studies the link between the education level of workers, export performance and wages. We argue that firms may escape intense competition in international markets by using high skilled workers to differentiate their products. This story is consistent with our empirical results. Using a very rich matched worker-firm longitudinal dataset, we find that there is a weak negative direct effect of exporting on wages, but an interaction term between export intensity and skill intensity has a positive impact on wages. That is, we find an export wage premium, but only in firms where the skill intensity is sufficiently high.     

Links between foreign direct investment and human capital formation: Evidence from the manufacturing sector in India

This paper is related to the literature on the effect of foreign direct investment (FDI) on the labour market of host countries. Labour market literature has focused on the demand side of FDI; that is, increasing wage inequality by demanding more skilled workers or just increasing the overall average wages. On the supply side, FDI can enrich the skilled labour force of the host country by the provision of on-the-job training or learning or through indirect technological spillover effects. This paper takes into account both these effects and tests for human capital formation effect of FDI in India for core manufacturing sector firms for the period 2001–2015 using the Prowess database of the Centre for Monitoring Indian Economy. It also takes into account the endogeneity of decision-making on the part of foreign firms in locating FDI. Different dynamic panel data methods are used with static and dynamic generalized method of moments techniques. This study does not find any positive supply-side human capital formation effects of FDI but finds a positive demand-side effect of FDI of raising wage inequality and average wages. The results remain robust while taking into account heterogeneities at region, industry, size, and age of the firms.     

外商直接投资、环境管制与环境污染

本文就外商直接投资、环境管制和环境污染的关系建立联立方程模型,并运用中国1992-2006年的数据对其进行计量检验,结果表明:外商直接投资通过影响中国的经济规模、结构和技术进步从而对环境产生影响,外商直接投资存量的增加扩大了经济规模,使工业污染排放增加,同时其存量增加也优化了经济结构和提高了技术水平,进而又减少了工业污染排放,外商直接投资对中国环境的总效应是正面的,但影响程度较小。另外,宽松的环境管制是吸引外商直接投资进入的一个重要因素,已经显现出一定"污染避难所"效应,但中国并未成为"污染避难所"。     

Can Intellectual Property Rights Affect Multinational Enterprises’ Entry Modes? The Chilean Case

Abstract

Multinational Enterprises (MNEs) can choose between exporting, introducing foreign direct investment (FDI), and licensing to a domestic firm among other modes of entry to a new market. Yet, this decision may be affected by the strength of intellectual property rights (IPR). Thus, this paper analyzes the effect of stronger IPR on the entry modes chosen by MNEs. We propose a theoretical model that predicts that in the presence of stronger IPR, MNEs would choose licensing instead of FDI as an entry mode. We test the predictions of the model using plant-level data for Chile for the period 2001–2007. We exploit the exogenous reform of IPR in 2005, controlling for the activities of industries where high levels of technology transfer and imitation are important factors. The main results show that stronger IPR change the mode of entry chosen by MNEs. In this case, FDI is replaced by licensing. This is explained by Chile’s high absorptive capacity during this period. We test whether this effect differs across high- and low-tech industries and conclude that the displacement of FDI is less severe in high-tech industries.     

Foreign direct investment via M&A and domestic entrepreneurship: blessing or curse?

There are conflicting predictions in the literature about the relationship between FDI and entrepreneurship. This paper explores how foreign direct investment (FDI) inflows, measured by lagged cross-border mergers and acquisitions (M&A), affect entrepreneurial entry in the host economy. We have constructed a micro-panel of more than two thousand individuals in each of seventy countries, 2000–2009, linked to FDI by matching sectors. We find the relationship between FDI inflows and domestic entrepreneurship to be negative across all economies. This negative effect is much more pronounced in developed than developing economies and is also identified within industries, notably in manufacturing. Policies to encourage FDI via M&A need to consider how to counteract the prevailing adverse effect on domestic entrepreneurship.     

SME internationalization and performance: Growth vs. profitability

Lu and Beamish (2001) examined the effect of two internationalization strategies, exporting and foreign direct investment (FDI), on SME performance (ROA). We extend this research by examining the differential effects of these strategies on two other dimensions of SME performance: growth and ROS. We develop and test four sets of hypotheses using a sample of 164 Japanese SMEs. We find that exporting activity has a positive impact on growth, but negative impact on profitability. FDI activity has a positive relationship with growth, but a U curve relationship with profitability. Exporting activity has a positive moderating effect on the relationship between an SME’s FDI activity and firm growth, a negative moderating effect on the relationship between an SME’s FDI activity and firm profitability. An SME’s age when it starts to make FDIs has a negative moderating impact on the relationship between FDI and firm growth and profitability.     

Competing with multinational enterprises’ entry: Search strategy,environmental complexity,and survival of local firms

This study examines the competitive dynamics between foreign and local firms. We posit that multinational enterprises (MNEs)’s entry in foreign markets significantly reduces the survival rate of local firms in the short term, but that this effect gradually diminishes over time. The proposed conceptual framework is operationalized through the combination of the widely used agent-based model and the economic model of competition. The agent-based model allows us to study the behavior of firms under the context of different markets and the environmental complexity while the competition model determines the competition between firms as well as the entry and exit of firms. Our results obtained from the simulation study reveal that the negative effect of foreign entry is heightened as environmental complexity increases. However, local firms with a broader knowledge search are better able to confront the negative impact of foreign entry over time. We also find that the negative effect of foreign entry on the survival of local firms is weaker for local firms with a strong retrieval capacity.     

Does FDI Spur Productivity,Knowledge Sourcing and Innovation by Incumbent Firms? Evidence from Manufacturing Industry in Estonia

Does FDI affect knowledge sourcing activities, innovation and productivity growth of domestic firms? This study employs firm‐level panel data from Estonia’s manufacturing sector to investigate different channels through which FDI affects domestic firms. Based on instrumental variables approach, I find no evidence of an effect of FDI entry on local incumbents’ short‐term productivity growth. However, there is positive association between the entry of FDI and the more direct measures of spillovers. FDI inflow to a sector is associated with more knowledge flows to domestic firms and increase in their innovation activities.     

Foreign direct investment and wages: a cross-country analysis

While globalization has led to overall economic growth in a number of countries, questions abound on its distributional effects, especially on rising wage inequality across nations. The main objective of this study is to investigate empirically the effects of foreign direct investment (FDI) on wages in a cross-country setting. We investigate the general equilibrium propositions that capital inflows (outflows) increase (lower) wages in host (home) countries due to the change in relative factor endowments. We also explore whether capital inflows have differential impacts on skilled and unskilled wages in developing economies. Time-series data on 26 countries, 15 developed and 11 developing, are used to fit the labour share equation derived from a translog GNP function with net FDI stock as one of its arguments. Results confirm that capital movement brings about a cross-country convergence of wages. However, there is some evidence that inward FDI flows increase the wage gap between skilled and unskilled workers in developing countries.     

The impact of foreign direct investment on new firm survival in the UK: evidence for static versus dynamic industries

The paper examines the impact of Foreign Direct Investment (FDI) on the survival of business start-ups. FDI has potential for both negative displacement/competition effects as well as positive knowledge spillover and linkage effects on new ventures. We find a net positive effect for the whole dataset. However, a major contribution of the paper is to outline and test an argument that this effect is likely to be comprised of a net negative effect in dynamic industries (high churn: firm entry plus exit relative to the stock of firms) alongside a net positive effect in static (low churn) industries. We find evidence to support this view. The results identify new effects of globalisation on enterprise development with associated challenges for industrial policy.

动态外部性、外国直接投资与地区产业增长——基于中国数据的实证研究

本文利用我国29个省25个产业面板数据研究了动态外部性、外国直接投资与地区产业增长之间的关系。结果发现:在全国样本内,专业化水平与地区产业增长之间存在着负向关系、竞争程度与地区产业增长之间存在着正向关系、多样化水平与地区产业增长之间存在着一种非线性关系,当多样化程度较低时,多样化不利于产业增长,而当多样化水平较高时,多样化则会促进产业增长、外国直接投资对地区产业增长存在着显著促进作用;在分地区分产业分析中,外国直接投资对地区产业增长促进作用在很大程度上取决于产业的相对技术水平以及产业的地理区位。     

Innovation,productivity and foreign direct investment-induced R&D spillovers

This article examines the effect of foreign direct investment on innovation and productivity in the host and home countries. I investigate how the flows of knowledge transmitted through FDI affect the production of knowledge in both source and recipient countries, as well as how these flows affect productivity. Using patent citations within FDI as the measure of the degree of ‘access’ that one nation gains to the R&D knowledge of another, and new patents as the measure of innovation, results reveal that there are large differences in the way FDI affects innovation and productivity between countries that are technological leaders, and technological followers. Both inward and outward FDI are found to have a strong positive effect on domestic innovation and productivity in countries that are technological followers. For technological leaders, outward FDI is highly conducive to increased domestic innovation, while inward FDI seems to increase competition between domestic and foreign firms, making it more difficult to come up with new viable ideas. As for domestic productivity, inward FDI is highly beneficial for technological leaders, while outward FDI does not have a significant effect. I conclude that technological followers have much to gain from FDI-induced R&D spillovers, and therefore governments in these countries will find it worthwhile to attract foreign multinationals, while those in the more technologically advanced economies need to weigh the costs and benefits of FDI carefully.     

Developing countries in competition for foreign investment

This study analyzes the competition for foreign direct investment (FDI) among countries at different stages of development. It is assumed that domestic companies in a more-developed country use more capital in production and that wages in a less-developed country are lower. Countries can compete for FDI by increasing the supply of public inputs in the economy, in addition to (or instead of) offering subsidies or tax reliefs to foreign investors. The results reveal that if governments of competing countries are not allowed to discriminate between domestic and foreign firms, there may be situations in which a less-developed economy will attract FDI depending on the labor cost differential and the responsiveness of foreign investor's and domestic companies' output to changes in the supply of public inputs. If tax discrimination between domestic and foreign firms is permitted, both countries will optimally raise the supply of public inputs, but the more-developed country will always win the foreign investment despite higher labor costs. Thus, governments of less-developed countries may have an incentive to work on an international agreement to disallow tax discrimination.     

Remittances and FDI Effects on Economic Growth: A VECM and GIRFs for the Case of Albania

ABSTRACT

This paper analyzes the effects of remittances and foreign direct investments (FDI) on economic growth, gross fixed capital formation (GFCF), and inflation in Albania through a vector error correction model. The results show that remittances Granger-cause positively economic growth short- and long-run and negatively inflation, while no significant relationship has been established between remittances and GFCF. The findings support that remittances, apart from affecting economic growth, disinflate the Albanian economy. With respect to FDI, there are signs that inflation Granger-causes negatively FDI, while there appears to be no relationship between FDI, economic growth, and capital formation.     

FDI entry mode choice of Chinese firms: A strategic behavior perspective

This study investigates the determinants of foreign direct investment (FDI) entry mode choice between a wholly owned subsidiary and a joint venture by Chinese firms that invest overseas. We argue that the FDI entry mode choice of a Chinese firm is primarily influenced by the variables related to the firm's strategic fit in host industry and its strategic intent of conducting FDI. Using survey data of a sample of 138 Chinese firms, the results suggest that a Chinese firm prefers wholly owned subsidiary entry mode when it adopts a global strategy, faces severe host industry competition, and emphasizes assets seeking purposes in its FDI. A joint venture is preferred when the firm is investing in a high growth host market.     

外商直接投资对环境规制的影响

本文利用PanelData模型和Granger因果关系模型对我国FDI与环境规制之间的关系作了实证分析。检验结果发现,环境规制确实对我国各个地区引进外资具有一定影响,而且这种影响呈现为负效应。当然,决定FDI的因素主要是经济市场化进程和经济发展水平,环境规制严格化对FDI流入的影响较小。但是,研究环境规制与FDI之间的相关关系及其对经济增长的影响,对我国加入世贸组织后正确处理引进外资与环境保护及经济增长之间的关系,具有重要的政策参考价值及前瞻性意义。     

洗钱对我国外商直接投资的影响--基于上市公司面板数据的实证研究

以2007－2012年我国外商持股上市公司为研究对象,以知识资本模型和知识资本—洗钱模型为基础,对比离岸国家（地区）与非离岸国家（地区）对我国的外商直接投资,研究洗钱对我国外商直接投资的影响。结果表明：洗钱对我国外商直接投资有显著影响,绝对市场规模对外商直接投资进入我国制造业、房地产及整体行业有抑制作用;相对市场规模对外商直接投资进入我国制造业、批发零售业、房地产及整体行业有促进作用;劳动力丰裕度严重抑制外商直接投资进入我国制造业、批发零售业、房地产及整个行业;贸易成本和距离均与我国外商直接投资量成反比。