Effects of foreign equity participation on recipient firm exports

We offer new evidence on the role of foreign investment in domestic firms’ export decisions, both at intensive and extensive margins, using balance sheet data from a panel of manufacturing firms in India. In contrast to the existing literature, we analyse the effect of foreign investment at different levels, where the levels correspond to percentages of foreign equity. We use a selection procedure to control for the potential self-selection of firms into export participation. Though we do find that foreign investment increases a domestic firm’s likelihood to export, firms with majority foreign equity are found to serve domestic market more, once the self-selection is accounted for.     

Does foreign direct investment increase exports’ productivity? Evidence from developing and emerging countries

Raising the productivity content of exports is an important issue for developing and emerging countries. What role do foreign firms play in this process? This question has not been adequately studied. We contribute to the literature by generalizing the role of foreign direct investment (FDI) in the host country’s export productivity level. Using panel data, we present new empirical evidence suggesting that FDI boosts the overall productivity level of the developing and emerging countries’ exports.     

Foreign Exchange Accumulation and the Entrapment of Chinese Monetary Power: Towards a Balanced Growth Regime?

This article criticises the notion that China's foreign exchange reserves have strengthened its monetary power. While some scholars have argued that China's international monetary influence has been ‘entrapped’ by the domestic interests of its export sector, a one-sided focus on the export sector fails to identify the significant constraints on its macroeconomic autonomy. This article proposes an extension of the concept of entrapment that draws attention to the key role of state-owned enterprises (SOEs) and their domestic fixed-asset investment in its growth regime: China's external monetary dependency – which is understood as both export dependency and the need to maintain foreign exchange accumulation – has been caused by a disparity between fixed-asset investment and private consumption that reflects a redistribution of income from the household sector to the SOE sector. In particular, I expose the SOE sector's rising interests in foreign exchange accumulation by uncovering a mutually reinforcing dynamic between China's external monetary dependence and the financial repression of its banking system. By entrenching an investment-led growth regime that provides key benefits the SOE sector, this dynamic is found to have seriously constrained the macroeconomic policy autonomy of Chinese authorities to rebalance growth away from investments and exports towards private consumption.     

Foreign Capital,Spillovers and Export Performance in Emerging Economies: Evidence from Indian IT Firms

The role of foreign capital inflow, foreign direct investment (FDI) and foreign portfolio investment (FPI), on export behavior of both recipients and non‐recipient competing firms in the same sector often guides economic development policy. By using panel data of Indian IT firms over 2000–2006, we show that FDI reduces the sunk costs of entering foreign markets and therefore positively effects both the decision to export and the export propensity of recipient firms. Foreign portfolio investment has no effect on the decision to export, but it does marginally increase the volume of exports. Further, these positive FDI and FPI recipient effects do not spill‐over to non‐recipients.     

标准化对我国出口贸易的影响

在标准主导国际竞争的时代,标准化已成为影响国际贸易的重要变量。本文选取1991-2010年的样本数据,在利用单位根检验对变量平稳性考察的基础上,采用协整检验方法对我国国家标准增量、外商直接投资额、人民币汇率和我国出口贸易额等变量的长期均衡进行了分析并作了误差修正和Granger因果检验。结果表明,外商直接投资额和人民币汇率与我国出口贸易存在正相关,而我国国家标准增量在短期内对我国出口贸易具有抑制作用,在长期内则对我国出口贸易具有促进作用。     

价格竞争还是质量竞争--中国出口产品竞争力的实证研究

中国出口产品普遍被认为“价廉质次”,然而这并不能充分解释中国出口贸易长期增长的实质。对中国2001年加入WTO以来出口产品竞争力的实证研究表明：一方面,中国出口产品的相对单位价格呈现持续下降的趋势,这说明低价竞争是中国出口产品的一个主要特征;另一方面,中国出口产品质量在逐年上升,其中高技术出口产品的质量竞争力较为明显,这说明中国出口产品并未陷入低质量产品的陷阱。在新时期进一步深化对外贸易转型中,把握中国出口产品竞争力特征对我国对外贸易政策制定有重要意义。     

论入世之后中国产业转移的新变化

入世之后,中国的产业转移发生了五大变化:一是产业承接的制度环境更加优化;二是产业承接的动力机制更趋市场依赖;三是产业转移中的政府行为更加规范;四是产业转移中跨国公司对华研发投入大幅度增加;五是中国产业外移之路开始了新探索。     

On the new export sector in developing countries

Abstract

Many developing countries are establishing a new export sector by accepting foreign direct investment. Developing a three-sectors three-factors general equilibrium model with tariff, this paper considers the condition under which the acceptance of direct investment is desirable for the developing countries. We show that the factor intensity rankings among the sectors play a key role on the welfare effects and that direct investment increases the output of both the new export and the traditional export sector and promotes the export-led growth in developing countries.     

中国对外直接投资对进出口贸易的影响分析

笔者在分析对外直接投资对进出口贸易影响机制的基础上,使用1993年～2009年中国对105个国家(地区)直接投资和进出口贸易的面板数据,应用动态VAR模型和面板格兰杰因果检验方法对我国的情况进行实证研究。结果表明:我国对外直接投资与出口及进口之间均存在双向格兰杰因果关系,对外直接投资是贸易创造型的,但这种创造效应还较为有限。因此,应积极发展对外直接投资,并发挥其与贸易的良性互动关系。     

提升利用外资质量:理论分析与对策思路

在提升利用外资质量上,现有研究更多地关注本土生产要素,尤其是劳动力素质的提高和外资开放领域的不断扩大对吸引高端FDI的重要作用。但从实践情况来看,现有的努力包括鼓励外资向高端投资的政策导向,似乎并没有如我们预期那样带动FDI向高端领域流入。尽管我国加入世界贸易组织以后,经济已经不是"出口导向型"经济而是开放型经济,但由于体制、机制、外资外贸政策等因素作用,来华投资的外资却表现出明显的"出口导向"特征,实际上把中国作为全球的加工厂,这就严重影响了中国利用外资水平和层次的提升。因此,发挥中国国内市场规模优势,破除各种体制机制等障碍因素,适时调整外资外贸政策,应当成为中国提升外资利用质量的着力点。     

中国对美出口贸易利益的转化与维护

中国在对美贸易中创造的巨额贸易顺差和外汇收益并没能通过有效的进口战略转化为国民经济增长及福利改善所需要的物质资料(包括技术设备、能源材料、数据信息和差异化商品等),而是更多地停留在货币资产的层面或者用来购买美国国债。随着美元的持续贬值及近期美元主权信用等级的下调,我国的外汇资产价值缩水的可能性越来越大。而这种缩水不仅仅是一种账面价值的亏损,更是我国对美出口贸易利益的真实流失。因此,中国应该在出口利益创造的基础上,积极利用贸易、投资、金融等手段加强对既得利益的转化与维护。     

Welfare‐reducing Domestic Cost Reduction*

We show that cost reduction by a domestic firm may reduce domestic welfare if it changes a foreign firm’s production strategy from foreign direct investment to export. Domestic cost reduction can be welfare reducing when the domestic market is sufficiently small and domestic firm’s marginal cost of production is higher than the foreign firm’s marginal cost of production under foreign direct investment, which is a usual feature of trade between developed and developing countries. So, developing countries with small domestic markets need competent competition policies when encouraging domestic innovation and also trying to attract foreign direct investment.     

我国省域视角下经济增长方式的实证分析与对策——基于 1990-2012 年数据

经济发展方式转变是我国现阶段经济发展的必然选择,也是经济增长与自然、社会、人的全面发展相协调的客观要求。我国28个省（市、自治区）1990---2012年数据显示：我国经济增长呈粗放型发展;投资拉动和工业化是经济发展主要依靠,第三产业带动作用不强,人力资本的外溢效应不明显,技术具有正向作用,但科技资本存量的产出弹性较小．,外资和出口具有拉动作用;东部经济增长受出口拉动最为显著但受外资企业出口影响而削弱,合适的政府规模才有利于经济发展和增长。因此,未来我国应在人力资本、新型工业化、转变政府职能、均衡发挥内外生因素等方面转变和加强。     

Revisiting Exports and Foreign Direct Investment in Vietnam

Since 1986, Vietnam has undertaken various reform measures in the trade and foreign investment area. This paper finds significant contributions of world trade, and competitiveness and liberalization effects to Vietnam's export growth over the period 1997–2008. Vietnam's exports became more competitive and better complemented the import demand of Vietnam's trade partners. In addition, dynamic comparative advantage became evident in many products, but significant room remains for improving export competitiveness. Foreign direct investment (FDI) inflows also increased and helped stimulate Vietnam's exports. FDI inflows have increased in both the short‐ and long‐term, yet are only of a limited magnitude. This necessitates more effective measures to enhance the linkages between FDI and domestic enterprises.     

外商直接投资对中国农产品出口贸易结构的影响——基于1982～2006年时间数据的实证分析

文章研究农业外商直接投资的农产品出口贸易结构效应,运用协整与向量误差修正模型,就外商直接投资对中国农产品贸易商品结构的影响进行实证分析。研究结果表明,外商直接投资与农产品出口贸易之间存在互补关系,无论是初级农产品贸易还是农产品加工贸易,这种互补关系都是确定的。从长期来看,外商直接投资有利于中国农产品出口贸易结构的优化,短期内外商直接投资对农产品加工出口贸易促进作用有限。     

内陆开放地区对外贸易、资本投资与就业分析——以重庆市为例

根据重庆市1987-2009年的统计数据,利用协整理论和向量误差修正模型(VECM),对重庆市对外贸易、资本投资与就业的关系进行实证分析,结果表明:从长期来看,重庆市进出口与就业之间存在唯一的协整关系;出口对就业具有拉动作用,而进口对就业有阻碍作用,并且出口对就业的促进作用小于进口对就业的抑制作用;而资本投入在一定程度上对劳动力产生了替代性.重庆市应通过协调产业发展、打造对外贸易新平台、均衡资本在区域、行业间的投入促进就业.     

经济国际化的模式与中国企业国际化的战略选择

与日本、韩国以出口导向的国际化战略不同,中国在改革开放中走出了一条以吸收外商直接投资为主的转口贸易的国际化道路,这是中国在经济全球化挑战传统的工业化战略的过程中,对发展中国家的工业化所带来新的机遇的正确把握。中国目前以转口加工贸易为特征的国际化模式必须升级。单纯的转口加工贸易是“无根的花”,它所造成的“飞地经济”格局,会形成本国经济与外资经济之间严重的二元发展态势,也会在一定程度上抑制中国企业真正起飞和获得国际化的机会,使中国自身企业被边缘化。国际化战略升级的方向,一是要发展以跨国公司外包为主的加工贸易,二是要大力鼓励以收购兼并国外资源为主的国际化。     

开放因素对中国制造业部门的技术溢出效应研究

利用2004～2008年间的动态面板数据模型,对开放因素为中国制造业部门所带来的技术溢出效应进行了实证分析。结果表明:(1)开放因素对制造业部门的总体技术溢出效应存在很大差异,出口贸易对中国制造业部门具有显著的正向技术溢出效应,而外商投资对制造业部门的技术进步则存在负面影响;(2)分部门看,外商投资的技术溢出效应主要体现在高技术制造业和中高技术制造业部门,而出口贸易对所有制造业部门都具有显著的正向技术溢出效应。     

China's Economic Influence in Latin America

After decades of low‐level commercial interaction, China and Latin America significantly ramped up their economic relationship in the 2000s. China has jumped to first place as an export destination for many countries, and it is a major source of imports for all countries in the Latin America/Caribbean region. While not a major source of foreign direct investment overall, China has built a strong investment presence in certain countries, particularly in the natural resource and infrastructure sectors. China's influence in Latin America has presented a great opportunity for many countries, but it has also brought new risks. Three main challenges face the region: how to mitigate the impacts of increased commodity concentration as a result of China's strong demand for natural resources; how to avoid other natural resource curse effects; and how to manage the tapering of this growth. Latin American countries' relationships with China vary widely, so there is no single, coordinated regional response.     

Export Spillovers of FDI on China's Domestic Firms

This paper examines the horizontal and vertical export spillovers of foreign direct investment (FDI) on China's manufacturing domestic firms by using firm‐level census data over the period of 2000–03. Based on a Heckman two‐step procedure combining first differencing and instrumental variable regression techniques, it is found that FDI has had a positive impact on the export value of domestic firms mainly through backward technology spillovers and a positive impact on the export‐to‐sales ratio of domestic firms through horizontal export‐related information spillovers. After decomposing FDI by different market orientation and domestic firms by different ownership, the paper finds that the positive impact on domestic firms' export values is mainly from the nonexporting and the exporting foreign‐invested enterprises while the positive impact on domestic firms' export‐to‐sales ratios is mainly from the high‐exporting foreign‐invested enterprises. Both types of export spillovers are mainly diffused to domestic non‐state‐owned enterprises.