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1.
This paper empirically investigates the impact of technology-seeking outward foreign direct investment (OFDI) on firms' productivity under the influence of negative external shocks, taking as a sample the investment data of Chinese firms before and during COVID-19. The results show that technology-seeking OFDI improves productivity, but not under negative external shocks. The dampening effect of such shocks is more significant when the host country is a developed country and in firms with multiple branches. Technology-seeking OFDI particularly improves the productivity of research and development and processing firms, and (among the productivity measures tested) most prominently affects total factor productivity.  相似文献   

2.
We explore three questions on foreign direct investment (FDI): (1) What are the differences in entry barriers for foreign, public, and private investors? (2) What are the effects of past productivity levels on future foreign direct investment (FDI) decisions? (3) What is the effect of equity structure on future total factor productivity (TFP) levels? The empirical results based on a monopolistic competition model and using a firm-level data set from the Chinese automobile industry suggest that foreign investors face higher entry barriers and react stronger to past TFP levels. FDI is also found to improve future TFP more than other forms of investment. Finally, World Trade Organization (WTO) accession is found to reduce entry barriers for foreign and domestic private investors while increasing entry barriers for public investors.  相似文献   

3.
Resource misallocation, as an essential characteristic of China’s “progressive reform,” has become a significant factor restricting high-quality outward foreign direct investment (OFDI). Using the Database of Chinese Industrial Enterprises (2009–2013), this paper empirically analyzes the impact of resource misallocation on OFDI and its heterogeneous characteristics via the Heckman two-stage selection model. This study finds that total factor productivity has a positive influence on expanding investment quantity. In addition, from the perspective of resource misallocation, factor price distortion inhibits the role of productivity in increasing investment propensity. A mechanism analysis indicates that there is no “productivity paradox” in the decision-making process of OFDI in China as a whole; but there may be an investment productivity paradox in foreign-funded enterprises, enterprises in coastal areas, and large-scale enterprises. After controlling for factor price distortions, the productivity paradox disappears. Thus, total factor productivity (TFP) becomes an important factor in promoting OFDI propensity of overseas-funded enterprises, enterprises in coastal areas and large-scale enterprises.  相似文献   

4.
This paper examines foreign direct investment by studying shareholder wealth gains for 1273 U.S. firms acquired during the period 1970-1987. Three findings stand out. First, cross-border takeovers are more frequent in research and development intensive industries than are domestic acquisitions; furthermore, in three-fourths of cross-border transactions the buyer and seller are in related industries. These industry patterns suggest that costs and imperfections in product markets play an important role in foreign direct investment. Second, targets of foreign buyers have significantly higher wealth gains than do targets of U.S. firms. This cross-border effect is comparable in size to the wealth effects of all-cash and multiple bids, two effects receiving substantial attention in the finance literature, and is robust to inclusion of these two variables. Third, while the cross-border effect on wealth gains is not well explained by industry and tax variables, it is positively related to the weakness of the U.S. dollar, indicating a significant role for exchange rate movements in foreign direct investment.  相似文献   

5.
Services under siege--the restructuring imperative   总被引:6,自引:0,他引:6  
Recent job losses in the U.S. service sector do not reflect a temporary recession. Those jobs are gone, the result of a massive restructuring of the sector that is just getting under way. The explanation for the restructuring is quite simple. Until recently, services have been shielded by regulation and confronted by few foreign competitors. They have allowed their white-collar payrolls to become bloated, their investment in information technology to outstrip the paybacks, and their productivity to stagnate. Now competition is heating up and exposing these inefficiencies. Just as intense competition forced the restructuring of Smokestack America in the 1980s, deregulation and foreign direct investment are shaking out service companies that cannot confront their shortcomings. The need for sweeping change in the service sector may come as a great shock to Americans who saw services as the means to continued economic prosperity. But there is a painful irony at work: job creation, the very thing proponents use to demonstrate the U.S. service sector's strength, is in fact a symptom of the sector's chronic neglect of economic efficiency. It is precisely that neglect that makes the service sector vulnerable as the race for market share intensifies and new players shift the terms of competition. Services must respond to the new competitive environment, but not by indiscriminate cost cutting. Instead, they should balance financial discipline with a comprehensive and immediate reexamination of strategy.  相似文献   

6.
Many emerging markets allow foreign investment as a way to reform domestic markets. Extant studies have found a positive externality on innovation brought forth by foreign direct investment (FDI); however, we know very little about the externality of another form of foreign investment, ownership by foreign institutional investors (FII), on innovation. In this paper, we document one form of FII externality by showing that foreign institutional ownership of the customer firm results in higher supplier innovation. We also show that the FII externality on supplier innovation is stronger when customers have more influence on the suppliers and when the FIIs can facilitate information flow better. Our findings suggest that the real impact of FII can go beyond the underlying firms, and promoting FII may benefit firms, especially smaller firms in emerging countries that do not directly have foreign ownership.  相似文献   

7.
Governments the world over offer significant inducements toattract investment, motivated by the expectation of spilloverbenefits to augment the primary benefits of a boost to nationalincome from new investment. There are several possible sourcesof induced spillovers from foreign direct investment. This articleevaluates the empirical evidence on productivity, wage, andexport spillovers in developing, developed, and transition economies.Although theory can identify a range of possible spillover channels,robust empirical support for positive spillovers is at bestmixed. The article explores the reasons and concludes with areview of policy aspects.   相似文献   

8.
本文基于中国大陆1995-2009年省级面板数据,实证检验了外商直接投资对全要素生产率增长的促进作用是否依赖于金融发展水平的问题。结果发现:只有当金融发展水平越过门槛值之后,外商直接投资才会产生显著的全要素生产率增长效应;目前中国金融发展水平尚未进入这一阶段,而且本身也不足以对全要素生产率增长产生积极的贡献。  相似文献   

9.
自改革开放以来引进外资一直是我国经济发展的重点,外资对经济发展及技术进步带来的外溢效应促进了我国经济的长足发展。主要结合中部六省外商直接投资在中部六省的发展情况,选择人力资本存量、对外贸易依存度两个指标来分析外商直接投资对中部六省经济发展带来的影响,得出人力资本存量对外商直接投资外溢效应的贡献度比较高,而对外贸易依存度对外商直接投资外溢效应影响并不显著。最后针对此分析结果为中部六省如何提高外商直接投资对经济发展的贡献提出相应的政策建议。  相似文献   

10.
This study investigates the role of stock market valuation and cross-country arbitrage in shaping foreign direct and indirect investments, contingent upon a country's stage of development. This paper is built upon the mispricing-driven foreign investment hypotheses developed by Baker, Foley, and Wurgler (2009). Interesting findings emerge when developed and emerging markets are considered separately. Empirical evidence indicates that the use of relatively cheap financial capital for foreign investment is prominent among developed countries, but not so in emerging markets. This is largely due to the extremely low level of foreign investment outflows in emerging markets and the inability of unsophisticated emerging market managers to successfully time the market. Further investigation shows that host-country stock market valuation is an important determinant of the mode of foreign investment; investors tend to choose indirect or portfolio investment, as opposed to direct investment, when the stock market is perceived to be undervalued. This is especially the case in emerging markets, where there is more room for misvaluation and potential arbitrage. These findings suggest that the unique institutional features of the markets involved play an important role in shaping foreign investment and cross-country arbitrage.  相似文献   

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