外商直接投资对湖北经济的影响

几年来,湖北利用外商直接投资发展迅速,已成为中国中部地区对外商投资最具有吸引力的省份,外商直接投资对湖北的经济产生了重要的影响。本文从出口产品结构、产业结构升级、技术进步、资本形成和资本质量改善以及就业这五个方面具体分析了利用外商直接投资对湖北经济的影响。     

外商直接投资对湖北经济的影响

几年来,湖北利用外商直接投资发展迅速,已成为中国中部地区对外商投资最具有吸引力的省份,外商直接投资对湖北的经济产生了重要的影响.本文从出口产品结构、产业结构升级、技术进步、资本形成和资本质量改善以及就业这五个方面具体分析了利用外商直接投资对湖北经济的影响.     

外商直接投资对武汉区域经济的影响分析

以中国中部省会城市武汉市为例,对外商直接投资的投向产业、投资方式与国内生产总值的关系进行了研究。研究结果表明武汉市的外商直接投资与国内生产总值之间存在显著的正相关关系,并且外商直接投资是国内生产总值的葛兰杰原因。特别是投向第二产业和第三产业的外商直接投资和采用外资企业形式的外商直接投资对国内生产总值增长有显著正影响。     

外商在华直接投资引致因素的实证分析

外商对华直接投资的引致因素主要有外国对华直接投资存量、国内生产总值、职工平均工资与素质和基本建设投资四个方面。模型检验表明,国内生产总值和基本建设投资对外国对华直接投资有正面影响,职工平均工资和外国对华直接投资存量对外商投资有相反的影响。     

外商直接投资对中国工业集聚形成的实证分析

改革开放以来,中国的外商直接投资在空间分布上有显著的集聚现象,与此相对应的现象是中国工业在东部沿海地区的大量集聚.中国的区域经济由于受到投资集聚现象的影响,地区经济发展的差别及非均衡性也日趋显现,其差距有逐步增大的趋势.为此,我们必须对外商投资的集聚现象有清醒地认识.     

我国利用外国直接投资的几个问题

今年以来,国家调整了外资政策,一方面.取消了对外商投资企业投资额度内进口设备的免税待遇,对外商投资企业实行结售汇制;另一方面,开放国内部分服务市场,允许在上海浦东新区和深圳经济特区试办中外合资对外贸易企业,扩大外商投资企业产品内销比例,对外商投资企业逐步实行国民待遇.强调要以吸收直接为重点,改善环境,拓宽领域,引导投向,优化结构.增辟融资渠道,加强国内配套.笔者认为,这些调整非常合乎实际,表明中国的对外开放水平上了一个新的台阶.     

中国利用外资政策的内在矛盾分析

自1979年中国宣布开放外商直接投资至今,中国吸收的国际直接投资以年均30.4%的增幅持续增长.这被认为是中国对外开放后所获得的重大经济成就之一.对外商直接投资的"超国民待遇"同样成为中国吸引外商直接投资的重要政策工具.并且,各地方利益主体为争夺外商直接投资流入本地区以谋求地区发展和局部利益,又在国家允许的政策范围之上给外资企业以多种地方特惠,形成了中国国内的优惠政策大战.     

论外商直接投资对我国产业结构的正负效应

积极吸收和利用外商直接投资,是我国对外开放基本国策的一项重要内容.回顾30年来的历程,我国利用外商直接投资尽管受到国际国内诸多因素的影响,其间出现过一些波动,但总的是增长速度很快,发展势头良好,成就显著,已连续15年居发展中国家之首.我们的任务是,在吸收同行研究成果的基础上,从外商直接投资与产业结构升级关系的角度,对外商投资在中国产业结构优化升级中的正反两方面的影响进行深入具体的剖析.     

FDI对中国服务业影响的实证研究

本文利用1997-2009年的数据,对外商对中国第三产业直接投资与中国服务业的产值之间的关系进行了实证分析,通过OLS检验了外商对中国第三产业直接投资与服务业的增长存在着长期稳定的均衡关系.研究结果表明,外商对第三产业的直接投资对中国服务业的变动有很大影响.从上述实证分析中可以看出,外商对第三产业的直接投资对中国的服务业的增长有着长期稳定的均衡关系,1.07的弹性系数说明外商对第三产业的直接投资每增加1％,中国的服务业占GDP的产值就会增长1.07％.因此外商对第三产业的直接投资对中国服务业有着比较明显的促进作用.从Granger因果关系检验中可以看出,外商对第三产业的直接投资是促进中国服务业产值增长的原因,而服务业产值的增长却并不是吸引外商直接投资的原因.     

中美经贸的真正差额——基于货物贸易、服务贸易、双向投资全口径的分析

本文从中美货物贸易的现状入手,对中国和美国双边的货物贸易、服务贸易、直接投资等综合经贸关系进行研究,考虑到金融危机对贸易和投资数据的影响,文章实证部分以1986—2007年数据为样本,采用协整分析、误差修正模型(ECM)和格兰杰检验等计量方法,对外商对华直接投资(FDI)、美商对华直接投资(AFDI)的流量和存量与中美货物贸易进出口之间的关系分别进行计量实证。结果显示:中国虽然是美国货物贸易的巨额顺差国,但美国在服务贸易、对华投资等方面都具有绝对优势,且中国对美货物进口的减少很大程度上是美商对华直接投资增加的结果。因此,在中美双边经贸关系中,双方利益不仅在货物贸易,而且在双向投资、服务贸易等经济领域,赢利更多的是美国。     

INTERNATIONALIZATION STRATEGIES IN OLIGOPOLY WITH HETEROGENEOUS FIRMS

This paper examines the foreign direct investment (FDI) versus exports decision of foreign oligopolistic firms under cost heterogeneity. An additional motivation for firms to invest abroad is the technological sourcing via spillovers, which flow from the host more efficient firm to foreign less advantaged firms. For intermediate values of the set‐up costs associated with FDI entry, it is shown that foreign firms choose opposite entry strategies. An equilibrium where the less efficient foreign firm exports whereas the more efficient invests is more likely to happen when foreign firms become more heterogeneous, the larger the trade costs and not too big oligopolistic profitability. Interestingly, the opposite may also be an equilibrium thus finding that the more efficient firm does not choose to invest, a result that emphasizes the relevance of the strategic setting under consideration. The latter result identifies a market failure since welfare in the host market is higher when both firms undertake FDI; a finding that calls attention to how appropriate are host government policies towards internationalization strategies.     

Resolving the Credibility Problem of an Honest Government: A Case for Foreign Investment Subsidy

We develop a simple model of direct foreign investment where the host country government cannot credibly signal its honest intention such as to stick to the contracted tax rate. The foreign firm has some prior belief regarding the ex post discretionary policies of the local government. Since the investment is completely irreversible, such a belief pattern might not induce the firm to invest in a country which badly needs it. It is shown that the host government can design a subsidy scheme which might attract foreign investment by removing the credibility problem.     

Foreign direct investment: the role of institutional and cultural determinants

Using panel data for 29 source and 65 host countries in the period 1995–2009, we examine the determinants of bilateral FDI stocks, focusing on institutional and cultural factors. The results reveal that institutional and cultural distance is important and that FDI has a predominantly regional aspect. FDI to developing countries is positively affected by better institutions in the host country, while foreign investors prefer to invest in developed countries that are more corrupt and politically unstable compared to home. The results indicate that foreign investors prefer to invest in countries with less diverse societies than their own.     

我国高额外汇储备影响研究

我国高额外汇储备加大了人民币升值压力,影响了货币政策的制定与执行。为减少其对宏观经济的不利影响,有必要加快人民币汇率制度改革,优化资本项目管理,加强外汇储备资产规模与结构管理,慎重进行外汇储备投资。     

Dynamic inconsistency and non-preferential taxation of foreign capital

When capital is sunk after it is invested, a host government facing heterogeneous foreign investors has a strong incentive to reduce preferential taxes over time in order to attract less eager investors while fully expropriating past investors. This induces investors to wait rather than invest in the initial period, and leads to loss of tax revenue. This dynamic inconsistency problem is resolved if the host government commits to non-preferential taxation in each period even if it does not commit to future tax rates.     

WHO GAINS FROM WHOM? SPILLOVERS,COMPETITION AND TECHNOLOGY SOURCING IN THE FOREIGN‐OWNED SECTOR OF UK MANUFACTURING

There is a growing literature explaining foreign direct investment flows in terms of ‘technology sourcing’, whereby multinational firms invest in certain locations not to exploit their firm‐specific assets in the host environment, but to access technology that is generated by host country firms. However, it is far from clear whether the literature has found significant evidence of such activity beyond a few isolated examples. This paper extends this work by allowing for the possibility of multinational enterprises (MNEs) sourcing technology not only from host country firms but also from each other within a host economy. The paper demonstrates that MNEs in the UK do indeed appropriate spillovers both from indigenous firms and from other foreign investors, but that there are also significant competition effects that act to reduce productivity in certain industries. The paper also explores which countries' affiliates gain most from technology sourcing in the UK, and which generate the greatest spillovers within the foreign‐owned sector.     

Foreign direct investment and host country policies: A rationale for using ownership restrictions

This paper examines host governments' motivation for restricting ownership shares of multinational firms (MNFs) in foreign direct investment (FDI) projects. An MNF with a productivity advantage is willing to invest in a host country. The host government wants to capture the MNF's surplus yet cannot observe it due to the MNF's private information about its firm-specific advantage. In contrast, a joint venture (JV) partner might observe this surplus depending on its ownership share. The host government can alleviate its informational constraints by using ownership restrictions to force a JV. This calls into question the wisdom of calls for ‘liberalizing’ FDI flows by the wholesale elimination of domestic JV requirements. We show that the optimal mechanism involves ownership restrictions that decrease as the size of the MNF's firm-specific advantage increases.     

The Impact of Foreign Direct Investment on Home and Host Countries with Endogenous R&D

The paper analyzes the impact of FDI on home and host countries, when firms compete both in the choice of international strategy and in R&D. A two-country, two-firm model is used. The problem is structured as a three-stage game in which firms must decide: the mode of foreign expansion; how much to invest in R&D; how much to sell in each market. It is shown that in high-technology sectors a policy of attracting inward FDI may increase welfare in both the home and host countries. The effect on host-country welfare is found to be more beneficial if technological spillovers are national, instead of international, in scope.     

Outward foreign direct investment and sovereign risks in developing host country

Outward foreign direct investment can affect developing, technology-receiving host countries mainly through tax revenue, technology spillover and the competition effect. With the consideration of these three effects of the outward foreign direct investment on host country, we develop a dynamic game model of interaction between foreign investors and host country from a dynamic perspective, to reveal the dynamic evolution mechanism of the sovereign risk faced by outward foreign direct investment. The result shows that: host governments usually give a specific tax holiday for outward foreign direct investors, and during the period of tax holiday investment decision of investors would be influenced by technology spillover effect, specifically, the greater the technology spillover the slower the growth of investment stock. Once the system reaches a stable state, the host country will impose a tax on multinational corporations. If the equilibrium tax rate of industries or regions which makes it easy to obtain technology spillover is high, then the equilibrium capital stock would be low.     

Attracting Fdi in a Politically Risky World*

Conventional wisdom holds that lack of government commitment deters foreign investment in developing countries. Yet this explanation is not convincing because some econometric studies have found little support for the role of political risk and host governments can offer upfront subsidies that compensate foreign investors for their sunk cost. This paper shows that a second commitment problem upsets the argument. A multinational firm cannot credibly commit to invest in only one country. Since countries differ in production costs and government credibility, this article explains the pattern of investment in a politically risky world.