环境规制是否抑制了外商直接投资的流入？

基于中国工业企业数据库、中国环境数据库和国泰安城市数据库的匹配数据,采用赫克曼（Heckman）两阶段模型,本文研究了环境规制对外商直接投资（FDI）流入的影响及作用机制。研究结果表明：环境规制对企业的FDI决策和FDI数量均具有显著的负向影响,并且对污染行业企业的负向影响更大、更明显;无论是港澳台投资还是外商投资,环境规制都对其引资决策和引资数量产生了显著的负向影响,并且对外商投资的负向影响更大、更明显;环境规制对私营企业、中西部地区企业、劳动密集型企业、低生产率企业、小规模企业和高融资约束企业的引资行为具有更大、更明显的负向影响;金融危机后,环境规制对FDI的负向影响增强;环境规制通过生产成本效应抑制了FDI的流入,并通过创新激励效应促进了FDI的流入,并且生产成本效应明显大于创新激励效应。 关键词：环境规制FDI流入FDI决策FDI数量赫克曼两阶段模型     

我国环境规制对不同来源国FDI的影响

利用对中国直接投资排名前33位国家和地区的面板数据,对环境规制等因素与不同来源国FDI流入的关系进行研究,结果显示,我国环境规制虽然在一定程度上阻碍了来自发展中国家的FDI,但对发达国家的FDI并未产生影响.由于我国FDI大部分来自发达国家,因此我国环境规制对FDI流入的影响是有限的.提高我国的环境规制水平不但不会抑制FDI企业的进入,反而可以提高高新技术企业的竞争优势,发挥这些企业的技术扩散、外溢效应,更好地实现招商引资的战略目的.     

Foreign direct investment,labour relations and sector effects: US investment outflows to Europe

This paper analyses the impact of national labour relations on foreign direct investment (FDI), with emphasis on macro-markets and sector properties. Since there are sector-specific differences between industries in transferability, labour-relations effects on FDI probably vary across sectors. The paper finds that labour costs dampen FDI, while the impact of national market potential remains inconclusive. Collective labour institutions have a significantly adverse impact on FDI in manufacturing, and a relatively beneficial one on FDI in services. While investment in manufacturing seeks to minimize labour costs at given skill levels, investment in services maximizes skills at given levels of cost.     

The Determinants of Intra-European Foreign Direct Investment Flows: Market Integration and Policy Issues

SUMMARY

This paper reviews the literature on the determinants of foreign direct investment (FDI) and the European Community (EC), especially the few studies concerned with intra-European FDI. It applies international business theory to investigate the determinants of FDI flows within the EC over the period 1984–89. The key results are that the models found contrast with the standard US-EC literature, and also differ within the EC. Real variables assume the greatest importance, although financial variables do appear significant. The pattern of findings suggests that the growth of intra-EC FDI is linked to the adoption of a pan-European FDI strategy by EC firms, largely prompted by EC market integration.     

How to survive and compete: the impact of information asymmetry on productivity

Journal of Productivity Analysis - This paper studies the impact of information asymmetry on productivity through the foreign direct investment (FDI) channel. Higher information asymmetry (lower...     

New evidence on the link between exchange rates and asset-seeking acquisition FDI

Blonigen (1997) proposes a link between exchange rates and foreign direct investment (FDI) motivated to acquire complementary assets (i.e., asset-seeking acquisition FDI). However, previous studies have only examined this hypothesis with acquisition FDI data from a country source that are mostly U.S. inbound. In this paper I examine the hypothesis using the acquisition FDI data from multiple country sources that are inbound for various countries. I find evidence in support of this hypothesis for U.S. inbound acquisition FDI from multiple country sources, but not inbound acquisition FDI for other various developed countries.     

Can Development Aid Help Promote Foreign Direct Investment? Evidence from Central Asia

There is a continuing debate on the effectiveness of development aid. One less obvious angle on this issue is the question of the likely impact of aid on foreign direct investment (FDI). This paper tests whether aid had any impact on incoming FDI in Central Asian economies during the period 1993–2008. A simple panel model suggests that (a) aid had a moderate complementary effect on inward FDI, (b) there was a crowding‐out effect such that domestic investment reduced FDI stocks, (c) natural resources were a key attraction for private capital, and (d) increases in development aid offset the crowding‐out effect of domestic capital on FDI. It is argued that donors should target aid to enhance the climate for inward investment.     

Efficiency externalities of trade and alternative forms of foreign investment in OECD countries

The literature on the spillover effects of trade and inflows of foreign direct investment (FDI) has concentrated on technological externalities. Little effort has been directed towards identifying their efficiency externalities. This paper measures the efficiency externalities of trade and various forms of foreign investment for a sample of 20 OECD countries between 1982 and 2000 using a stochastic frontier approach. Trade and all foreign investment inflows are found to enhance efficiency, whereas outflows of FDI are found to exacerbate inefficiency. The efficiency externalities from foreign investment are contingent on the absorptive capacity of the host economies. Copyright © 2008 John Wiley & Sons, Ltd.     

Cross-border mergers and acquisitions with heterogeneous firms: Technology vs. market motives

The most common form of foreign direct investment (FDI) is cross-border mergers and acquisitions (M&A). A common explanation for M&A activity identified in the industrial organization literature is that firms seek technological expertise. However, this has not been examined in the FDI literature. In this paper, I develop and estimate a model of cross-border M&A and focus on the technology seeking explanation. In particular, I develop a general equilibrium model of exporting, greenfield FDI, technology-seeking cross-border M&A, and market-seeking cross-border M&A with heterogeneous firms. The model predicts that firms from a larger country are more likely to acquire in a smaller country when M&A activity is driven by a technology-seeking motive, but the opposite is true when it is driven by a market-seeking motive. Using detailed data on worldwide M&A activity from 1985 to 2007, I find empirical evidence that cross-border M&A activity exhibits behavior consistent with this prediction.     

经济转型下的外商直接投资、国内资本与经济增长——基于中国时间序列数据的计量检验与实证分析

经济转型背景下,中国经济持续增长的一个重要原因是引入外商直接投资。本文对1985年-2010年中国外商直接投资、国内投资与经济增长的总量时间序列数据进行了实证分析。结果表明:FDI与国内资本对我国的经济增长的影响显著,都是GDP的格兰杰原因,与经济增长存在长期均衡关系;但FDI对经济增长的影响小于国内资本,并且FDI与国内资本还存在相互挤入效应。     

The relationship between trade,FDI and economic growth in Tunisia: An application of the autoregressive distributed lag model

The relationship between foreign direct investment (FDI), trade openness and economic growth in host countries remains one of the most important issues in the economic literature and met with renewed interest in recent years mainly for countries suffering from unemployment problems and lack of technological progress. This paper examines this issue for Tunisia by applying the bounds testing (ARDL) approach to cointegration for the period from 1970 to 2008. The bounds tests suggest that the variables of interest are bound together in the long run when foreign direct investment is the dependent variable. The associated equilibrium correction is also significant, confirming the existence of a long-run relationship. The results also indicate that there is no significant Granger causality from FDI to economic growth, from economic growth to FDI, from trade to economic growth and from economic growth to trade in the short run. Even though there is a widespread belief that FDI can generate positive spillover externalities for the host country, our empirical results fail to confirm this belief for the case of Tunisia. They go against the generally accepted idea considering the positive impact of FDI on economic growth to be automatic. The results found for Tunisia can be generalized and compared to other developing countries which share a common experience in attracting FDI and trade liberalization.     

外商对华投资独资化趋势分析

随着我国整体投资环境的持续改善,外商对华投资进入新的增长期。近年来,外商对华直接投资中独资企业比重大幅上升,外商并购中外合资企业中方资产、转化为外商独资企业或外商控股企业的案例迅速增加,外商对华投资出现了明显的独资化趋势。文中分析了外商在华投资独资化趋势的成因以及效应,并据此提出了我们的应对之策。     

中国战略调整中的FDI模式选择

面对世界范围内的金融危机和经济衰退,中国企业应把握机遇,调整FDI战略,利用发达国家缩减对外投资的机会,加大对外投资力度。FDI模式选择对于我国企业顺利开展对外投资活动至关重要,其受到内部和外部诸多因素的影响。文中分析了影响FDI模式选择的因素,对于我国企业FDI模式选择提出了建议。     

US foreign direct investment,macro markets and labour relations: the case of enlarged Europe

The rise of macro markets such as the European Single market recalibrates the relationship between foreign direct investment (FDI) and national locations. Previous research has ignored the impact of macro markets theoretically and empirically. The article therefore challenges conventional wisdom on the impact of national properties on FDI.     

FDI影响我国环境质量的现状及机理分析

我国利用外商直接投资的规模年年攀升,有力地促进了我国经济的增长,但是否影响我国的环境质量正日益受到各界的关注。文章在分析FDI影响我国环境质量的现状的基础上,进一步探究了FDI通过规模效应、结构效应和技术效应3条途径对我国环境质量产生影响并提出相关的对策。     

In search of FDI horizontal spillovers in China: evidence from meta-analysis

Quality & Quantity - This paper contributes to the literature on foreign direct investment (FDI) technology spillover effects, focusing on horizontal spillovers from foreign firms to their...     

FDI spillovers and firm productivity during crisis: Empirical evidence from transition economies

Most studies on foreign direct investment (FDI) are nested within periods of economic prosperity. Our study investigates the impact of FDI spillovers on productivity during the global financial crisis (2006–2014) and the accompanying credit shortage. A dynamic panel analysis of firm-level data from two neighbouring but distinct transition economies, Croatia and Slovenia, reveals that the impact of the crisis may go as far as halting the process of learning through spillovers if firms have difficulties in accessing external funds. The implications of the study may prove particularly beneficial to policy makers grappling with the economic crisis following the COVID-19 pandemic.     

Foreign inflows and economic growth: An emiprical study of the SAARC region

The study examines and highlights the impact of selected foreign inflows (aid, trade, FDI, debt and remittances) on the economic growth of the South Asian Association for Regional Cooperation (SAARC) countries. The existent literature lacks a comprehensive analysis of the SAARC countries as countries like Afghanistan, Bhutan and the Maldives have largely been ignored due to the shorter time periods of available data. The study is empirical in nature and utilizes panel data techniques on macroeconomic data for the period 2008–2015. Foreign aid and foreign direct investment are found to impact economic growth positively. Foreign debt and trade flows are found to adversely affect economic growth. No relationship is established between the flow of remittances and the economic growth of these countries. The obtained results are robust to different proxy variables and the addition of macroeconomic variables. For the first time, the study provides policy implications based on the data of all SAARC countries. The study recommends focusing on increasing the inflows of resources in the form of aid and foreign direct investment (FDI) from the developed world to achieve higher economic growth.     

Inbound foreign direct investment and domestic entrepreneurial activity

There is an interesting and lively debate going on in the academic literature intersecting trade policy and entrepreneurship. Several studies have shown that inbound foreign direct investment (FDI) has a negative effect on rates of entrepreneurship, while others find the opposite – a higher rate of new firm creation associated with increased inbound FDI. We study the phenomenon using a cross-country analysis of data on entrepreneurs from 38 countries and from 2001 to ? 2008. Results indicate that inbound FDI has negative associations with five types of entrepreneurship (nascent, new, early-stage, established, and high-growth) measured by the Global Entrepreneurship Monitor survey. In our discussion, we argue that our study supports the contention that studies counting new limited liability company registrations do not always measure the same thing as entrepreneurial entries (self-reports), leading to different, even opposite results when subjected to empirical analysis.     

河北省FDI的Intervention-ARIMA预测

本文利用Intervention-ARIMA模型对河北省FD(I外商直接投资额)(1994-2009年)时间序列进行了动态拟合,重点考虑了1997年中期爆发的亚洲金融危机对河北省FDI的干预影响,取得了较好的拟合效果,并预测了河北省未来几年的招商引资情况的发展趋势。通过分析得出未来几年河北省的引资状况发展良好,而如何有效的利用则成为不容回避的问题。