金融体制缺陷与FDI需求偏好

当今世界上大多数发展中国家都对外商直接投资（FDI）有着强烈的需求偏好。中国之所以也对FDI存在着强烈的需求偏好，同中国的资本市场、银行体制、利率体制和结售汇制度中存在的缺陷密切相关。     

环境管制程度对FDI区位选择影响的实证分析

本文将外商投资企业（FDI）细分为合资企业、合作企业和独资企业三种形式后,利用省际面板数据重新审视了地方环境管制水平对FDI区位选择的影响及其区域差异,并基于风险偏好的视角对以上发现进行了分析。研究显示,不同类型FDI进行区位选择时对环境管制的偏好有别,其中合作企业偏好环境管制标准较高的省份,独资企业则相反,合资企业介乎二者之间。另外,FDI对地方环境管制水平的偏好也存在明显的区域差异,东部环境管制水平较高的省份更容易引进FDI,而在“独资化”比例逐步加大的趋势下,中西部地区要警惕成为部分FDI（尤其是独资企业）的“污染避难所”。     

市场开放促进了产业升级吗?——理论及来自中国制造业的证据

中国通过吸引FDI增加了国内资本存量,但学界关于FDI对促进产业升级的作用一直存在着争议。本文将市场开放分解为源于国际贸易的产品竞争效应和源于FDI的外资效应,阐述它们对最终产品部门—中间品部门—研发部门之间资本要素需求的影响机制和结果,并以加入WTO后中国制造业28个细分行业规模以上企业为样本,采用行业成本转换法估计资本要素相对需求变化的影响因素。结果表明,FDI和出口显著地增加了中国制造业的资本要素相对需求,进而促进了产业升级。     

FDI与中国经济增长:1992～2007年的实证检验

本文在柯布—道格拉斯生产函数的基础上,利用1992～2007年的数据来分析了外国直接投资(FDI)对经济增长的影响,检验结果表明,我国经济增长与FDI及其滞后量具有较高的正相关关系,这说明FDI对经济增长的贡献存在着当年的需求效应和滞后年份的供给效应。本文最后部分在给出结论的基础上针对中国目前的现实情况提出了一些政策建议。     

供给侧视角下FDI与经济增长方式关系研究

在以需求侧驱动转向供给侧驱动为主导的经济新常态下，FDI作为综合性投资方式成为推动经济增长的重要引擎之一。基于供给侧视角，论证了C-D生产函数机理，量化经济增长方式；从而通过协整检验以及VEC模型探究FDI与量化的经济增长方式之间的长期均衡效应和短期动态波动机制；进而基于VAR模型对变量进行脉冲响应函数和方差分解分析。结果表明：FDI与全要素生产率贡献率的长期均衡对短期动态波动具有反向修正机制；FDI受到单位冲击后引起全要素生产率贡献率的强烈正向响应，并且FDI对经济增长方式转变的贡献率达到了11%。     

人民币汇率对我国FDI的影响

汇率是连接国内外商品市场和金融市场的一条重要纽带。我国作为吸收FDI最多的国家,人民币汇率的变动必然对FDI存在着影响。本文通过对我国人民币汇率和FDI现实数据实证研究发现,人民币汇率是FDI的格兰杰原因,人民币的贬值将促进我国的FDI。     

我国上市公司融资行为现状分析

我国上市公司的融资结构与发达国家和一些发展中国家相比,存在强烈的股权融资偏好.这种强烈的股权融资偏好对公司融资后的资本使用效率、公司成长和公司治理及投资者利益等方面都有不利影响.本文分析了我国上市公司的融资特点及上市公司股权融资偏好的成因,并探讨分析了当前股权分置改革对于上市公司的融资行为的影响.     

中国与东南亚国家吸收FDI相互影响关系的实证研究

中国与东南亚国家在吸收FDI方面是否存在着竞争关系是东南亚国家普遍关注的一个问题,本文运用格兰杰因果检验及协整方法对中国与东南亚国家吸收FDI之间的相互影响关系进行了实证研究,结果表明,中国吸收FDI对东南亚国家吸收FDI负面影响较小,中国吸收FDI的激增在一定程度上还促进了部分国家的FDI流入。     

东道国金融发展水平对FDI流入量的影响机制研究

东道国的金融发展水平是影响FDI区位选择的因素之一,本文针对金融因素对FDI流入的影响机制做出特定的分析,发现两者的关系并非是单调的,当金融发展水平很低且东道国存在金融扭曲时,金融体系的缺陷会导致东道国对FDI的需求,使FDI成为国内低效率金融体系的代替。当金融发展到一定的水平之后,金融发展水平与FDI呈正相关的关系,即金融发展水平越高,越会吸引FDI流入。     

外商直接投资对东道国国内投资的“挤入”与“挤出”效应——来自中国数据的经验证据

本文根据中国1979-2009年的数据,对FDI与中国国内投资之间的关系进行了分析。研究结果表明,FDI与国内投资之间存在着长期稳定的均衡关系;从长期来看,FDI对于国内投资具有一定的挤出效应;而在短期内,FDI对国内投资具有较强的挤入效应,国内投资对FDI也具有较强的挤入效应。     

Why do people oppose foreign acquisitions? Evidence from Japanese individual-level data

This study empirically examines the determinants of individuals’ attitudes about inward foreign direct investment (FDI) using responses from questionnaire surveys that were originally designed. Individuals’ preferences for inward FDI differ between greenfield investments and mergers and acquisitions (M&A), and people are more likely to have a negative attitude toward M&A than greenfield investments. People with a negative image of the so-called “vulture fund” for foreign capital tend to oppose inward FDI, and this is more pronounced for M&A than greenfield investments. Moreover, loss aversion and high time preference rates are strongly related to opposition to inward FDI, and people with such behavioral biases tend to refuse indigenous firms to be acquired by foreign capital, even if they agree to accept greenfield investment. These results indicate that people’s preferences for inward FDI depend more on non-economic attributes than economic attributes. Our results also suggest that a lack of economic literacy is associated with unconscious biases against accepting inward FDI.     

贸易自由化、工业化与企业区位——新经济地理视角中国FDI流入的研究

随着中国经济社会改革的深入,大量FDI涌入中国.本文拓展了新经济地理学非对称自由资本模型,研究结果表明,初始经济封闭的大国随着产品替代弹性降低、工业产品支出比重增加和贸易自由度变大将成为资本的净流入国.中国1983～2006年经验数据的研究表明,中国FDI的净流入与中国的工业化、贸易自由化的程度(中国市场的开放、加入W...     

Factors Influencing FDI Location Choice in China＇s Inland Areas

Since 1978, the bulk of foreign direct investment （FDI） has gone to the south-eastern coastal areas in China, with only a small portion received inland. With the launch of the Western Development Strategy in 2000 and the Central China Rising Strategy in 2004, the choice of investment locations has expanded to inland areas. Based on panel data covering 98 inland cities from 1999 to 2005, this study identifies location preference variables for FDI invested in China＇s inland areas, and finds that well-established factors such as natural resources and low labor costs are not important factors in determining FDI locations within China＇s inland. Instead, policy incentives and industrial agglomeration are the most important factors. The findings of the present study have policy implications for both host country authorities and multinational corporations.     

South–South FDI: is it really different?

We compare the performance of Northern and Southern multinationals in Sub-Saharan Africa, and contrast it with local firms in the host country. Employing unique firm level data for 19 Sub-Saharan African countries, we show that firms receiving FDI outperform domestic ones, while the origin of the foreign investor is of minor importance. We use three different definitions of “South” to compare Northern and Southern FDI. Overall, we do not find strong differences in terms of firm productivity growth between Northern and Southern FDI, irrespective of how the latter is defined. However, we find that employment growth is generally higher for firms receiving FDI from other African investors as compared to Northern FDI, and they also receive more technology transfer from their parent company abroad.     

Understanding the role of trade agreements in Indonesia’s FDI

In this paper, we develop the hypothesis that trade agreements influence foreign direct investment (FDI). We extend the conventional model of FDI determinants to accommodate the role of trade agreements. Fitting Indonesian data to this model, we discover strong evidence that, while both bilateral and multilateral trade agreements positively influence Indonesia’s FDI, multilateral agreements have a larger effect. We further distinguish FDI by sector and find sector-specific trade agreements play an active role: these agreements positively influence FDI in the primary and service sectors, but not in the manufacturing sector. We also find that trade agreements positively influence FDI through the export and total factor productivity channels, and less so through the economic growth channel.     

FDI and productivity convergence in Central and Eastern Europe: an industry-level investigation

This paper presents empirical evidence of the effect of FDI inflows on productivity convergence in Central and Eastern Europe, using a new and harmonized industry-level data set. Four conclusions stand out. First, there is a strong convergence effect in productivity, both at the country and at the industry level. Second, FDI inflow plays an important role in accounting for productivity growth. Third, the impact of FDI on productivity critically depends on the absorptive capacity of recipient countries and industries. Fourth, there is important heterogeneity across countries, industries and time with respect to some of the main findings.     

The Long‐run and Short‐run Effects of Foreign Direct Investment on Financial Development in African Countries

This paper contributes to the understanding of the other neglected effects of foreign direct investment (FDI) by analysing how FDI affects financial development in the short run and long run for a panel of 49 African countries over the period 1990–2016. The empirical evidence is based on a pooled mean group approach. With three panels differentiated by income level, the following findings are established: first, while there is a positive and significant long‐run relationship between FDI and financial development in Africa, in the short run the effect of FDI on financial development is negative. Second, the effect of FDI is positive and significant in the long run in the three sub‐samples. However, in the short run, the effect of FDI is negative and significant in lower‐income countries and non‐significant in lower‐middle‐income and upper‐middle‐income countries. Overall we find strong evidence supporting the view that FDI promotes financial development in African countries in the long run.     

The determinants of bilateral FDI: Is Asia different?

Intra-Asian foreign direct investment (FDI) is dominated by flows from high technology economies to medium technology economies, while FDI elsewhere primarily consists of flows among high technology economies. This distinctive pattern is not due simply to differences in the relative distribution of Asian FDI recipients by technology, or to systematic differences in Asia's technology characteristics. A gravity model analysis is used to explore whether Asian FDI patterns differ significantly from those elsewhere, and if so, in what ways. The results show that Asian FDI flows, in contrast to other FDI flows, systematically favor hosts with relatively low technology achievement and relatively strong intellectual property rights regimes. This type of “Asian exceptionalism” is consistent with “flying geese” theories that have argued that Asian development is the result of technology flows among economies that occupy nearby rungs of the technology ladder.