Linkage Measures: a Revisit and a Suggested Alternative

This paper examines major linkage measures in the literature from different perspectives and attempts to clarify some of the controversies over them. The examination and clarification suggest more refined backward and forward linkage measures for linkage indices construction. The measures are then applied to analyse the linkages of Hawaii’s agriculture sectors.     

The two ways of FDI R&D spillovers: evidence from the French manufacturing industry

Using French firm-level panel data, this study investigates R&D spillovers from inward foreign direct investment (FDI) with respect to both horizontal and vertical linkages (backward and forward). Using a Crepon, Duguet and Mairesse (CDM) model, we estimate an R&D-augmented Cobb–Douglas production function to assess the impact of R&D spillovers on firm performance. The results emphasize that international spillovers (from foreign affiliates to local firms) have a greater effect on firm performance than reverse spillovers (from local firms to foreign affiliates) and are more likely to be backward than forward. Moreover, the effect of backward spillovers depends on a firm’s absorptive capacity and is amplified in the case of outsourcing relationships.     

创新型产业集群与政策资源依赖关系研究

政府通过创新平台投入大量政策资源刺激创新,以提升产业集群竞争力。在该发展模式下,产业集群竞争力提升后,集群会更加依赖政策资源还是能够摆脱对政策资源的依赖？以资源依赖理论为基础,将产业集群竞争力分为创新竞争力、规模竞争力和市场竞争力,探讨创新型产业集群竞争力与政策资源依赖之间的关系。以109个创新型产业集群为研究对象,首先采用DEA三阶段分析法,对政策资源依赖进行量化;其次,运用主成分分析法对规模竞争力、创新竞争力和市场竞争力进行量化分析;最后,通过回归分析探究创新型产业集群规模竞争力、创新竞争力、市场竞争力与政策资源依赖之间的关系。结果表明,创新型产业集群创新竞争力、规模竞争力和市场竞争力与政策资源依赖的关系特征存在差异,且受地域和行业影响。具体地,创新型产业集群规模竞争力与政策资源依赖的相关关系十分显著,创新竞争力与政策资源依赖的相关性不显著,市场竞争力在部分地区、行业与政策资源依赖存在显著相关关系。研究结论对于制定合理的创新型产业集群培育政策、推进高端制造业发展具有借鉴意义。     

Growth effects of FDI in 80 developing economies: the role of policy reforms and institutional constraints

Theoretical and empirical literatures have identified several channels through which foreign direct investment (FDI) influences economic growth. This paper examines the impact of FDI on economic output growth per worker using aggregate production function augmented with FDI inflows, economic policy reforms and institutional constraints. The paper covers 80 developing countries over the period 1980–2006. We use panel data and employ fixed, random effects and GMM methods for estimation. Our results highlight the importance of FDI, policy reforms and institutional development for growth in developing economies. Finally, we demonstrate that irrespective of reforms and institutions, an increase in FDI affects output growth positively.     

Where a contract is signed determines its value: Chinese provincial variation in utilized vs. contracted FDI flows

There are major differences between ex ante corporate investment plans and ex post investments. The case of China is useful for understanding this problem because there is substantial time series and cross sectional variation in the ratio of utilized to contracted FDI (UC ratio), which is less than one in most province-year observations. Provinces may believe that they are rewarded for reporting higher levels of contracted FDI, which would lead to lower UC ratios and higher policy incentives in subsequent years. Alternatively, provinces may be rewarded for reporting data more accurately, which would lead to higher UC ratios and policy incentives in subsequent years. Empirical analysis supports the second, institutional theory and suggests that provinces may increase their rate of utilizing pledged FDI by strengthening their legal systems and reducing government bureaucracy.     

FDI资金流动下的政策有效性与人民币汇率政策

本文考虑到我国资本和金融账户下主要以FDI资金流动为主的现实,修正了BP曲线,并建立了一个确定性的静态模型.研究表明,我国主要针对短期资本流动所进行的资本账户管制并没有降低外部经济环境对国内经济的冲击;在以FDI形式为主的资本流动条件下,本币的大幅度升值对我国的经济增长和一般价格水平所产生的收缩性的影响是巨大的,采取大幅度的本币升值措施以缓解中美贸易顺差极不可取,它会沉重打击经济增长和就业目标的实现,并造成通货紧缩的巨大压力.在此情况下,渐进地放松对短期资本流动的管制;或提高本国利率以遏制FDI形式的资本流入;或在本币稳步、渐进升值的同时,渐进地放松对短期资本流动的管制确实可以降低本币升值对宏观经济所产生的收缩性的影响.     

Nominal and real volatility as determinants of FDI

This article examines the role of country-specific sources of output and interest rate or exchange rate volatility in driving Foreign Direct Investment (FDI) activities. Building on a dataset with bilateral FDI flows among 24 Organization for Economic Co-operation and Development (OECD) economies over the period 1985–2007, we find that nominal and real volatility strongly deter foreign investments. Output and exchange rate volatility matter in particular for the decision whether to invest in a foreign country in the first place. Interest rate volatility mainly influences the amount of foreign investments.     

FDI的水平与垂直溢出效应——以长三角二省一市为例

利用2000—2007年长三角地区两省一市27个制造业细分行业的面板数据,实证检验了FDI对内资企业的水平溢出、后向溢出和前向溢出效应,分别就FDI对长三角地区整体和江苏、浙江和上海不同地理单元的27个制造业整体及不同类型组(高、中、低技术产业组)的溢出效应进行实证检验。结果显示,长三角地区、江苏、浙江和上海的FDI都对内资企业具有正的后向溢出效应和负的前向溢出效应,江苏和浙江的FDI的水平溢出效应为正,上海的FDI的水平溢出效应为负。     

基于波特菱形分析中部吸引FDI的优势构建

文章在简单介绍了波特的国家竞争优势理论之后,运用该理论结合中部的实际情况对构成该地区竞争优势的四大要素进行了分析,最后根据前文的论述提出了一些构建优势的建议。     

融资约束、FDI流入对产业增长影响的实证分析——以浙江省为例

拓展了Rajan和Zingales模型,从理论上分析了融资约束和FDI流入对产业增长的影响,并利用2008—2012年浙江省制造业行业面板数据对之进行实证分析。结果显示:FDI通过发挥融资效应对产业增长产生抑制作用;FDI的融资效应对不同所有制企业的增长均具有一定的约束作用,对国有企业的影响效应主要通过产品市场路径传导,而对民营企业的影响效应则通过产品市场和金融市场两方面传导。最后,针对性地提出政策建议以促进产业增长。     

基于产业集群的城市群演化理论分析与研究框架构建

首先介绍了城市群、产业集群和演化的相关理论,从制度、动力、过程和模型3方面对城市群和产业集群的演化进行了回顾和分析,探讨了目前对城市群和产业集群演化的研究存在的问题,最后提出了未来基于产业集群的城市群演化的重点研究内容、逻辑框架和研究目标。     

基于改进D-S模型的产业间贸易、垂直投资一体化模型研究

本文通过在标准的Dixit-Stiglitz模型中引入基于Yang-Heijdra公式的全新解法,构建了全新的产业间贸易、垂直投资一体化模型.这一模型的理论贡献有二:一是在一般均衡理论框架内将垂直型国际直接投资成功地融合在"新贸易理论"框架内;二是采用基于Yang-Heijdra公式的全新解法对模型的两种均衡结构进行了一般均衡分析、边际和超边际比较静态分析,并得出了许多与传统解法不同的相关结论.     

一种不确定条件下的跨国投资项目选择方法

基于可能性理论给出了一种不确定条件下的跨国投资项目选择方法，该方法用可能性分布处理风险和相关因素的不确定性，先分别测算项目的货币收益和非货币收益。然后采用加权平均法对二者进行综合，使评价结果能够综合反映项目的货币收益、非货币收益及其不确定性。     

Economic and non-economic determinants of FDI inflows in Vietnam: a sub-national analysisPost-Communist Economies

This article focuses on identifying the factors that determine FDI inflows at the sub-national level (i.e. provinces/cities) in Vietnam. Based on a longitudinal dataset for the period 2008–2013 of 63 provinces/cities, we examine the impact on FDI of conventional factors (market size, human resources and infrastructures) as well as emerging factors (institutions and policies, domestic and foreign agglomeration) that are suggested by theories in economics and international business. Statistical results show that market size, infrastructure, labour quality, institutions and policies, and agglomeration are major determinants of FDI inflows at the sub-national level in Vietnam. Implications for policy makers and future research are also discussed.     

规模、路径与动因:发展中国家企业的FDI行为探析

发展中国家的企业不仅关心如何通过FDI将利润最大化,也关心提高一般性经营资源的收益。本文应用二阶段理论,综合考虑两个市场、两个阶段和两种状态等因素,对优势企业和弱势企业的决策背景进行了比较,分析了制度学习效应、资源转移效应和国内市场竞争效应等发展中国家企业FDI动因,建立了弱势企业FDI规模的决策模型,该模型也可以用于发展中国家企业FDI行为的路径选择。     

西部地区外国直接投资与经济增长关系的实证分析

本文运用协整和因果关系检验理论,对西部地区从1979年到2005年的外国直接投资与经济增长数据进行实证检验.结果发现二者之间存在长期稳定的关系,并且当滞后两期时,经济增长是外国直接投资的格兰杰原因,而外国直接投资并不是经济增长的格兰杰原因.在协整分析的基础上建立了误差修正模型,分别从长期和短期对两者之间的关系进行了定量分析,并给出了结论和政策建议.     

Openness and the Efficiency of FDI: A Panel Stochastic Production Frontier Study

This paper uses a stochastic translog production frontier to estimate technical inefficiency indices whose conditional mean is specified as a function of FDI and its interaction with openness of the economy. The model is estimated using an annual panel of 46 countries for the years, 1981–2001. The results suggest that increased FDI increases potential output in both developed and developing countries with the effect being more profound in the former. It is also found that increased FDI reduces technical inefficiencies the more open is the economy but that this effect holds only for developed economies. Thus qualified support is found for the “Bhagwati hypothesis” as the results reveal that the efficiency–enhancing effect of FDI depends not only on openness but also on the degree of development of the host country.

外商直接投资对我国三大区域经济增长的贡献比较

外商直接投资对东道国的经济增长具有做出贡献的能力，这一能力因投资国与东道国或经济区域生产函数的不同而贡献的程度不同。通过对我国及三大经济区域FDI部门和内资部门对经济增长的贡献程度的实证比较分析表明，生产函数的不同对经济增长的贡献程度不同；我国及三大经济区域引进的是先进的生产函数，这种先进性表现在FDI部门要素边际生产率高于内资部门要素边际生产率。     

FDI performance: a stochastic frontier analysis of location and variance determinants

The opening up process of the eastern European countries was marked by greater integration of FDI with their western neighbouring countries. Using the single-step ML approach to stochastic frontier analysis, the location and variance determinants of FDI are estimated using the knowledge capital (KK) model framework. The findings, based on a panel of bilateral FDI stocks from 10 western to 10 eastern European countries over the 1996–2007 period, suggest FDI is determined by both horizontal and vertical motives while the process of liberalization and infrastructural developments significantly reduces the variance of FDI. In using a stochastic frontier specification of the KK model, the efficiency of FDI performance is identified relative to maximum levels. The bilateral efficiency scores suggest a mixed performance, indicating scope to improve the efficiency of FDI.     

FDI学派跨国并购理论范式研究

FDI学派跨国并购理论主要是从国际直接投资(FDI)角度,研究厂商跨国并购的根本原因与行为动机的理论学说,是西方企业并购理论的一个重要流派,基本按照产业组织思路与资源禀赋思路展开分析.20世纪60年代以来的FDI跨国并购理论的演化呈现出以下特征:在主导思想方面,新古典政治经济学取代了新古典经济学;在研究思路上,产业组织思路取代了要素禀赋思路;研究重心由新建FDI转向跨国并购FDI;研究视角由单一性理论研究转换成综合性理论研究.