Ownership advantages,home production,foreign production and exports of direct investing firms—Some evidence from austrian firms

This paper formulates a simple model of a monopolistic, horizontally integrated, multinational firm with multiplant economies of scale generated by inputs with public good characteristics. The econometric analysis of the model conducted with a sample of Austrian firms points to a substitutive relationship of foreign production and home production with foreign production significantly lowering exports. The estimation results, however, indicate in accordance with the economic model that multiplant economies of scales significantly lower the magnitude of substitution. Holding exports constant a complementary relationship between home production and foreign production would appear indicating that substitution would be much higher in the absence of multiplant economies of scale.     

The impact of foreign direct investment on the relative return to skill

Since the early 1980s, China has adopted favourable economic policies to attract FDI in order to facilitate technology development. Since inward FDI induces either sector‐ or factor‐biased technical progress, the impact of FDI on the distribution of income between skilled and unskilled labour is not trivial. This paper introduces vertical product differentiation to analyze the impact of FDI on the return to skill and concludes that, for a labour abundant country, this impact depends on whether the FDI‐induced technology transfer is skill‐ or labour‐biased, regardless of which sector receives FDI. The analysis shows that FDI with relatively labour‐biased technology will decrease the wage gap while FDI with relatively skill‐biased technology will increase the profit margin of the host country’s exports as well as its wage gap. The findings provide policy insights for FDI recipient countries in balancing wage growth between skilled and unskilled workers by managing inward FDI with relatively labour‐biased and skill‐biased technologies. This is particularly important for China given the expected further increase of inward FDI following its imminent membership of the WTO. JEL classification: F23, J31, P33.     

How does foreign direct investment affect economic growth in China?

How does inward foreign direct investment (FDI) affect a transitional economy? This study attempts to analyze the role of FDI in China’s income growth and market‐oriented transition. We first identify possible channels through which FDI may have positive or negative effects on the Chinese economy. Using a growth model and cross‐section and panel data for the period 1984‐98, we provide an empirical assessment, which suggests that FDI seems to help China’s transition and promote income growth, and that this positive growth effect seems to rise over time and to be stronger in the coastal than the inland regions. JEL classification: F21, F23, O53.     

Research Note: The slow growth of foreign direct investment in the Soviet Union successor states

This note reviews the statistical evidence on foreign direct investment (FDI) in the countries of the former Soviet Union taking into account data from both host countries and countries of origin. The main characteristics of this FDI and its variation among the successor states of the Soviet Union are established. The contribution of FDI to economic transition is so far limited to some sectors and regions, and unlikely to accelerate in the near future.
JEL classification: F21, F23, P31.     

The mediating role of export-oriented Japanese foreign direct investment in China

Since the early 1990s, China has become the largest destination of Japanese foreign direct investment （FDI）. Observing this trend, the authors analyzed whether Japanese FDI did promote exports from China to the rest of the world, and more importantly, whether this is a strategy adopted by Japanese multinationals to penetrate not only the Chinese market but also the global market. This analysis takes into account not only the direct effects of FDI on exports, but also the indirect effects, by examining the mediating role of export oriented Japanese FDI in China from 1998 to 2007 through panel analysis. The study contributes to the conceptual framework of indirect relationship among the macroeconomic variables, FDI and exports provides some insights into the strategy of export oriented Japanese FDI in creating a win-win platform for Japan and China.     

Tax incentives and foreign direct investment in China

The preferential tax policies for foreign direct investment (FDI) in China were terminated by a tax reform in 2008. This article uses the provincial-level panel data for 1998?2008 before the reform in order to study whether the tax incentive had been a significant determinant of foreign investment decisions. We find that market size and geographic location had significant impacts on the FDI inflow into China but the tax incentive policies were not a sufficient determinant of FDI inflow into China over the periods studied, which provides a rationale for the termination of the tax incentives in FDI at 2008 reform in China.     

外商直接投资对我国工业化进程的效应分析

本文利用误差修正模型考察了外商直接投资(FDI)对我国工业化的效应。一般认为,引进FDI可以有效地并持久地促进工业化进程。在验证这一重要论点之后,本文发现:FDI对我国工业化进程的影响存在着一定的时滞;初始的FDI有助于来年进一步引进FDI。本文异于已有研究处有:采用比较客观的工业化指数测度方法;强调了技术溢出效应在研究FDI与工业化关系中的意义。本文为未来的研究提供了方向。     

我国外汇储备急剧增长的原因及实证检验

截至2011年6月,我国外汇储备已高达31 975亿美元。贸易顺差、人民币汇率、外商直接投资和货币供给量被普遍认为是影响我国外汇储备规模的普遍因素。通过实证分析探讨了这些因素与外汇储备急剧增长之间的关系,并给出了相应的政策建议。     

主权财富基金对外直接投资的选择

针对主权财富基金对外直接投资的选择问题,提出从行业和企业两个层面对值得入股的国内企业进行选择。首先论述了主权财富基金在对外直接投资时进行行业选择的思路,分析了我国主权财富基金对外直接投资的行业战略,进一步确定了行业组合的优先次序;然后针对所选行业中的国内上市公司,运用DEA模型对其进行了效率评价,最终确定主权财富基金的国内企业选择。     

Outward foreign direct investment and domestic innovation performance: evidence from China

The existing literature has explored the existence of reverse technology spillover through outward foreign direct investment (OFDI), which means domestic firms improve their technological innovation and productivity due to overseas investment activities. This paper aims to examine how the host country affects reverse technology spillover from OFDI. The findings show domestic innovation performance (DIP) is positively related to OFDI in developed countries while it is negatively related to OFDI in transitional and emerging markets. It is also found that financial development and human capital weaken the positive relationship between OFDI in developed countries and DIP and also weaken the negative relationship between OFDI in transitional and emerging markets and DIP. These results are further confirmed through robustness checks.     

中国对亚洲地区OFDI的动因——基于投资流向的对比分析

利用2003—2012年中国在亚洲地区的OFDI的面板数据,按投资流向分析中国在该地区OFDI的主要动因及其他因素的影响。研究发现:中国对亚洲地区发展中国家的顺向OFDI具有显著的市场寻求、自然资源寻求和效率寻求的动因,而创造性资产寻求的动因不显著;中国对亚洲地区发达国家的逆向OFDI具有显著的市场寻求和创造性资产寻求的动因,不具有显著的效率寻求和自然资源寻求的动因。     

The impact of electricity prices on foreign direct investment: evidence from the European Union

We examine the impact of electricity price variation on net FDI (%GDP) inflows in countries of the European Union. We use panel data of 27 EU countries for a period of 2003 – 2013. We show that electricity prices of south-western and north-eastern EU countries did not converge to one price until now. Dynamic panel data analysis using system GMM shows that besides unit labour costs, tax rates and competitive disadvantage in secondary education, also higher electricity prices reduce countries’ ability to attract FDI. The immediate effects are statistically significant across both sub-regions analysed: in the short run, a 10% increase in electricity prices leads to a decrease in net FDI inflows as a share of GDP by 0.4 percentage points for the south-western and 0.33 for the north-eastern region. In the long run, the response is 0.60 percentage points for south-western and 0.48 for north-eastern regions. Policies should aim at reducing electricity market price differences on the European level through investment in transborder transmission capacity; reductions in FDI, when environmental policy increases after-tax electricity prices, should be countered by other tax reductions as well as harmonization of property rights, absence of corruption and labour market regulations at best-practice level.     

中国对非投资促进非洲东道国经济增长的效率评价——基于DEA

使用数据包络分析方法,运用CCR模型与BCC模型对中国对非投资促进非洲东道国经济增长的技术效率、纯技术效率与规模效率进行了评价。从中国企业的对非投资决策、适应市场环境能力和实现经营规模等方面来看,中国对非投资的总体发展趋势是逐步扩大经营规模,但对部分国家的生产要素投入应有所控制。     

外商直接投资对浙江省内投资的挤入效应研究

本文建立了衡量挤入、挤出效应的计量模型，利用模型定量地讨论了外商直接投资（FDI）对浙江省国内投资的挤入、挤出效应，得到了外商直接投资对浙江省内投资存在挤入效应的结论，并分析了产生挤入效应的原因。     

Assessing participation in voluntary environmental programmes in the developing world: the role of FDI and export orientation on ISO14001 adoption in Thailand

Empirical assessments of the determinants of firm participation in Voluntary Environmental Programmes (VEPs) in the developing world are largely absent from the environmental regulation literature, leaving a number of important factors unique to such countries unexplored. This article examines these factors, namely the roles played by Foreign Direct Investment (FDI) and export orientation, in addition to factors deemed important in the industrialized world context to the problem of ISO14001 adoption in one developing nation, Thailand. We make use of unique primary data from 494 firms, and focus on three important industries, the resource-based food and beverages industry, the labour-intensive textiles and wearing apparel industry, and the more high-technology electronics and electrical appliances industry. We find that FDI plays a role in ISO14001 adoption, especially FDI from Organization for Economic Co-operation and Development (OECD) and ISO14001-rich countries. Other important determinants include firm size, experience with ISO9000, and production of intermediate products. Firms faced with fewer obstacles to environmental improvements such as those facing lower costs, having more understanding of the procedure, and with greater access to the appropriate technology are also more likely to adopt ISO14001.     

An alternative approach to the monitoring of technological diffusion via foreign direct investment: evidence from the Greek manufacturing sector

The existing studies of foreign direct investment and the corresponding technological diffusion process that they generate, focus either on specific parameters of the production process in isolation, or they combine certain parameters to construct indices that are not consistent across studies. The present analysis proposes an alternative approach that captures the entire production process and multinational firms are viewed as the platform that transfers more advanced technologies to the host countries. As multinational firms are able to utilise more efficiently the available production process, an efficiency gap ensues between the domestically owned firms of a country and the multinational firms that operate in it. We capture and provide a measure and a monitoring mechanism of the technological diffusion process via foreign direct investment through the evolution of the efficiency gap between the two groups of firms whilst controlling for other variables that might contribute to such a gap. We apply our approach to the manufacturing sector of the Greek economy that experiences a consistent presence of foreign direct investment inflows over the time period 2001–2007.     

税收优惠政策调整对FDI流入的影响分析

随着新的企业所得税法的实施,税收优惠政策也发生了巨大调整。通过对新税收优惠政策的分析及最新数据的比较得出：企业所得税法税收优惠政策的调整不会阻碍FDI的流入,相反,新政策在目前甚至将来还有助于FDI的质量的提高和数量的增加。     

浅析国际直接投资自由化进程中的中国外资政策

随着全球经济一体化的演进，国际直接投资日趋自由化流动。国际直接投资自由化的兴起在全球经济的增长和国际分工深化的进程中发挥了越来越重要的作用。我国是利用国际直接投资的大国，目前正处于向市场经济转轨的关键时期，经济体制和市场结构还不完善，如何在确保国家经济安全的前提下，推进国际直接投资自由化进程，积极合理地扩大引资规模，应成为人们关注的焦点问题。因此，本文试图探寻国际直接投资自由化的经济机理，总结出国际投资自由化的有效制度安排对现行制度进行调整，以期更好地把握和指导我国改革开放实践及进一步融入国际直接投资自由化进程。