THE IMPACT OF EXPORTING AND FOREIGN DIRECT INVESTMENT ON PRODUCT INNOVATION: EVIDENCE FROM CHINESE MANUFACTURERS

To understand the drivers of product innovation at the firm level, I compare the effects of foreign direct investment (FDI) and exporting on product innovation using a rich firm‐level database of manufacturing and industrial enterprises. The article focuses on product innovation, as it is vital to economic development. Estimates from linear regressions and propensity score matching tests show that learning‐by‐exporting is a stronger predictor of product innovation. Firms that receive foreign investment also tend to engage in more product innovation, but not at the same level as the firms that export. Additional tests confirm that as they start and stop exporting, firms change their patterns of investment in the drivers of product innovation—fixed capital and research. (JEL D22, F14, F23, L25, O31)     

外商直接投资对中国经济影响分析

本文认为外商直接投资在中国的发展变化为：①发展有波折、但总体增长迅速；②由合作企业转向合资企业；③港台地区成为主要外资源地；④重点由服务业转向制造业；⑤主要集中于沿海地区。外商直接投资对中国经济的影响表现在：①资本总量和产出增长；②就业机会和劳力素质；③经济体制和管理体制：④技术引进；⑤市场扩大。     

FDI外溢效应对我国工业行业技术进步的影响

我国工业行业存在明显的FDI外溢效应的人力资本"门槛效应",要想充分利用FDI的外溢效应,必须跨越人力资本门槛,提高人力资本水平、技术装备水平、研究开发能力和消化吸收能力。     

THE QUALITY OF INSTITUTIONS AND FOREIGN DIRECT INVESTMENT

Using bilateral foreign direct investment (FDI) stocks around the world, we explore the importance of a wide range of institutional variables as determinants of the location of FDI. While we find that better institutions have overall a positive and economically significant effect on FDI, some institutional aspects matter more than others do. Especially, the unpredictability of laws, regulations and policies, excessive regulatory burden, government instability and lack of commitment play a major role in deterring FDI. For example, the effect of a one standard deviation improvement in the regulatory quality of the host country increases FDI by a factor of around 2. These results are robust to different specifications, estimation methods, and institutional variables. We also present evidence on the significance of institutions as a determinant of FDI over time.     

外商投资与天津电子信息产业群的形成演化研究

产业群是产业发展的一种内在规律,也和经济的对外开放程度有很大关系。文章以天津电子信息产业群为例,分析了外商直接投资对地方产业群形成演变所起的作用,认为大量的外资进入是产业群形成的直接动力,建立在供给与需求机制上的跨国公司与当地国有企业之间产业链的融合是产业群成长的根本动力。随着跨国公司在全球的投资目标和经营方式的改变,本地生产网络和全球生产网络格局发生了变化,对于这一类产业群,其持续的发展有赖于不断的制度创新。     

THE PROVISION OF PUBLIC INPUTS AND FOREIGN DIRECT INVESTMENT

A small open economy model is developed that incorporates direct and indirect effects on multinational location decisions associated with public input provision. It is shown that when agglomeration externalities are present in local intermediate goods markets, public input provision can affect multinational firms directly by lowering the fixed costs of production and indirectly by decreasing the costs of intermediate inputs, but growth is contingent on achieving a critical mass of investment. It is further shown that the effectiveness of a policy of public input provision over a policy of subsidy incentives is critically dependent on key market parameters in the host country . ( JEL F2, H4, O1)     

THE POLITICS OF INVESTMENT PARTISANSHIP: AND THE SECTORAL ALLOCATION OF FOREIGN DIRECT INVESTMENT

This paper explores the existence of partisan cycles in foreign direct investment performance. Our theoretical model predicts that the incumbent government's partisanship should affect foreign investors' decision to flow into different sectors of the host country: pro-labor governments would encourage the inflow of the type of investment that complements labor in production; pro-capital governments would promote the entry of investment that substitutes for labor. Empirical evidence from a sample of Organisation for Economic Co-operation and Development countries reveals a pattern of foreign investors' response to partisan cycles consistent with the predictions of the model. First, foreign investment systematically flows into different sectors of the host economy under left- and right-leaning incumbents. Second, we find a positive correlation between foreign investment and changes in average wages under left-leaning incumbents, but no effect on wages under right-leaning governments.     

THE IMPACT OF TRADE AND INVESTMENT AGREEMENTS ON AUSTRALIA'S INWARD FDI FLOWS

International trade and investment agreements are one of the primary instruments of global financial liberalisation. They are enacted to enhance the flows of foreign direct investment (FDI) between signatories by reducing regulatory barriers to investment; promoting stable host investment environments; and guaranteeing investors against non‐commercial risk. As a net capital importer, Australia has sought to attract FDI through participation in such accords since the early 1980s. This paper examines the determinants of Australia's inward FDI flows—focussing specifically on the effects of trade and investment agreements. Using panel data, we find that both bilateral trade and bilateral and multilateral investment agreements attract FDI flows into Australia, thereby indicating that the policy of enticing FDI through participation in these accords is quite possibly effective.     

THE IMPACT OF DOUBLE TAXATION TREATIES ON FOREIGN DIRECT INVESTMENT: EVIDENCE FROM LARGE DYADIC PANEL DATA

To increase inward foreign direct investment (FDI), policy makers increasingly resort to the ratification of double taxation treaties (DTTs). However, the effectiveness of DTTs in inducing higher FDI is still open to debate, as the empirical evidence of existing studies is anything but conclusive. In contrast to earlier approaches, we use a largely unpublished dataset on bilateral FDI stocks, covering a much larger and more representative sample of host and source countries. Controlling for standard determinants of FDI and employing various econometric specifications, our results indicate that DTTs do lead to higher FDI stocks and that the effects are substantively important as well.     

上市公司的财务政策与绩效

本文通过理论和实证分析发现,上市公司的财务政策对绩效有影响作用。派息率作为反映经营者对投资者利益重视程度的指标,对生产效率与资本效益均具有显著性正面效应;长期投资比率作为反映经营者对企业成长偏好程度的指标,对生产效率与资本效益均具有显著性负面效应;而负债比率作为本应反映来自投资者事后惩治力度的指标,对资本效益却具有显著性负面效应。此外,属于竞争性行业的企业的生产效率不低于受保护行业的企业,但其资本效益劣于后者。     

THE COMPLEMENTARITY BETWEEN ENDOGENOUS PROTECTION AND DIRECT FOREIGN INVESTMENT

This paper studies the endogenous relationship between direct foreign investgment (DFI) and trade restriction. A domestic labor union interested in both employment and wages bargains with a foreign firm and lobbies against foreign imports. By endogeneizing the wage rate and incorporating resource-using lobbying, we show that more DFI results in higher lobbying efforts and lower imports under fairly general conditions, i.e. a reversal of quid pro quo DFI. We also conduct comparative statics analysis on wages and lobbying efforts.     

外国直接投资与经济增长的关系及影响

从中国和其他23个发展中国家总量时间序列资料的分析中可以看出,国内生产总值与外国直接投资之间存在着相互影响、相互促进的互动关系。除经济因素以外,稳定可靠的组织机构和城市化的发展在吸引外国直接投资方面发挥着相当重要的作用,它们是促进经济增长的重要因素。     

PATTERNS OF INTRA-INDUSTRY TRADE AND FOREIGN DIRECT INVESTMENT IN AGRO-FOOD PRODUCTS: IMPLICATIONS FOR EAST-WEST INTEGRATION

MOCT-MOST: Economic Policy in Transitional Economies -     

REFORM CREATING REGIONAL TRADE AGREEMENTS AND FOREIGN DIRECT INVESTMENT: APPLICATIONS FOR EAST ASIA

Abstract. We estimate the investment creation and diversion effects of RTAs by using an extended gravity equation focusing on domestic reform as a commitment device for RTA membership. As a case study, we estimate the impact of proposed East Asian RTAs on inward FDI. We find that: (i) reform creating RTA membership, larger market size, better skilled labour and lower trade costs all contribute positively and significantly to inward FDI; and (ii) most of the proposed East Asian RTAs promote intra‐bloc FDI. In particular, both South–North and North–North RTAs prove to be more preferable membership combinations to South–South RTAs in East Asia.     

中国对外直接投资分析

文章对中国对外直接投资数量及投资地区进行了分析，认为我国对外投资的数量与发达国家相比还很少，这与我国在世界经济中的地位不相称，应该改善和创造条件，发展和扶植对外直接投资；而我国对外直接投资的地区分布则与各个国家和地区的经济发展水平比较一致。     

EC INTEGRATION AND JAPANESE FOREIGN DIRECT INVESTMENT IN THE EC

This study proposes two hypotheses to identify the cause(s) behind the short-term cyclical Japanese manufacturing foreign direct investment in the European Community (EC) in the late 1980s and early 1990s: (i) a catch-up process of Japanese firms in anticipation of EC single market integration in 1993 and (ii) the so-called bubble economic phenomenon caused by the overheated economy following expansionary monetary policy in Japan in the late 1980s. Applying multinomial logit models to the data on parent firms of 283 Japanese manufacturing subsidiaries established in the EC from 1988 to 1992 reveals strong support for the bubble economy hypothesis but not for the catch-up hypothesis. Results also show that under a bubble economy situation, tax-related incentive policies in host countries—e.g., an investment tax allowance for foreign direct investment—are quite important in attracting Japanese firms.     

转型期中国对外直接投资地域分布特征解析:基于制度的视角

转型期中国对外直接投资(Outward Foreign Direct Investment,OFDI)地域分布特征不能被传统OFDI理论所解释。中国OFDI存量高度集中于避税地,地域分布格局偏离发展中国家常规,主要投资地中政治风险较高国家偏多。引入制度理论对中国OFDI地域分布特征进行解释。转型期制度约束与制度缺失是中国OFDI高度集中于避税地的重要原因,企业通过投资避税地来规避制度约束或进行制度套利;国有企业OFDI动机的双重性以及政府的政策倾斜弱化了地理距离、文化距离、经济距离及政治风险等常规因素对国有企业OFDI区位选择以及中国OFDI地域分布的影响;中国企业的非市场能力支持了它们对政治风险较高国家的投资。     

国内外投资环境指标体系的比较

对国内外投资环境评价模式进行比较研究是对我国投资环境进行科学评价的前提。国内外投资环境评价指标体系模式可以分成三大类,即国别模式、地区模式和城市模式,在确立了评价投资环境模式原则和方法的前提下,通过对国内外投资环境体系模式进行纵向比较和横向比较,可以得出国内外投资环境评价的一些共性特征。