Capital or knowhow: The role of foreign multinationals in Sino-foreign joint ventures

China's success in attracting foreign direct investment has been cast in doubt as mainly a transfer of capital, not knowhow, because its financial system is incapable of allocating domestic savings and hard-earned foreign reserves to domestic enterprises. To shed light on this debate, we examine the determinants of equity sharing in Sino-foreign joint ventures with the premise that the roles of foreign direct investment (in transferring capital or knowhow) should be reflected in equity sharing between multinational firms and local firms. Our empirical analysis offers strong evidence for foreign direct investment as a transfer of knowhow, but limited support for foreign direct investment as a transfer of capital, which points to the need for further reform in China's financial system.     

跨国公司研发机构中国区位选择因素的实证分析

相对于跨国公司在中国直接投资的研究,学者关于跨国公司对中国研发投资的研究并不多。本文是以加入WTO以后市场规模日益增大的中国市场为研究对象。通过建立多元线性回归模型对影响跨国公司研发投资区位选择三大基础因素进行实证分析,以期验证影响和决定跨国公司研发机构在中国区位分布的各个基础经济变量的有效性。     

Antidumping and foreign divestment: Japanese electronics multinationals in the EU

This paper explores the relationship between the closure of “antidumping jumping” manufacturing plants and the repeal of antidumping measures. Of 67 identified Japanese “antidumping jumping” production lines in the EU in 1990 only 31 remained in operation in 1999. Analysis of the probability of divestment for 209 Japanese plants in the broadly defined electronics industry shows that Japanese plants of manufacturing products for which antidumping duties had been repealed are significantly and substantially more likely to be divested. The results suggest that the potential positive effects of antidumping duties on host economies by inducing inward investment are in many cases short-lived and easily overestimated. JEL no. F23, F13, L11     

Multinationals: Too Many or Too Few?— The Proximity–concentration Trade-off

The paper builds an analytically tractable model that illustrates the “proximity–concentration trade-off” involved in horizontal multinationals. For low trade costs, firms are single-plant firms, for intermediate costs, some are single-plant firms whereas others are multinationals, for large trade costs, firms are multinationals. Because of the modeling strategy, the model is suited for a welfare analysis of multinationals. It shows that too many firms choose to concentrate their production in only one location. Also, for some transport costs, a reduction in transport costs worsens welfare.

Fiscal policy in monetary unions: Implications for Europe

This paper analyzes how the feasible mix of government expenditure and financing arrangements may change with the establishment of a monetary union such as that planned by members of the European Community. We find that a monetary union reduces the feasible divergence across countries in their present discounted levels of fiscal spending. Wide differences across countries in their present and future time patterns of spending are still possible, however. Examination of the empirical evidence suggests that the movement toward greater exchange rate fixity associated with the EMS and participation in quasi monetary unions havenot been accompanied by significant fiscal convergence. The experience of member states of several existing monetary unions, however, suggests that a more effective constraint to budgetary discipline arises within full-fledged unions in operation over long periods, even in the absence of binding central rules on government deficit and debt positions.     

Financial integration and innovation in Europe

The creation of an internal market for financial services by the European Union, along with technological changes in communications and data management, will have a strong impact on banking and financial markets in Europe. This paper presents a selective review of discussions concerning the resulting processes of adjustment and their outcomes. Topics covered include effects on cost efficiency, competition production and trade patterns, and the dynamics of financial regulation in the open, integrated economy.     

在华日本跨国公司筹供体系的特色与影响因素

上世纪90年代末以来,在华日本跨国公司的筹供策略随着其对华投资整体战略的改变发生了明显变化。在华日本跨国公司对现有筹供体系作出的调整,以及在筹供策略上呈现出的明显特点与趋势,为我国国内企业提供了更加广泛的参与国际分工的机会。国内企业想要在更多的领域与在华日本跨国公司合作,并成为某些中间投入品的全球供应商,就必须在配套能力上接受严格检验。     

美国电影业的产业经济学分析

首先论述美国电影业的几个主要行业特征,进而分析美国电影业的产业结构。美国的电影业结构是六大主流制片公司与大量规模不等的独立制片公司并存。虽然当面临新企业进入的威胁时,六大主流制片公司采取了进入容纳政策,但由于美国电影业的经营特点,大多数独立制片公司最终不是倒闭就是被六大主流制片公司收购。     

Agglomeration and location of foreign direct investment: The case of China

This paper investigates the effect of agglomeration on foreign direct investment (FDI) location in China. We use different measures of agglomeration, and test both within and across region agglomeration effect. The results suggest that urbanization, foreign-specific agglomeration and industry diversity have positive impact on FDI location. Urbanization, foreign-specific agglomeration and industry specialization, also significantly promote industrial FDI. The results also suggest there exist both within and across region agglomeration effects. Other factors including market size, wage, education, road density, government policy and trade cost also have significant impacts on FDI location.     

Heterogeneity and the FDI versus export decision of Japanese manufacturers

We investigate whether productivity differences explain why some manufacturers sell only to the domestic market while others serve foreign markets through exports and/or FDI. When overseas production offers no cost advantages, our model predicts that investors should be more productive than exporters. An extension allowing for low-cost foreign production can reverse this prediction. Data for 1070 large Japanese firms reveal that firms that invest abroad and export are more productive than firms that just export. Among overseas investors, more productive firms span a wider range of host-country income levels. J. Japanese Int. Economies 17 (4) (2003) 448–467.     

《烟草控制框架公约》背景下美英烟草企业营销手段的调整与成效

由于世界范围内《烟草控制框架公约》的履行以及各国控烟法律、法规的执行,烟草企业的营销活动受到了严格管制．国外烟草企业近年来对其营销策略进行了相应的调整。文章以美国和英国为例,分析国外烟草企业的营销策略调整与成效。美国烟草商在守法的前提下充分利用各种时机从事多种市场营销活动,并极力争取青少年消费市场;英国企业从强调创造一次性销售交易,转变为与消费者建立稳定的长期关系。这些措施都增强了企业的竞争优势,从而扩大了销售和盈利的空间。     

The Effects of the European Economic and Monetary Union (EMU) on National Fiscal Sustainability

This paper presents a methodology to analyze the responsiveness of fiscal sustainability to the endogenous fiscal discipline that will be strengthened by the EMU. This discipline arises in response to the harmonization of tax systems, the loss of control of current and prospective money financing, and the deepening of financial market-based discipline. The model developed in this paper is a generalization of Blanchard's 1984 model, in which the interest rate is determined endogenously. This provides the framework to analyze more features of the linkage between sustainability and endogenous fiscal discipline. This paper also presents a new intratemporal fiscal sustainability index.     

The quantity approach to financial integration: The Feldstein-Horioka criterion revisited

This paper applies the Feldstein-Horioka criterion, that is, the role of savings-investment correlations, to assess the degree of financial integration in the European Community. We establish a link between the Feldstein-Horioka criterion and three other criteria for financial integration: the covered, uncovered, and real interest parity condition. Subsequently, we evaluate the Feldstein-Horioka criterion for financial integration on the basis of its underlying assumptions. The paper performs both cross-section and time-series analyses of savings-investment correlations. The time-series analysis relies on the concept of cointegration. Our major finding is that the Feldstein-Horioka criterion—contrary to what is usually found in world financial markets—is able to explain an increasing degree of financial integration in the European Community.Symbols S gross national savings - I gross domestic investment - C total private and government final consumption expenditure - M import of goods and services - X export of goods and services - Y gross domestic product - CA current account of the balance of payments - GNP gross national product - NCT net current transfers from the rest of the world - NFI net factor income from the rest of the world - FCF gross fixed capital formation - ST increase in stocks - S_p gross national savings by the private sector - S_g gross national savings by the public sector - I_p gross domestic investment by the private sector - I_g gross domestic investment by the government sector - corrected for a nonzero value of the statistical discrepancy     

房地产开发项目区位因素分析与研究

本文对房地产区位因素进行分析 ,从定性的角度提出房地产开发区位选择的原则 ;同时阐述了居住用房地产和商业用房地产选址时各自所应侧重的方面。为使区位选择更加具有操作性 ,文章还研究了两种房地产开发区位选择的定量分析方法 ,即关键因素评估法和组合权重法     

Strategic R&D Location in European Manufacturing Industries

We empirically test a model of foreign research and development (R&D) investments that takes into account strategic interaction in R&D location decisions by multinational firms in the context of R&D cross-investments, R&D spillovers and foreign technology sourcing strategies. We find support for most of the predictions of the model in an empirical analysis of the location of patented innovations by the largest European manufacturing firms in 22 ISIC industries during 1996–1997. For technology leaders in Europe, foreign R&D ratios respond positively to host country product market competition, while technology laggards avoid these locations. Foreign R&D by technology laggards increases more strongly with the efficiency of (reverse) international technology transfer while leaders are attracted more strongly to countries with better intellectual property rights (IPRs) protection. Foreign R&D of both technology leaders and technology laggards increases with the size of the local knowledge pool and the size of manufacturing operations in the host country. JEL no.  D21, F23, L16     

Two-dimensional analysis of the impact of outward FDI on performance at home: Evidence from Japanese manufacturing firms

This paper empirically investigates two dimensions of changes in firm behavior and performance before and after foreign direct investment (FDI). The first dimension is the difference between vertical and horizontal FDI. The second dimension is the effect of outward FDI on firms’ production and non-production activities in the home country. In our careful empirical analysis we use the propensity score matching method to show that the impact of outward FDI differs by dimension, that is, by FDI type and firms’ production and non-production activities. In particular, while horizontal FDI increases demand for non-production workers, vertical FDI increases demand for skilled production workers.     

Exchange rates and ownership structure of Japanese multinational firms

This paper investigates the determinants of Japanese multinationals’ ownership structures. Unlike most previous studies that neglect the impact of financial constraints on ownership, we add the exchange rate as a measure of wealth and test whether exchange rates affect the ownership share of foreign direct investment projects. After controlling for other variables that affect ownership, we find that exchange rates have a significant effect on the likelihood of wholly owned subsidiaries. We also discuss several other explanations for the link between exchange rates and foreign direct investment and provide evidence that the link stems from capital-market imperfections.     

Specialisation patterns and the synchronicity of regional employment cycles in Europe

This paper examines the degree of correlation, i.e. the synchronicity, among EU regional employment cycles and attempts to link it to changing patterns of specialisation. This topic deserves attention since the existing evidence seems to suggest a rather limited role for a region’s industry structure in explaining its employment growth. A dynamic panel data model is estimated for pairs of regions by within groups, i.e., by a standard fixed effects estimator. The results indicate that synchronicity between regions has declined and differences in regional industry structure can be held account for this.

Steam power, establishment size, and labor productivity growth in nineteenth century American manufacturing

We use establishment-level data from the 1850–1880 censuses of manufacturing to study the relationships among establishment size, steam power use, and labor productivity. Large establishments, measured here by employment, were much more likely to use steam power than smaller establishments. By 1880, slightly more than half of all manufacturing workers were employed in establishments using steam power, compared with 17 percent in 1850 and we show that, after controlling for various establishment characteristics, steam-powered establishments had higher labor productivity than establishments using other sources of power. Moreover, this productivity differential was increasing in establishment size.