关于外商直接投资与汇率变动的关系研究文献综述

外商直接投资是造成我国国际收支表的资本和金融账户盈余的重要原因,汇率与外商直接投资之间存在着相关性。本文从国外和国内对该问题的研究视角做出理论综述。国外学者关于汇率和外商直接投资的相关性研究,基本上都得出了东道国货币贬值会刺激FDI流入的结论,并提出了"财富效应"理论等经典假说。国内学者关于这两者的研究有着不同的结论,认为汇率对FDI的影响要区分长短期因素,长期东道国货币贬值会刺激FDI流入,短期汇率对FDI影响不大。     

FDI对中国产业结构优化的负面影响

外商直接投资(FDI)促进全球经济的发展,也对东道国产业产生直接或间接的影响,从而改变东道国的产业结构,一方面有可能促进东道国经济结构和产业结构的优化;但另一方面,如果利用不当,也会对东道国产业造成严重的负面影响。本文通过探讨FDI对中国产业结构的负面影响,结合我国FDI利用的实践,提出对安全高效利用FDI以促进中国产业结构优化的建议。     

外国直接投资对国内资本“挤出”效应的实证研究——从资本形成角度看FDI对我国经济增长的影响

FDI在直接增加东道国资本流量的同时,还会对国内资本产生一定的“挤出”或“挤入”效应。因此,从资本形成角度看,FDI对东道国经济增长的影响是不确定的,其取决于FDI最终“挤入”还是“挤出”了国内资本。本文利用我国1985年至2003年的相关数据,通过经济计量模型对此进行了实证研究,结果表明,FDI虽然对我国国内资本的“挤出”效应和“挤入”效应并存,但总体上有一个“净挤入”的效果,因此,从资本形成的角度来看,FDI促进了我国的经济增长。本文建议我国应继续扩大利用FDI,并对抑制FDI对国内资本的挤出效应提出了相应的建议。     

我国FDI技术溢出影响因素分析

外商直接投资(FDI)作为国际资本流动的主要形式,已成为我国经济增长的重要推动力量。内生经济增长理论认为,FDI通过技术溢出效应提高东道国的技术水平,进而促进该国内生化经济的增长。但FDI的技术溢出效应并不总是为正,其效应的发挥还受到一系列因素的制约。本文从东道国角度出发,从宏观、行业、企业三个层面对我国FDI技术溢出效应的影响因素进行分类分析,以期为我国FDI技术溢出正效应的发挥提供相关的理论依据。     

国际直接投资的就业结构效应研究——基于东道国视角

国际直接投资引起了世界各国经济和社会的变革,其中一个重要的方面就是对各国国内就业的影响和冲击。本文以东道国为视角,通过理论模型和计量分析两种方法,重点研究FDI对东道国国内就业结构的影响。研究表明,FDI对东道国就业结构具有深刻影响,这种影响取决于各部门所占的劳动比例、各部门中劳动生产率对劳动的弹性以及FDI在各部门中所占的比例;FDI对中国就业结构优化有着积极的促进作用。     

外商直接投资和金融发展对经济增长的影响

一个健全的金融市场是吸引外商投资带来技术外溢效果的条件,而FDI究竟是否会对东道国经济增长有帮助,决定于东道国的环境。近30年来,全球越来越多国家开放FDI进入,参与国际分工生产,这些国家分布于东南亚、拉丁美洲等地区,一般认为FDI带来技术转移,再经东道国力争配合与改善后,中低收入国家确实会因投资国家的协助使其经济增长有向上增长的表现。     

中国OFDI与东道国环境质量:影响机制与实证检验

本文从FDI来源国的角度,分析中国OFDI对各东道国环境质量的影响.借助Copeland-Taylor模型,本文建立了中国OFDI通过影响东道国单位产出污染密度,继而影响东道国环境质量的理论机制,并利用2003-2014年中国对外直接投资流量和存量数据,以及168个东道国(地区)经济发展指数数据,对理论模型进行了实证分析.同时,考虑到中国OFDI对不同收入水平的国家存在差异化投资,本文进一步对各东道国(地区)按收入水平分样本进行了实证检验.结果显示,中国OFDI规模的增长总体上促使东道国(地区)污染物排放总量增加,但从人均排放的角度,中国OFDI显著降低了污染物排放量,提高了东道国(地区)能源利用效率,改善了当地环境质量.分样本回归的结果显示,无论在污染排放总量还是在人均污染排放量方面,中国OFDI改善东道国(地区)环境质量的效果在高收入水平的国家中更为明显.     

金融发展对FDI溢出效应的影响——基于人力资本流动视角的分析

本文通过构建两阶段的两部门开放经济模型,考察了基于人力资本流动途径的FDI溢出效应的作用原理,进而研究了该过程中金融发展的作用机制。理论研究表明,FDI能够降低东道国人员自主创业所需的企业家才能门槛值,实现基于人力资本流动途径的FDI技术外溢;金融发展效率提高能扩大"FDI对企业家才能临界值的边际降低值",通过促进东道国自主创业推动国内经济增长。基于1985-2009年全国时间序列和省际面板数据的实证结果表明,FDI对我国经济增长具有明显的资本积累效应;受金融发展程度所限,现阶段我国FDI技术溢出和人力资本外溢拉动国内经济的效应尚不显著。     

FDI与技术溢出:理论述评

通过对FDI与产业内溢出、FDI关联与产业间溢出等进行理论研究发现：在一定程度上FDI推进了东道国企业进行战略性调整,促进了东道国经济的增长,但是,东道国引进FDI重要期望是FDI产生溢出效应,给东道国带来更为先进的技术和管理经验,而实际上,一些核心技术、关键仪器设备以及一些很重要的岗位仍牢牢地掌握在投资国手中,东道国亦未给予投资国相应的激励,东道国所想要得到的预期溢出效应并不乐观。FDI的溢出效应具有环境的依存性,东道国的经济环境、政策、法规、人力资源状况等都会影响FDI溢出效应,所以,溢出效应的作用机制应该成为研究的重点与核心,进而营造促进FDI产生溢出效应的环境,使我国达到FDI溢出效应预期结果。     

长三角FDI与城市经济增长比较研究

自上世纪90年代以来,长三角地区经济保持着高速的增长势头。其中．外国直接投资（FDI）的大量进入,无疑是促进其经济高速增长的一个重要因素。从FDI与东道国经济增长的相互关系理论入手．针对FDI对长三角地区不同城市经济增长影响的差异,考察了FDI占GDP比重的演变与经济增长速度之间的关系．并构建了实证模型,对FDI与经济增长之间的关系进行了比较研究。结果表明：长三角三大区域经济增长速度与FDI流量的变化之间具有很强的正相关性,不同区域FDI的产出弹性有很大的区别．且FDI对国内资本产生了一定的“挤出效应”.     

外商直接投资、环境管制与环境污染

本文就外商直接投资、环境管制和环境污染的关系建立联立方程模型,并运用中国1992-2006年的数据对其进行计量检验,结果表明:外商直接投资通过影响中国的经济规模、结构和技术进步从而对环境产生影响,外商直接投资存量的增加扩大了经济规模,使工业污染排放增加,同时其存量增加也优化了经济结构和提高了技术水平,进而又减少了工业污染排放,外商直接投资对中国环境的总效应是正面的,但影响程度较小。另外,宽松的环境管制是吸引外商直接投资进入的一个重要因素,已经显现出一定"污染避难所"效应,但中国并未成为"污染避难所"。     

Corruption and FDI: Does the Use of Distinct Proxies for Corruption Matter?

Abstract

The relationship between FDI and corruption/institutional quality in host countries has been widely analyzed. However, the use of distinct samples and indicators for corruption tends to hinder the interpretation and outcomes of econometric assessments. The aims of this paper are to assess the extent to which the use of distinct proxies for corruption provides diverse evidence regarding the relationship between corruption and FDI, and to assess whether controlling for other indicators of institutional quality reinforces the effect of corruption indicators on FDI inflows. In order to accomplish these goals, we estimate a set of multivariate logistic models using 96 countries over the period 2000 to 2010. The results evidence that using distinct proxies for corruption variables, as well as controlling for other types of the countries’ institutional quality, generate distinct outcomes. In isolation, a country’s transparency and its citizens’ corruption perceptions fail to impact on FDI whereas a bribe-free environment is conducive to FDI inflows. When we control for the human, social and economic development of the countries, the impact of a transparent and bribe-free context on FDI attraction is enhanced. Overall, it is clear that in order to become a large recipient of FDI a country has to guarantee a transparent and bribe-free environment, characterized by low income taxes, high literacy rates and generalized economic freedom (own labor and property control by citizens).     

我国外商直接投资环境效应的经验研究

受Jie HE(2006)研究的启发,本文以SO2排放量表征环境污染水平,在1997-2004年间除西藏以外我国29个省及直辖市的面板数据基础上建立了联立方程模型,并对其进行了分析,结果表明:在我国,FDI存量诱致的经济规模扩张和经济结构变化带来的环境效应均为负面的,而其诱致的技术转移带来的环境效应为正面的,但FDI存量的总体环境效果则是消极的。     

人力资本流动对FDI技术溢出效应的影响——基于吸收能力的实证研究

人力资本流动对增强东道国自身技术吸收能力具有重要意义。本文选取来华留学生数与留学回国人数以及外资就业率作为人力资本流动的代理指标,使用数据包络分析方法（DEA）来测算技术进步,就人力资本流动对FDI技术吸收能力的影响进行了实证分析,并得出结论：FDI和人力资本流动相结合与技术进步存在正相关关系．但正效应并不显著。因此,我国应当提高人力资本流动质量,提升其总体水平,为FDI技术溢出创造优越的人才环境。     

The Effect of National Corporate Responsibility Environment on Japanese Foreign Direct Investment

We examine the relationship between Japanese foreign direct investment (FDI) and the national corporate responsibility (NCR) environment in host countries using corporate social responsibility and international business theories. Based on data from the Japanese Government’s Ministry of Finance AccountAbility, and other sources, we find that the level of NCR has a positive relationship with FDI inflow for developing countries. The relationship for developed countries is negative but not statistically significant. The underlying host country development stage moderates the relationship. The results can help deepen understanding of FDI behaviors and have practical implications for host countries in terms of attracting FDI.     

FDI与我国生态环境安全——基于我国工业面板数据的经验分析

本文基于1992-2007年中国工业的数据,对流入我国的FDI与我国生态环境污染之间的关系进行经验分析,研究表明,FDI与环境污染之间存在长期关系,FDI加剧了我国的环境污染,同时环境污染的加剧又吸引了更多的FDI的流入,从而影响我国生态环境安全,最后对此提出了对策。     

To What Extent Can Foreign Direct Investment Help Achieve International Development Goals?

For FDI to help alleviate absolute poverty and stimulate economic growth in developing countries, two conditions have to be met. First, developing countries need to be attractive to foreign investors. Second, the host‐country environment in which foreign investors operate must be conducive to favourable FDI effects with regard to overall investment, economic spillovers and income growth. This paper argues that it is more difficult to benefit from FDI than to attract FDI. The widely perceived concentration of FDI in few developing countries tends to obscure that, in relative terms, various small and poor countries are fairly attractive to FDI. Yet, the mobilisation of domestic resources remains by far, more important than attracting FDI for financing investment and stimulating economic growth. Furthermore, high inward FDI is no guarantee for poverty alleviation and positive growth effects. In particular, the empirical evidence suggests that host‐country conditions typically prevailing in poor countries, including weak institutions and an insufficient endowment of complementary factors of production, constrain the growth‐enhancing and poverty‐alleviating effects of FDI. The crux is that creating an environment in which FDI may deliver social returns will take considerable time exactly where development needs are most pressing.     

The effects of competition policy,regulatory quality and trust on inward FDI in host countries

This article develops a comparative institutionalist framework to investigate how pro-enforcement reforms leading to a change in competition policy regimes attracts FDI in host countries, and how this relationship is moderated by the interplay between key formal and informal institutions. We revisit the FDI theory by integrating insights from economics of competition policy and the most recent debate on how institutions matter to international business. We contend that the effectiveness of competition policy enforcement is a crucial factor in attracting FDI, but only in host countries characterized by institutional configurations where the lack of trust is concomitant with a high-quality regulatory institutional environment. Our analysis on a sample of 63 countries followed in the 1980–2017 period supports our hypotheses. This paper contributes to a deeper understanding on the competition policy–FDI relationship at national level and has implications for policy makers.     

The impact of horizontal and vertical FDI on host's country economic growth

In this paper, we contribute to the literature investigating the impact of FDI on host country economic growth by distinguishing between the growth effects of horizontal (market seeking) FDI and vertical (efficiency seeking) FDI. Using a new database, we estimate the growth effects of vertical and horizontal US MNE activity into 44 host countries over the period 1983–2003, also using traditional total FDI figures as a benchmark. Controlling for endogeneity and absorptive capacity effects, we find that horizontal and vertical FDI have positive and significant growth effects in developed countries. Moreover, our results indicate a superior growth effect of horizontal FDI over vertical FDI. In line with existing literature, we find no significant effects of horizontal or vertical FDI in developing countries.     

FDI对环境质量的影响:以江苏为例

随着改革开放的快速发展,我国FDI流入量逐年增长,人们对生态环境的要求也越来越高。从2003年起,江苏省吸收FDI持续七年保持全国第一,FDI为江苏省带来了资金和技术,促进了本省的经济增长,同时也引发了人们对环境的关注。本文从江苏省吸收FDI的现状出发,运用1999-2008年江苏省的时间序列数据,对江苏省FDI实际利用量情况与"三废"排放量情况进行回归分析,发现江苏省的环境因FDI的大量流入而成正相关。