外商来华直接投资与中国企业对外投资的差异分析

中国的"引进来"和"走出去"是发展失衡还是渐趋平衡?本文从投资规模、投资产业、投资形式和投资政策四个方面进行了分析。     

Remedy or Poison: Impacts of China's Outward Direct Investment on Its Exports

During the past decade, China's outward direct investment (ODI) and exports have experienced rapid growth, drawing increasing attention to the relationship between them. Using the gravity model based on panel data on China's ODI and trade to 174 countries and regions during 2003–2012, the present paper investigates the impacts of China's ODI on exports. We find that China's ODI to a host country significantly promotes China's trade with that economy: a 10‐percent increase in ODI stock can lead to a 2.14‐percent increase in exports, a 2.07‐percent increase in imports and a 2.87‐percent increase in net exports. The scale of the host country's economy, its infrastructure and its distance to China also have significant impacts on China's exports. Therefore, growth in ODI will facilitate China's trade and integration into the global economy, and enhance industrial upgrading in China by transferring the low‐end industries abroad.     

Do Inland Provinces Benefit from Coastal Foreign Direct Investment in China?

Foreign direct investment (FDI) in China is heavily concentrated in the coastal regions. Do inland provinces benefit from coastal FDI? We use a provincial‐level panel dataset and employ the fixed‐effects instrumental variables regression technique to investigate the interregional spillovers from coastal FDI to inland provinces. The study finds that, on average, coastal FDI has a negative impact on the economic growth of inland provinces. In addition, depending on the different trade activities engaged in (i.e. whether processing trade or ordinary trade), coastal FDI has different impacts on the economic growth of inland provinces.     

外国直接投资、外国证券投资与经济增长:以中国为

文章以中国1982-2005年的统计数据为例,通过建立格兰杰因果关系检验模型以及Johansen协整关系检验模型,对中国FDI、FPI和经济增长之间的短期关系和长期关系分别进行了实证研究,并在此基础上得出相关结论和建议.     

Impact of Foreign Bank Presence on Foreign Direct Investment in China

We analyze the impact of foreign bank presence on foreign direct investment (FDI) in China. The connection between the two could be particularly relevant for an emerging economy like China because the supply of financial services provided by banks may act as a constraining factor. Foreign bank presence may then enable and foster FDI and not simply result from it. Our estimates demonstrate that FDI across regions in China is increasing in the existing network of regional branches of foreign banks, which itself is driven (and, therefore, instrumented) by the timing of the regional phasing out of the local limits for foreign banks on local currency business. The effect of foreign bank presence on FDI is particularly strong for some specific sectors (farming, manufacturing, construction, transportation, wholesale/retail trade and real estate) if those sectors are strongly represented in the source economies.     

Forty Years Development of China's Outward Foreign Direct Investment: Retrospect and the Challenges Ahead

Outward foreign direct investment (OFDI) has increasingly become an important method for China to integrate into the world economy. This paper comprehensively reviews and analyzes policy development and the changing pattern of China's OFDI over the past 40 years. We divide the development into “restricted” (1978–1999), “relaxed” (2000–2016) and “regulated” (2017 onwards) stages. This paper also reviews literature on the impact of Chinese OFDI on China and host countries. Despite its generally positive effects, large‐scale and unbalanced OFDI activities have alarmed Chinese policymakers. Both developing and developed host countries have expressed their concern over national security and the misbehavior of some Chinese overseas enterprises. Therefore, greater supervision and adjustment from quantity to quality growth is necessary for the future development of China's OFDI.     

Outward Foreign Direct Investment and Economic Growth: Evidence from Japan

Abstract

This article aims at analysing the role of foreign direct investment (FDI) outflows in economic performance and the impact of economic growth on outward FDI with the data from Japan. Bivariate and multivariate Granger causality frameworks have been used in this study. The results suggest that the conclusion of bivariate framework may not be valid because it allows omission of important variables. The results of the multivariate framework show that there is a long-run positive unidirectional causality from outward FDI to gross domestic product (GDP) per capita. In the short-run, both per capita income and outward FDI do not allow Granger causality.     

Spatial Spillovers from Foreign Direct Investment: Evidence from the Yangtze River Delta in China

This paper examines the spatial externality from foreign direct investment on domestic firms. Using Chinese firm‐level data for 2004, and after accounting for an endogeneity problem, we find that foreign firms generate a significantly positive spillover effect on the regional productivity of domestic firms in similar counties and industries. Estimating a spatial‐autoregressive model, we further show that such local spillovers could transmit to domestic firms in other counties and industries through interactions among domestic firms. However, these spatial multiplier effects decline with distance, thereby reducing the foreign direct investment spillover effects for domestic firms in distant locations.     

Location Determinants of China's Outward Foreign Direct Investment

Compared to inward foreign direct investment, outward foreign direct investment (OFDI) from China is a relatively new phenomenon. However, the volume of China's OFDI increased rapidly from 2004. There has been an increasing amount of literature on the motivations of China's OFDI, but few studies have focused on its location determinants. The present paper aims to fill this gap in the literature by focusing on two important location factors, natural resources and technology, which are the most important determinants of China's OFDI. We use a large panel dataset comprising 132 countries over the period 1991–2009 and the Tobit as well as the Heckman models to establish the relationship between the two location factors and China's OFDI. The empirical results suggest that although China's OFDI has been driven by the country's desire for a secure supply of natural resources and to attain advanced technology from the developed world, China's technology is also a critical attraction for the host developing economies.     

Technology Gap,Reverse Technology Spillover and Domestic Innovation Performance in Outward Foreign Direct Investment: Evidence from China

This research adds to the literature studying the effects of outward foreign direct investment (OFDI) on domestic innovation performance and the moderating effect of a technology gap between host and home countries. New definitions of observed technology gap and expected technology gap are proposed. An observed technology gap captures the existing differences in technology level between establishments, regions or countries. An expected technology gap is an indication of the effort of imitating and learning from technology leaders. The corresponding measures and effects of observed and expected technology gaps on OFDI‐induced reverse technology spillover are analyzed. OFDI in developed countries promotes innovation performance. However, OFDI in emerging markets hampers innovation performance. It is also found that regions with a wider observed technology gap and a narrower expected technology gap can benefit more from OFDI.     

Quantifying Foreign Direct Investment Productivity Spillovers in China: A Computable General Equilibrium Model

For the purposes of this study, we will construct a static monopolistically‐competitive computable general equilibrium model to quantify the endogenous productivity spillovers from foreign and domestic firms, using the Chinese economy as a case study. Our simulation results indicate: (i) that the net spillover effects are positive in terms of national total output, GDP and welfare; (ii) that both state‐owned and privately‐owned firms benefit, but that private firms benefit more; (iii) that industries with large volumes of foreign direct investment (FDI) do not necessarily observe the largest spillover effects; and (iv) that the spillover effects become more prominent when the initial market structure is more concentrated.     

Chinese Outward Foreign Direct Investment and Industrial Upgrading from the Perspective of Differences among Countries

This paper constructs a two‐sector model to identify the effects of outward foreign direct investment (OFDI) in different countries on China's industrial upgrading and conducts an empirical analysis using provincial‐level panel data from 2003–2015. The results show that China can benefit from industrial upgrading via OFDI in developed countries by way of reverse technology spillover. This effect is significant in the eastern region, but not in the central and western regions. China can also benefit from industrial upgrading via OFDI in developing countries and countries along the Belt and Road through marginal industrial transfer. This effect is more significant in the central region, followed by the western and eastern regions. Our results imply that China should promote technology‐seeking OFDI in developed countries, and enhance efficiency‐seeking OFDI in developing countries, especially in countries along the Belt and Road.     

Impact of Outward Foreign Direct Investment on Domestic R&D Activity: Evidence from Taiwan's Multinational Enterprises in Low‐wage Countries

This paper theoretically and empirically investigates the home‐country effects of a firm's outward foreign direct investment (OFDI) activity, specifically OFDI motivated by lower labor costs in the host country. A two‐country imperfect competition model is developed, and the interaction between a firm's R&D spending and its OFDI is examined. It is found that the relationship between a firm's OFDI and its domestic R&D is indeterminate because there is a complementary effect as well as a substitution effect induced by OFDI activity. Panel data on Taiwanese manufacturing firms from 1992–2005 are applied to test the validity of the theoretical results. The propensity score matching method is used to construct a comparison group without selection bias. Our empirical evidence reveals that a Taiwanese firm's OFDI is positively related to its domestic R&D spending, particularly in R&D‐intensive industries.     

Impact of Foreign Direct Investment and Export on Urbanization: Evidence from China

This paper investigates the impact of foreign direct investment (FDI) and exports on urbanization in China. Using prefecture city‐level panel data covering China's 262 prefecture cities for the period 2004–2013 and employing a dynamic panel system generalized method of moments model with instrumental variable regression techniques, our study finds that FDI and exports have, on average, played a significantly positive role in China's urbanization. However, the impacts of FDI and exports on urbanization vary across regions. FDI has a positive and significant impact on urbanization in the coastal region but has no impact on urbanization in the inland region. Exports have a positive and significant impact on urbanization in both the coastal and inland regions, but the effect is much larger in the coastal region than in the inland region. The results imply that further attracting FDI inflows and promoting exports will contribute to China's urbanization, especially for the inland region.     

当前我国企业发展境外直接投资的战略思考

随着我国“走出去”战略的实施和发展,近年来我国境外直接投资呈现快速增长态势。2008年由于受全球金融危机的影响,我国境外直接投资流量有所下降,这让我国在迎接机遇的同时也体验了风险和考验,但无论如何都不容我国选择逃避与沉默。面对动荡的国际市场,我国必须以积极的姿态,从容睿智地迎接挑战,谋求更大发展。     

长三角外商直接投资对工业经济增长影响的实证分析

文章利用长三角地区2004年经济普查中类行业的截面数据,采用普通最小二乘法（OLS）和分位数回归法（Quantile Regress）研究了该地区外商直接投资对于工业经济增长的影响,在控制人力资本和市场竞争度之后,实证结果表明外商直接投资对于长三角地区的工业经济增长显著正相关,即FDI总的溢出效应为正,同时更富有竞争力的市场也有利于工业总产值的提高。通过长三角地区内部的比较分析得出,上海利用FDI的溢出效应为负,江苏利用FDI的溢出效应为正且不显著,浙江的FDI则具有显著正的溢出效应。     

日本引进外国直接投资与经济结构改革

20世纪90年代中期以后，日本一方面加大了引进外国直接投资的力度，另一方面又开始了新一轮经济结构改革，这两方面存在着密切的联系。随着外国直接投资的大量进入，日本对劳动力市场、企业和金融制度、税收制度等进行了重大的改革。从未来趋势看，引进外国直接投资可能在日本经济结构改革中有更强的促进作用。     

The Determinants and Motivations of China's Outward Foreign Direct Investment: A Spatial Gravity Model Approach

Abstract

The study attempts to investigate the features and determinants of China's outward foreign direct investment (OFDI) into 138 countries and Chinese firms' investment strategies over the 2003–2009 period using an augmented gravity model with spatial linkages. The respective evaluations of China's OFDI are indicative of the important role played by non-financial OFDI. At the same time, Chinese firms prefer to invest in high-tech industries in developed countries while also focusing on the extraction of natural resources around the world. The empirical findings show that the host country's economic size has a significantly positive effect in terms of promoting Chinese OFDI. Chinese firms favour a complex-vertical platform in the developed countries while they prefer a market potential foreign direct investment (FDI) surrounding the host developing countries and an export-platform FDI in the petroleum exporting countries based on the surrounding market potential effect and spatial effect. The fuel extraction motive plays a key role in China's OFDI in line with the realities of Chinese FDI strategies in recent years.