Multinationals, skills, and wage elasticities

The increase in foreign direct investments raises concerns about labor market consequences in many countries. It is feared that multinational firms are inclined to shift jobs abroad and increase job volatility. We use firm-level data to examine if multinationality and foreign ownership affect the wage elasticity of labor demand. Unlike previous studies, we distinguish the effect on different skill groups of employees. We find no general difference in wage elasticity between foreign and domestic firms but the wage elasticity is higher in multinational firms than in national firms, in particular for medium-skilled workers.     

利用跨国公司提升本国研发能力 ——韩国与新加坡的经验与启示

跨国公司作为经济全球化的主要载体，拥有先进的技术和管理经验，如何更好的利用这些跨国公司内部的资源以提升中国的研发能力，已成为展现在我们面前的新课题。韩国和新加坡的经济成就与跨国公司的贡献密不可分，两国在利用跨国公司资源、提高本国研发能力方面均采取了积极措施。本文对两国采取的措施进行了深入分析，为中国利用跨国公司资源提供有益的借鉴。     

对中国国际贸易与FDI相互关系的重新检验

自从Mundell（1957）首次正式探讨国际贸易和FDI（外国直接投资）之间的关系并提出“替代模型”以来，已有众多学者相继提出了“互补关系论”、“不确定性关系论”和“一体化关系论”等各种其他理论。为检验国际贸易与FDI相互关系在中国的实际情况，本文采用协整检验的方法，分别运用外资企业数据、全国数据以及江苏省数据重新检验了国际贸易与FDI之间的长期相互关系。实证结果表明，外资企业的国际贸易与FDI之间存在长期稳定的相互促进关系，基于全国数据的国际贸易与FDI之间没有相互促进关系，基于江苏省数据的国际贸易和FDI之间只具有单向促进作用。本文在解释上述实证结果原因的基础上，给出了相关结论和启示。     

Multinationals,Institutions and Economic Growth in China

This study examines the effects of multinationals and economic institutions on the economic growth of cities in China. Consistent with previous findings, the empirical results suggest that property rights institutions are significantly more important than contracting institutions in promoting economic growth. The direct effect of multinationals on economic growth is generally insignificant statistically. However, a statistically significant and robust interaction effect exists between property rights institutions and multinationals on economic growth, whereas no such effect is observed between contracting institutions and multinationals. The results are attributable to the fact that multinationals can rely on reputation or personal connections to enforce contracts when contracting institutions are weak. However, it is difficult for multinationals to operate when the state expropriates their profits (i.e. property rights institutions are weak).     

出口会影响企业在城市内部的区位选择吗?——基于2004年“中国工业企业数据库”上海市数据的分析

贸易和非贸易企业在城市内部的区位差异体现了资源在贸易和非贸易部门的配置状况。然而鲜有文献考察城市内部贸易和非企业的区位差异问题。文章以上海市为例,使用随机匹配方法和中国工业企业数据库中2004年的上海市数据以及企业的街道水平地理坐标数据,考察了出口和非出口企业在城市内的区位分布状况。实证研究结果发现,出口企业相对于非出口企业来说距离城市中心更远,这意味着企业的出口行为显著影响了企业在城市内部的区位选择。     

South African Exporters and the Global Crisis: Intensive Margin Shock,Extensive Margin Hangover

This paper examines how changes at the intensive (established exporters exporting existing products to established markets) and the extensive (new exporters, products or markets) margins contribute to South African export growth and how this was affected by the global financial crisis. We find that the intensive margin is the more important contributor to export growth, contributing more than three quarters of observed growth. The intensive margin contracted significantly during the global financial crisis of 2009 but bounced back to pre‐crisis levels quickly. However, the impacts on the extensive margin persisted after the crisis with lower levels of entry of firms, new products and new destinations. The short‐term impact of the crisis was mitigated by the concentration of South African exports among larger, more productive super‐exporters. However, the fall in entry of new firms, products and destinations as a result of the crisis may mean that this concentration persists, and, at least over the next few years, South Africa does not diversify and broaden its exports.     

中国企业国际化经营模式探究

中国的改革开放已经走过了40个年头,一路以来,我们砥砺前行,在世界经济的风云变化中勇立潮头,逐步成长为负责任、敢担当的世界经济大国。然而近年来,一些不稳定因素正阻碍着中国企业国际化的发展进程,譬如特朗普政府实行单边贸易保护主义、欧洲右翼势力也呈现扩张趋势等,这些因素都使中国经济,乃至全球贸易蒙上了阴影,世界经济的不确定性也在陡增。因此,本文尽可能从理论研究到实证分析,全方位多角度地探究中国企业国际化发展特点,从而将我国企业国际化经营的模式进行梳理分类,旨在推动中国企业国际化经营走向更高层次、收获更大效益,也为国家有关部门制定相关政策提供裨益的参考。     

制造业全球价值链及其动态演变——基于国际产业关联的研究

文章利用1995~2011年的国际投入产出表,在计算国际产业关联的基础上,勾画了制造业全球价值链,并分析了其动态演变。研究发现:第一,制造业全球价值链呈现明显的区块特征,主要由东亚、欧洲和北美三大区块组成,区块间的联系主要通过不同区块内经济体的关联产生;第二,在制造业全球价值链的动态演变过程中,除受个别冲击因素的影响外,融入价值链的经济体及区块间的联系均在逐步增多;第三,中国已成为制造业全球价值链上关联最多的中心国,但是无论是通过需求拉动还是通过投入推动作用,它对制造业全球价值链上其他经济体产生的影响仍较小。     

Multinationals, Hedging, and Capital Structure under Exchange Rate Uncertainty

This paper examines the interplay of the financing and hedging decisions of a risk-averse multinational firm having a wholly-owned foreign subsidiary. Exchange rate risk management of the multinational firm is shown to have direct impacts on its international capital structure decision and on its currency of denomination decision. If a currency forward market exists, the multinational firm will devise its international capital structure so as to minimize the global weighted average cost of capital. Or else the multinational firm has to rely on a money market hedge through issuing more foreign currency denominated debt and less domestic currency denominated debt, thereby resulting in a higher global weighted average cost of capital. JEL Classification Numbers: D81, F23, G32     

Cars, Paint, and Chemicals: Industry Linkages and the Capture of Overseas Technology Between the Wars

This paper throws new light on the contentious issue of the car industry's contribution to Australian industrial development between the wars. Against assessments that certain supplier industries were inefficient and technologically stagnant, the paper examines the interactions between the car and paint industries in this period and identifies a stimulus and mechanism for far-reaching technological change.     

Multinationals,competition and productivity spillovers through worker mobility

Multinational firms are believed to impact the productivity of domestic firms through worker mobility. Fosfuri et al. (J Int Econ 53:205–222, 2001) suggest that worker mobility and technological spillovers are more likely to materialize when the local and the multinational firm do not compete fiercely in the product market. We assess empirically the importance of the hypothesis by using the Finnish longitudinal employer–employee data. Consistent with the predictions of the model, we find that competition is negatively related to worker mobility but only in high-tech industries where productivity spillovers are present. Thus, our results detail a channel through which competition may negatively affect the productivity of purely domestic firms .     

华为开拓国际市场的策略研究

创建于1987年的华为技术有限公司,在经过28年的发展后,现已成长为一家销售额近2400亿人民币的世界五百强公司。一个中国的民营科技公司能够在短短的时间内取得如此的成功,与其致力于开拓海外市场有分不开的关系。     

Multinationals, production efficiency, and spillover effects: The case of the U.S. auto parts industry

Multinationals, Production Efficiency, and Spillover Effects: The Case of the U.S. Auto Parts Industry. — Since the mid-1980s many of the developing countries have attempted to attract foreign direct investment. The primary reason is access to modern technology although the true impact is still controversial. The U.S. case suggests that even in a developed country FDI can also make a favorable impact on the local industry, but possibly through different channels. FDI can increase efficiency substantially through the enhancement of competitive pressure instead of, or in addition to, technology transfer. The manner in which FDI influences the local economy seems to be very different depending on the development stage of recipient countries.     

The Location of Manufacturing Exporters in Africa: Empirical Evidence

Abstract: The costs of accessing and using a port/export hub should be high on the list of priorities for export promotion agencies in Africa. This conclusion emanates from this paper focusing on the geographical location of manufacturing export industries in South Africa. Here manufacturing export firms tend to be spatially concentrated with about 84 per cent of total manufacturing exports produced in only 6 per cent of magisterial districts. Distance from an export hub is negatively related to the density of manufactured exports. The largest volumes of manufactured exports are generated within 100 km of an export hub. For electronics, about 98 per cent of manufacturing takes place within 100 km of an export hub. Comparison over time showed that the number of locations from which manufacturing exports occur increased by 15 per cent over 1996–2004 and that manufacturing exports increased in the band between 200 and 400 km from the nearest hub.     

Multinationals and trade in services: A transaction cost approach

Zusammenfassung Multinationale Unternehmen und Dienstleistungsverkehr: Ein Transaktionskosten-Ansatz. — In diesem Aufsatz wird eine neue Methode zur Analyse des Dienstleistungsverkehrs vorgeschlagen. Wegen der überragenden Bedeutung der multinationalen Unternehmen (MNUs) für den Welthandel und die Investitionen sollte, so wird argumentiert, eine Klassifikation der internationalen Dienstleistungsstr?me Ann?herungswerte für die Aktivit?ten der MNUs enthalten. Daher wird vorgeschlagen, den üblichen Kategorien des Reiseverkehrs und der mit dem Warenaustausch verbundenen Dienstleistungen die Ertr?ge aus ausl?ndischen Direktinvestitionen hinzuzufügen. Dies erm?glicht es, die unerfa\bare Natur des MNU-spezifischen Wissens und anderer firmenspezifischer Eigenschaften in die Untersuchung des heutigen Dienstleistungsverkehrs einzubeziehen. Diese Methode wird auf kanadische Verh?ltnisse angewandt, und die revidierten Daten für den Dienstleistungsverkehr werden kommentiert.

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Résumé Entreprises multinationales et commerce en services: une approche de frais de transaction. — Dans cet article l’auteur propose une nouvelle méthodologie pour analyser le commerce en services. A cause de l’influence prépondérante des entreprises multinationales (EMN) en commerce mondial et investissements il argue que les classifications de commerce en services doivent incorporer des mesures approximatives des activités de EMN. Il propose que les rendements des investissements directs étrangers devraient être ajoutés aux catégories normales de voyage et services d’entreprises. Cela permettrait que la nature intangible des connaissances des EMN et des autres attributs entreprise-spécifiques pourraient être accessibles à l’analyse du commerce en services d’aujourd’hui. La méthodologie nouvelle est appliquée au contexte canadien et les données révisées sur le commerce en services sont considérées.

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Resumen Empresas multinacionales y comercio de servicios: un enfoque de costos de transacción. — En este trabajo se propone una nueva metodología para el análisis del comercio de servicios. Debido a la influencia predominante de las empresas multinacionales (EMN) en el comercio y las inversiones mundiales, se arguye que la clasificación del comercio de servicios debe incorporar medidas “proxy? para las actividades de las EMN. Se propone que las utilidades de las inversiones extranjeras directas se sumen a las categorás tradicionales de los servicios comerciados internacionalmente, los servicios turísticos y empresariales. Esto permite capturar la naturaleza intangible del nivel de información de las EMN y otros atributos específicos de cada empresa en el análisis del comercio de servicios. Esta metodología se aplica en el caso del Canadá, considerándose datos de comercio de servicios revisados.

     

论国际法院的三重性分级判案规则

国际法院在解决涉及领土纠纷的实践中,适用了一项三重性分级判案规则,即条约优先适用,然后考虑保持占有,最后适用有效控制理论。条约和保持占有法律是证明领土权利归属的直接方法,有效控制则为间接方法。但是,国际法院在适用该规则过程中过于依赖条约法,甚至赋予未经批准的条约以法律效力,尤其在2008年新加坡/马来西亚的白礁岛、中岩礁和南礁案中,采取了崭新的权利取得模式,意在进一步弱化当事国的原始权利,以凸显有效控制的效力,其法理依据难以令人十分信服。尽管如此,国际法院三重性分级规则对中国在解决领土争端中仍具有一定借鉴意义。作者认为,中国应加强对享有历史主权的固有领土的有效控制,进一步彰显主权。