Foreign Investment, Technology Transfer, and the Technology Gap: A Note

The paper analyzes a simple differential game model of international technology transfer via foreign direct investment, in which a subsidiary of a multinational corporation and a host-country firm are engaged in a technology accumulation race. In contrast to previous works, it is shown that an elasticity of the foreign firm's marginal quasi-rent plays a key role in determining the effects of technology spillover and of efficiency of learning activities on the technology transfer: those are positive if it is larger than unity in absolute value, and vice versa. Other comparative static results are reported.     

人力资本存量、人力资本结构与FDI互动关系研究

人力资本和外商直接投资（FDI）都是一国经济增长的驱动因素,但两者并不独立,而是互为补充的,东道国人力资本及其结构影响到一国吸收FDI的能力,同时FDI能够增加东道国的人力资本存量,改善人力资本结构。本文在分析两者之间关系的基础上,针对我国目前的情况,提出要加大我国的教育投资,提高人力资本水平,改善教育不平等观点来积极吸引FDI。     

外国直接投资、产业链联系与技术扩散

本地企业与外商投资企业的产业链联系是国际间技术扩散的主要通道。总结了影响产业链联系的各种因素，并指出目前我国发达地区的一些企业和外商投资企业已经形成了“拓展的飞地”型的产业链联系；最后提出了进一步加强产业链联系、促进技术扩散效应最大化的建议。     

Foreign Direct Investment, Human Capital and Environmental Pollution in China

By using provincial socioeconomic and environmental data, this paper examines the relationship between human capital, FDI and pollution emissions in China. The result shows the impact of FDI on pollution emission is highly dependent on the level of human capital. FDI is negatively associated with pollution emissions in provinces with the higher levels of human capital, whereas FDI is positively related to pollution emissions in provinces with the lower levels of human capital. This suggests that pollution haven hypothesis (PHH) holds only in those provinces with low human capital. This study also finds that the sign of FDI’s effect on each pollutant’ emission requires the different threshold level of human capital, which may help to reconcile the current conflicting PHH empirical evidences partially.     

内陆开放地区对外贸易、资本投资与就业分析——以重庆市为例

根据重庆市1987-2009年的统计数据,利用协整理论和向量误差修正模型(VECM),对重庆市对外贸易、资本投资与就业的关系进行实证分析,结果表明:从长期来看,重庆市进出口与就业之间存在唯一的协整关系;出口对就业具有拉动作用,而进口对就业有阻碍作用,并且出口对就业的促进作用小于进口对就业的抑制作用;而资本投入在一定程度上对劳动力产生了替代性.重庆市应通过协调产业发展、打造对外贸易新平台、均衡资本在区域、行业间的投入促进就业.     

Foreign Direct Investment and Technology Transfer Under Uncertainty in a Liberalizing Host Economy

This paper tackles the issue of investment and optimal ‘choice’ of market structure for a foreign multinational enterprise (MNE) in a newly liberalized economy under uncertainty and in the presence of sunk costs. A minimalist duopolistic model is developed whereby a foreign investor's subjective belief about the probability distribution of policy uncertainty is endogenized as a function of the aggregate output in the tradable goods sector. The main propositions derived from the model are consistent with some unconventional empirical findings in the literature on Foreign Direct Investment (FDI), technology transfer to and crowding out of domestic firms in LDEs.     

市场竞争与外商直接投资技术转移--来自中国制造业的证据

目前对技术溢出的研究较少关注"溢出源",尤其是基于市场竞争视角和中国背景的经验研究.文章首先讨论了Wang-Blomstrom假说,进而借助"市场结构-技术创新"关系的研究成果提出"市场竞争-外资技术引进"关系的有关假说,并探讨了异于常规的、面向外资企业的"竞争"的定义和度量,最后基于中国制造业面板数据进行实证检验.实证检验结果表明,外资企业在东道国市场面临更大竞争会促进其增加技术引进,对于发展中东道国,需要具有一定规模和优势的企业而不是接近完全竞争的市场结构,才能提高外资企业面临的竞争程度.     

论我国的外资政策和投资环境

引进外资是我国对外开放发展经济的重要内容。改革开放之初,我国给予外资大量优惠政策,伴随投资环境不断改善,外资大规模地、持续地进入中国。但随着经济的发展,我国对引进外资政策进行了调整。该文归纳了我国外资政策的主要特点及改革方向,分析了在新的历史条件下我国投资环境的优势及面临的问题。     

FDI技术溢出、人力资本与中部崛起:理论及实证研究

本文分析了我国中部地区外商直接投资的现状与特征,并进行了区域比较;建立了FDI及其来源、人力资本影响技术进步和经济增长的实证模型,结合面板数据方法,研究我国中部六省外商直接投资技术溢出效应,结果发现,FDI主要通过其自身要素生产率的提高促进我国中部地区经济增长,人力资本的积累增强了FDI通过技术扩散对全要素生产率的正的外溢效应,但相对于我国港澳台地区,来自欧美日等国的FDI能够更好地与中部地区人力资本相结合。     

外商直接投资、技术溢出与相对工资差距

本文从技术溢出的角度考察了外商直接投资对相对工资差距的影响。FDI主要通过两种技术溢出渠道作用于相对工资差距：其一为FDI引致的进口贸易而产生的技术溢出,其二为外资企业在当地从事生产、经营活动而产生的技术溢出。基于我国省际面板数据的实证研究分析表明：FDI的两种技术溢出渠道均扩大了我国的相对工资差距,但存在区域差异。     

Technology Sourcing and Strategic Foreign Direct Investment

Empirical evidence suggests that technological spillovers are limited by distance. The present paper investigates the implications of this observation for the investment decisions of a technologically leading and lagging firm, located in different countries. Technological spillovers may induce “technology sourcing” foreign direct investment by the less advanced firm, as it seeks to upgrade its technology. Our main result, however, is that there may be strong incentives for the leading firm to undertake strategic investment abroad in order to prevent technology sourcing by the lagging firm. We analyze how trade costs, the technology gap between firms, technological spillovers, and the ability of a firm to transfer technology between plants affect the two firms’ entry decisions.     

外商直接投资的人力资本效应分析

运用实证方法分别从积累效应、收益效应和制度效应3个层面进行了分析,认为应重视发挥FDI在推动我国人力资本型经济增长方式转型中的重要作用,把人力资本战略纳入FDI发展的核心目标之一,采取有效政策措施,进一步提高FDI对我国人力资本发展的贡献度。     

Financial Development, Foreign Direct Investment, and the Efficiency of Capital Allocation in China

We study the roles of local financial development and foreign direct investment, and more importantly, their interaction with one another, in local capital allocation, based on Chinese industrial and regional data. Our main finding is that, although local financial development and FDI each individually tended to improve the efficiency of local capital allocation during the sample period, they tended to compete and crowd out each other’s effect, so that one impaired the individual function of the other. In particular, there exists a threshold value for local financial development, above which an increase in FDI reduces the efficiency of local capital allocation, rather than improve it. On the other hand, there exists a threshold value for FDI, above which further development in the local financial system lowers the efficiency of local capital allocation, rather than increase it. Our estimations suggest that the levels of FDI and local financial development in some relatively more developed Chinese regions have already surpassed such threshold values. We provide some interpretations of our findings and we discuss potential policy implications.     

社会资本、外资行为与区域经济增长空间差异

在我国改革开放以来的经济社会转型进程中,外商直接投资的区位选择即是其寻找并利用社会网络中资源的过程。由于外资行为的空间溢出效应,实际利用外资会对近邻省份的经济增长带来影响,而且外资的社会资本结构对区域经济增长作用显著,外资融入本地的程度越高越有利于促进区域经济增长。     

外商直接投资对我国经济发展的影响

本文着重分析30年来外商直接投资在我国经济发展中的作用及其负面影响。计量分析结果显示,外商直接投资对我国经济发展具有明显的促进作用,但中国经济发展速度本身并不是外商来华投资的主要动因。同时分析了外商直接投资同发展民族工业和维护国家经济安全等方面的冲突,并提出了相应的对策建议。     

Foreign Direct Investment: Flows,Volatility, and the Impact on Growth*

This paper contributes to the literature on FDI and economic growth. We deviate from previous studies by introducing measures of the volatility of FDI inflows. As introduced into the model, these are predicted to have a negative effect on growth. We estimate the standard model using cross‐section, panel data, and instrumental variable techniques. Whilst all results are not entirely robust, there is a consistent finding that volatility of FDI has a negative impact on growth. The evidence for a positive effect of FDI levels on growth is not robust, nor is that for any effect of human capital.     

Foreign Debt,Foreign Direct Investment and Volatility

We investigate how foreign debt and foreign direct investment (FDI) affect the growth and welfare of a stochastically growing small open economy. First, we find that foreign debt influences the growth of domestic wealth by lowering the cost of capital, while FDI affects the country's welfare by providing an additional source of permanent income. Second, a decline in domestic investment may improve domestic welfare as FDI replaces the gap. Even when the welfare deteriorates, its magnitude is mitigated, leaving more room for discretionary fiscal policy. Third, a fiscal policy aimed to stabilize domestic output fluctuations needs to be conducted not to crowd out the welfare benefit of FDI too much. Fourth, an economy with both types of foreign capital experiences wider welfare swings by external volatility shocks than the one with foreign debt alone, while the welfare effects from domestic volatility shocks are mitigated. The welfare effects of fiscal shocks are much smaller with both types of foreign capital. Lastly, the first-best labor income tax covers the government absorption by the labor's share of total output, and the capital income tax covers the rest. Investment is penalized or subsidized depending on the social marginal cost-gain differential.