谁从谁获益:中国制造业中的外商直接投资

本文利用中国制造业1995年和2003年的行业数据，实证研究了不同国别外资企业与不同所有制内资企业组合产生的溢出效应模式。结果发现．外资存在与内资企业绩效间的关系并不是普遍而一致的．而是与外资企业的国别和内资企业的所有制类型密切相关。我们研究的主要结果表明，西方国家的投资较港、澳、台和海外华人投资对内资企业的影响相对更大。进一步发现西方企业对国有企业具有正向的溢出效应。而港、澳、台和海外华人企业则改进了内资非国有企业而不是国有企业的绩效。本文所发现的外资在中国制造业中溢出效应的有趣模式建议外资政策设计应着力促进不同类型外资与内资企业之间的特定组合，特别是西方跨国公司与本土国有企业及港、澳、台和海外华人企业与本土非国有企业之间的合作和良性互动．从而最大化外资溢出带来的溢出好处。

Who Gains from Whom: An Examination of the Case of Foreign Direct Investment in Chinese Manufacturing

Employing data on Chinese manufacturing industry for 1995 and 2003, the paper examines the pattern of spillover effects arising from pairing between foreign firms of different nationality and local finns of different ownership. We find that western FDI produces stronger impacts on local firms than their overseas Chinese counterparts. Furthermore, western firms generate more spillovers to state-owned enterprises, while the presence of overseas Chinese finns is significantly associated with the performance of non-state owned enterprises. This interesting pattern of findings suggests that the design of FDI policy should address the importance of particular pairings and interactions between FDI types and local firm types, i.e., between western and local state-owned enterprises and between overseas Chinese firms and non-state-owned firms, to maximize the benefits of foreign presence.