外文翻译--中国国内的企业受益于外国直接投资吗？

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1、 中文 4187 字 本科毕业论文外文翻译 外文题目： Do Domestic Chinese Firms Benefit from Foreign Direct Investment? 出 处： University of California , Berkeley 作 者： Chang-Tai Hsieh 原 文： Summary This paper uses a unique plant-level panel dataset from the Chinese manufacturing sector to measure the effects of foreign firms on

2、 the productivity of domestic firms. We find that foreign firms are more productive than domestic firms in the same industry. We find little evidence that foreign firms had any effect, either positive or negative, on the average productivity of domestic Chinese manufacturing plants. However, we also

3、 find clear evidence that this average effect masks important heterogeneity: large domestic firms appear to benefit significantly from the presence of foreign firms in the sector, while the productivity of small domestic firms is lowered by the presence of foreign firms. 1. Introduction In recent de

4、cades, direct foreign investment (DFI) has exploded in developing countries. By some accounts, DFI accounts for more than half of all external financing in developing countries. In fact, many policy makers believe that attracting DFI is a crucial ingredient for accelerating the countrys economic dev

5、elopment. Foreign firms, the argument goes, would introduce new technologies and help upgrade technological capabilities of domestic firms. This could occur through a variety of channels. For example, workers employed by foreign firms could learn the new technologies and diffuse these technologies b

6、y starting their own firms or by moving to other domestic firms. It might be the case that foreign firms help upgrade the technologies of domestic firms by stimulating upstream and downstream linkages. Due to these reasons, many countries have introduced a battery of tax incentives, ranging from tax

7、 holidays to the provision of utilities and other infrastructure at concessionary rates. And nowhere is this more apparent than in China, where the government has introduced a number of incentives to attract foreign investment, with remarkable success so far. In fact, China has emerged as the larges

8、t recipients of direct foreign investment in the world. Yet, there is remarkably little evidence on the effect of foreign firms on the technological capabilities of domestic firms in China. A recent important paper by Aitken and Harrison (1999) uses sophisticated econometric techniques to measure th

9、e effect of foreign firms on the productivity of domestic firms using a plant level census of firms in Venezuela. Here, Aitken and Harrison (1999) find little evidence that DFI had a positive effect on the productivity of domestic firms. This paper will follow the approach taken by Aitken and Harris

10、on applied to a unique panel dataset of Chinese firms. Specifically, there are two questions we seek to answer. First, do joint ventures or wholly owned foreign subsidiaries in China have higher levels of productivity than domestic firms in similar sectors? Second, does the presence of foreign firms

11、 (either joint ventures or wholly owned foreign firms) result in a technology “spillovers” to domestic firms? We report three main findings. First, foreign firms are indeed more productive than domestic firms in the same sector. Second, the presence of foreign firms in a sector does not appear to ha

12、ve an effect, either positive or negative, on the productivity of an average plant in the sector. Third, foreign penetration in a sector has important effects on inequality: large domestic plants appear to be benefit from the presence of foreign firms, while small domestic plants appear to suffer. T

13、his paper contributes to the large literature on the effects of foreign investment on the productivity of domestic firms. In addition to the papers cited above, other representative papers from this literature include Blomstrom (1986) for Mexican manufacturing and Globerman (1979) for Canada. As for

14、 China, we are not aware of any paper that uses firm level data to examine the effect of foreign investment on domestic productivity. Therefore, the main contribution of the paper is to provide the first evidence of the effects of foreign capital in a country that is the largest host of foreign dire

15、ct investment in the world.The paper proceeds as follows. Section 2 describes the data that is used for the analysis. Section 3 presents the main empirical results examining the relationship between foreign investment and productivity at the plant level. Section 4 examines whether the spillovers are

16、 local in nature. Section 5 looks for evidence that foreign capital had a differential effect for large versus small firms. Section 6 concludes. 2. Data The data used in this paper is the firm level data from the Chinese Annual Survey of Industries conducted annually by Chinas National Bureau of Sta

17、tistics. This is the data published in the industrial statistics chapter of the annual publication of Chinas Statistical Yearbook. We have this data from 1998 through 2004. This survey covers all state plants and all non-state plants with revenues greater than 5 million Yuan. The number of plants ra

18、nges from 200,000 to 250,000. The data also provides plant identifiers, so we are able to track plants over time. For each plant, the dataset also provides information on the plants industry, geographic location, ownership, book value of the plants capital stock, input cost, revenues, employment, an

19、d revenues. The pieces of information we use from this dataset are the following. First, we define the plants industry as a 3-digit level. There are roughly 180 3-digit industries in the data. Second, we use the plants revenues, employment, input costs, and the book value of the capital stock to mea

20、sure the plants productivity. The use of the book value of the capital stock instead of the market value may be of concern. One way in which we tried to deal with this is to use the data on the age of the firm to construct a proxy for the market value of capital using constant growth rate assumption

21、s and the data on the book value of the capital stock. For the results we present below, it does not make a difference whether we use the book value of the capital stock reported in the dataset or whether we use our proxy for the market value of the capital stock (but we can obviously provide these results upon request). Third, a key piece of information provided in the data is the ownership of the plant. Specifically, the dataset provides information on the ownership of the plant divided into state, local governments, cooperative, and foreign ownership. We use this