外文翻译---外国直接投资上升是否增加了溢出效应

《外文翻译---外国直接投资上升是否增加了溢出效应》由会员分享，可在线阅读，更多相关《外文翻译---外国直接投资上升是否增加了溢出效应（11页珍藏版）》请在毕设资料网上搜索。

1、中文 3390 字 本科毕业论文外文翻译 外文题目： Do spillover benefits grow with rising foreign direct investment? An empirical examination of Case of China 出 处： University of California , Berkeley 作 者： Chang-Tai Hsieh Do spillover benefits grow with rising foreign direct investment? An empirical examination of the case

2、of China Using data from the Chinese manufacturing industry for 2001, this article examines the impacts of foreign presence on the performance of locally owned Chinese firms. Our key result supports a curvilinear functional form Foreign penetration rates in excess of just about twothirds of industri

3、al capital are associated with declining spillover benefits, indicating the dominance of negative spillovers. The curvilinear relationship is found to be particularly strong in labour-intensive industries, contrasting with a standard linear relationship in technology-intensive sectors. The finding o

4、f the complexity of spillover effects challenges the laissez-faire view that the more inward foreign direct investment (FDI), the better and that inward FDI into all types of domestic industry is equally valuable, in terms of performance benefits. Our findings argue for policy measures to strengthen

5、 domestically owned Chinese industry, to provide effective competition to foreign firms and to absorb the benefits from spillovers more effectively. 1.Introduction The relationship between inward foreign direct investment (FDI) and the performance of host country locally owned enterprises (LOEs) has

6、 been studied both intensively and extensively. Although the arguments for a positive relationship seem compelling, the results of empirical research are decidedly mixed. Prior studies reported either a positive, indeterminate or negative relationship (Liu et al., 2000； Buckley et al., 2002, 2004).

7、Gorg and Strobl (2001) sought an explanation for the lack of congruent findings, believing that inconsistent results might be associated with underlying differences between the data sets employed. We argue in this article that the disarray may be easily attributed to a misspecification of the nature

8、 of the relationship. Theoretical shortcomings have been a severe handicap in investigating the subject. As a result, methodological approaches employed to date have been flawed. A drawback of the existing literature, with a few notable exceptions, is that it has largely been confined to examining l

9、inear forms of relationship. What the inconsistent results suggest, however, is that the relationship is far from a simple linear one. There is considerable evidence to suggest that the form of the relationship might be curvilinear (Aitken and Harrison, 1999). Thus, further evidence on the impact an

10、d the form that this takes, of inward FDI on LOEs performance is still needed to advance theories and to promote the research streams capability to effectively inform government policy formation. The article presents results from a study that attempts to remedy previous deficiencies in theory and me

11、thodology. We present an approach that addresses explicitly the possibility of both positive and negative spillovers associated with the operations of multinational enterprises (MNEs), which leads to a nonmonotonic relationship between the level of foreign presence and LOEs performance. The resultin

12、g empirical model is tested using the latest data for Chinese industry. The article finds considerable support for a curvilinear and inverted U-shaped relationship between foreign presence and spillover benefits. This finding indicates that the currently prevailing euphoria about FDI rests on weak e

13、mpirical foundations. It challenges the laissez-faire view that advocates the unfettered inflow of FDI as an optimal policy prescription for the development of Chinese industry. It suggests that in certain circumstances inward FDI can entail winners and losers, corresponding with foreign and indigen

14、ous firms, respectively. The presence of foreign firms beyond some level impedes the performance of LOEs in the same industry. The challenge for governments is to use their policymaking powers to maximize the economic and social gains from foreign capital and to mitigate the losses for indigenous in

15、dustry. In Section II, we present a theoretical framework by reviewing the literature. Then a description of the model and data follows. The penultimate section discusses the econometric results. The last section concludes. 2. Theoretical Framework Spillovers arise from nonmarket transactions when r

16、esources, notably knowledge, are spread without a contractual relationship, so-called externalities (Meyer, 2004). In the empirical literature on FDI, intra-industry spillovers have been defined as the performance-related benefits accruing to domestic firms from foreign firms operating within the sa

17、me sector. Gorg and Greenaway (2004) mention imitation, the acquisition of skills, competition and exports as channels through which developing host countries may achieve productivity gains via intra-industry spillovers. A limited number of studies have considered how the relationship between foreig

18、n presence and spillover benefits might change as inward FDI rises. Some argue that a moderate foreign presence is all that is required to generate positive spillovers, even when there is a relatively wide technological gap (Perez, 1997). Evidence that the mere presence of only a few competitors is

19、sufficient to sharpen incentives for allocative efficiency gains is provided in an empirical study of entry thresholds. Bresnahan and Reiss (1991) find that most of the competitive impact from entry comes from the first two entrants to challenge a monopolist, with the effect levelling out once marke

20、t participants number around five. Likewise, demonstration effects that benefit local technical efficiency are available even when foreign presence is moderate (Haddad and Harrison, 1991). The employment of advanced foreign technology in just a few foreign affiliates (FAs) is all that is needed to p

21、rove to local firms the benefits of acquiring this technology. According to this argument, small foreign capital shares are sufficient to generate spillovers,。 More recently a number of theoretical reasons for negative spillover effects have been put forward. The key argument is that at greater levels of foreign presence,