外文翻译--外商直接投资如何影响东道国出口的表现——以中国为例

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1、2957 汉字， 1860 单词， 10700 英文字符 出处： Zhang K H. How does FDI affect a host countrys export performance? The case of ChinaC/International conference of WTO, China and the Asian Economies. 2005: 25-26. 外文翻译 原文 How Does FDI Affect a Host Countrys Export Performance?The Case of China Author:Kevin Honglin Zh

2、ang Abstract From the 32nd in 1978 to the 3rd largest exporting country in the world in 2004, Chinas export boom was accompanied by substantial inflows of foreign direct investment (FDI) in the same period. Exports by foreign-invested enterprises in 2004 were $339 billion, comprising 57% of Chinas t

3、otal exports. While there are considerable theoretical treatments of the FDI-export linkage, relevant empirical analyses have been limited. This paper attempts to close the gap by investigating the issue with the Chinese industrial data. The estimates indicate that FDI indeed has had a positive impa

4、ct on Chinas export performance, its export-promoting effect is much greater than that of domestic capital, and its effect is larger in labor-intensive industries, as one might anticipate. JEL Code: F21； F23； O53 Key Words: Foreign direct investment (FDI), Exports, Foreign-Invested Enterprises (FIEs

5、), Multinational Corporations (MNCs) 1. Introduction An empirical assessment of the role of foreign direct investment (FDI) in a host countrys export performance is important, since exports have been for a long time viewed as an engine of economic growth. There is a widely shared view that FDI promo

6、tes exports of host countries by(a) augmenting domestic capital for exports, (b) helping transfer of technology and new products for exports, (c) facilitating access to new and large foreign markets, and (d) providing training for the local workforce and upgrading technical and management skills. On

7、 the other hand, however, it is sometimes suggested that FDI may (a) lower or replace domestic savings and investment； (b) transfer technologies that are low level or inappropriate for the host countrys factor proportions； (c) target primarily the host countrys domestic market and thus not increase

8、exports； (d) inhibit the expansion of indigenous firms that might become exporters； and (e) not help developing the host countrys dynamic comparative advantages by focusing solely on local cheap labor and raw materials.1 While further theoretical insights would be valuable, empirical analyses of the

9、 issue are needed as well for a better understanding of the FDI-export link. This paper attempts to work in this direction by using the Chinese industrial data. Besides the intrinsic importance of the topic, the case of China is of special significance. Chinas export boom, from $18 billion in 1980 t

10、o $593 billion in 2004, was accompanied by a substantial rise in FDI inflows from almost zero to $61 billion in the same period, with the accumulated FDI being as much as $560 billion by the end of 2004 (Figure 1 and Table 1). The exports generated by foreign-invested enterprises (FIEs) rose much fa

11、ster than those by domestic firms, resulting FIE share of 57% in Chinas total exports in 2004. Figure 1 and Table 1 may be inserted here. There has been a growing literature on the FDI-export link in China (for example, Lardy,1994； Nauthgton, 1996； UNCTAD, 2002； Zhang, 2002 and 2005； Zhang and Song,

12、 2000). While qualitative analyses offered by most of the existing work are useful and informative, econometric treatments of this issue have been limited. The main purpose of this study is to provide estimates of a log-linear model of the FDI-export linkage for 186 industries. Taking advantage of t

13、he relatively large number of industries used in the work, we report not only estimates of the model with the full sample of industries, but also estimates of the model with two sub-samples of laborintensive and capital-intensive industries. 2. The Role of FDI in Chinas Exports China has great poten

14、tial to become a significant exporter of labor-intensive products,such as textiles and other consumer goods. However, the Chinese firms faced immense difficulties at the initial stage in setting up a distribution network, keeping in close touch with rapid changes in consumer tastes, mastering the te

15、chnicalities of industrial norms and safety standards, and building up a new product image. In many cases, the design, packaging, distribution and servicing of the products are as important as the ability to produce them at, or below, ruling prices in world markets. The lack of such skills constitut

16、ed a key barrier for China to enter the world markets. What role does FDI play in Chinas export performance? Theoretically, the simulative effects of FDI on exports of the host country derive from the additional capital, technology, and managerial know-how the multinational corporations (MNCs) bring

17、 with them, along with access to global, regional, and especially home-country, markets (UNCTAD, 2002). These resources and market access brought with FDI have complemented Chinas resources and capabilities and provided some of the missing elements for greater competitiveness. China therefore has bu

18、ilt upon these to enter new export activities and improved its performance in existing ones. FDI helps exports by investing capital in the exploitation of Chinas low-cost labor,especially in the 1980s, when domestic investment was limited by financial constraints. Such FDI bridged the resource gap a

19、nd took the risk of developing new exports. The provision of additional capital has been critical for China to build up its initial base of labor-intensive manufacturing exports. FDI provides China with competitive assets for export-oriented production in technologyintensive and dynamic products in

20、the world trade (Zhang and Song, 2000). Such assets are often firm-specific, costly and difficult for the Chinese firms to acquire independently. The transfer of such assets by foreign affiliates or non-equity partners in China through training, skills development and knowledge diffusion opens up pr

21、ospects for further dissemination to other enterprises and the economy at large. Thus more firms (including domestic enterprises) can develop their exports and the factors underlying competitiveness get rooted in the Chinese economy. FDI promotes exports by facilitating China access to new and large

22、r markets. This involves foreign affiliates privileged access to not only MNCs international production systems,but also MNCs intra-firm markets and access at arms length to MNCs customers in global,regional and home-country markets. Moreover, these links to world markets extend to suppliers and oth

23、er domestic firms. In addition, as happened in the US, China also benefited from the lobbying activities of MNCs in their home countries for favorable treatment of exports from their affiliates abroad. Export-oriented foreign affiliates provide training for the local workforce and upgrade technical

24、and managerial skills that benefit the Chinese exports. This is especially true for export-oriented investments in advanced technological capabilities. China has already attracted significant MNC export activities at labor-intensive and low-technology levels. The strategic challenge facing China is that its future competitiveness depends on the host governments ability to boost the human capital and technological infrastructure. In turn, MNCs feed benefits back into local skill and technology systems, providing information, assistance and contracts.