外商直接投资如何影响东道国出口的表现以中国为例外文翻译Word文件下载.docx

外商直接投资如何影响东道国出口的表现以中国为例外文翻译Word文件下载.docx

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HowDoesFDIAffectaHostCountry’sExportPerformance?

TheCaseofChina

MaterialSource:

UWFacultywebAuthor:

KevinHonglinZhang

Abstract

Fromthe32ndin1978tothe3rdlargestexportingcountryintheworldin2004,China’sexportboomwasaccompaniedbysubstantialinflowsofforeigndirectinvestment（FDI）inthesameperiod.Exportsbyforeign-investedenterprisesin2004were$339billion,comprising57%ofChina’stotalexports.WhilethereareconsiderabletheoreticaltreatmentsoftheFDI-exportlinkage,relevantempiricalanalyseshavebeenlimited.ThispaperattemptstoclosethegapbyinvestigatingtheissuewiththeChineseindustrialdata.TheestimatesindicatethatFDIindeedhashadapositiveimpactonChina’sexportperformance,itsexport-promotingeffectismuchgreaterthanthatofdomesticcapital,anditseffectislargerinlabor-intensiveindustries,asonemightanticipate.

JELCode:

F21;

F23;

O53

KeyWords:

Foreigndirectinvestment（FDI）,Exports,Foreign-Invested

Enterprises（FIEs）,MultinationalCorporations（MNCs）

1.Introduction

Anempiricalassessmentoftheroleofforeigndirectinvestment（FDI）inahostcountry’sexportperformanceisimportant,sinceexportshavebeenforalongtimeviewedasanengineofeconomicgrowth.ThereisawidelysharedviewthatFDIpromotesexportsofhostcountriesby（a）augmentingdomesticcapitalforexports,（b）helpingtransferoftechnologyandnewproductsforexports,（c）facilitatingaccesstonewandlargeforeignmarkets,and（d）providingtrainingforthelocalworkforceandupgradingtechnicalandmanagementskills.Ontheotherhand,however,itissometimessuggestedthatFDImay（a）lowerorreplacedomesticsavingsandinvestment;

（b）transfertechnologiesthatarelowlevelorinappropriateforthehostcountry’sfactorproportions;

（c）targetprimarilythehostcountry’sdomesticmarketandthusnotincreaseexports;

（d）inhibittheexpansionofindigenousfirmsthatmightbecomeexporters;

and（e）nothelpdevelopingthehostcountry’sdynamiccomparativeadvantagesbyfocusingsolelyonlocalcheaplaborandrawmaterials.1Whilefurthertheoreticalinsightswouldbevaluable,empiricalanalysesoftheissueareneededaswellforabetterunderstandingoftheFDI-exportlink.ThispaperattemptstoworkinthisdirectionbyusingtheChineseindustrialdata.

Besidestheintrinsicimportanceofthetopic,thecaseofChinaisofspecialsignificance.China’sexportboom,from$18billionin1980to$593billionin2004,wasaccompaniedbyasubstantialriseinFDIinflowsfromalmostzeroto$61billioninthesameperiod,withtheaccumulatedFDIbeingasmuchas$560billionbytheendof2004（Figure1andTable1）.Theexportsgeneratedbyforeign-investedenterprises（FIEs）rosemuchfasterthanthosebydomesticfirms,resultingFIEshareof57%inChina’stotalexportsin2004.

Figure1andTable1maybeinsertedhere.

TherehasbeenagrowingliteratureontheFDI-exportlinkinChina（forexample,Lardy,1994;

Nauthgton,1996;

UNCTAD,2002;

Zhang,2002and2005;

ZhangandSong,2000）.Whilequalitativeanalysesofferedbymostoftheexistingworkareusefulandinformative,econometrictreatmentsofthisissuehavebeenlimited.Themainpurposeofthisstudyistoprovideestimatesofalog-linearmodeloftheFDI-exportlinkagefor186industries.Takingadvantageoftherelativelylargenumberofindustriesusedinthework,wereportnotonlyestimatesofthemodelwiththefullsampleofindustries,butalsoestimatesofthemodelwithtwosub-samplesoflaborintensiveandcapital-intensiveindustries.

2.TheRoleofFDIinChina’sExports

Chinahasgreatpotentialtobecomeasignificantexporteroflabor-intensiveproducts,suchastextilesandotherconsumergoods.However,theChinesefirmsfacedimmensedifficultiesattheinitialstageinsettingupadistributionnetwork,keepinginclosetouchwithrapidchangesinconsumertastes,masteringthetechnicalitiesofindustrialnormsandsafetystandards,andbuildingupanewproductimage.Inmanycases,thedesign,packaging,distributionandservicingoftheproductsareasimportantastheabilitytoproducethemat,orbelow,rulingpricesinworldmarkets.ThelackofsuchskillsconstitutedakeybarrierforChinatoentertheworldmarkets.

WhatroledoesFDIplayinChina’sexportperformance?

Theoretically,thesimulativeeffectsofFDIonexportsofthehostcountryderivefromtheadditionalcapital,technology,andmanagerialknow-howthemultinationalcorporations（MNCs）bringwiththem,alongwithaccesstoglobal,regional,andespeciallyhome-country,markets（UNCTAD,2002）.TheseresourcesandmarketaccessbroughtwithFDIhavecomplementedChina'

sresourcesandcapabilitiesandprovidedsomeofthemissingelementsforgreatercompetitiveness.Chinathereforehasb