外国直接投资贸易产品创新的理论和证据外文翻译.docx

外国直接投资贸易产品创新的理论和证据外文翻译.docx

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外国直接投资贸易产品创新的理论和证据外文翻译

中文4026字

本科毕业论文外文翻译

外文题目：

FDI,TradeandProductInnovation:

TheoryandEvidence

出处：

SouthermEconomicJournal

作者：

Hui-linLinandLinEricS

FDI,Trade,andProductInnovation:

TheoryandEvidence

Thisarticleinvestigatestherelationshipbetweenforeigndirectinvestment（FDI,includingoutwardFDIandinwardFDI）,importsandexports,andproductinnovation.OurtheoreticalmodelpredictsthatinwardFDI,outwardFDI,imports,andexportshavepositiveinfluencesonfirminnovativeactivities,whichwouldevaluatetheeffectsoftherelativemagnitudeofdifferentsourcesoninnovation.Theempiricalresultsbasedonthe2003FirstTaiwanTechnologicalInnovationSurveyconfirmthreeoftheproposedhypothesesfortheentiresample.However,whenfocusingonthemanufacturingsector,outwardFDI,inwardFDI,imports,andexportsallexhibitstronglypositiveeffectsonthedeterminationofconductingproductinnovation（i.e.,thefourhypothesesareverified）.Aconsistenttrendisthatoutward

FDIhasthelargesteffectoninnovation,regardlessofthemeasurementofproductinnovationandthedivisionoftheentiresample,whichmayimplythatinTaiwanapositiveeffectof"deindustrialization"istoinnovatemore.

1.Introduction

Thecurrenttrendtowardglobalizationhasgreatlyincreasedthefrequencyofcross-borderinvestmentsandinternationaltrade.Forexample,theamountofinwardforeigndirectinvestment（inwardFDI）approvedbytheInvestmentCommissionoftheMinistryofEconomicAffairsinTaiwanfrom1991to2000hashadanaverageannualgrowthrateof24.12%,whichindicatesthatthelocalmarketactivelyusestheinwardFDI.TheamountoftheapprovedoutwardFDIhasshownanevenhigheraverageannualgrowthrateof46.24%overthesameperiodoftime,whichindicatesthatlocalfirmsarcactivelyinvestinginforeignmarkets.AccordingtotheTaiwanStatisticalDataBook2008,theaveragegrowthratesofexportsandimportsfrom1991to2000were8.28%and9.79%,respectively,representingtheprevalenceofinternationaltrade.Thecompetitiongeneratedbythesecross-borderinvestmentsandtradehasbeenhighlyinfiuentialinshapingtheinnovativeactivitiesoffirms（Jacquemin1982;Cave1985;KumarandSiddharthan1994;Bertschek1995;CoeandHelpman1995;Wagner1995）.Typically,therearetwokindsofcompetition:

Oneisgeneratedbytheentryofdomesticfirmsintoforeignmarketsandtheotherbytheentryofforeignfirmsintodomesticmarkets.TheformertakestheformofoutwardFDIandexports,whilethelattertakestheformofinwardFDIandimports.ManystudieshaveexaminedtheeffectofinwardFDIandimportsonfirminnovation,suchasthoseofZimmermann（1987）,VeugelersandHoute（1990）,SchererandHuh（1992）,Bertschek（1995）,Co（2000）,andLoftsandLoundes（2000）.TheauthorsofthesestudiesfindthatinwardFDIandimportscanenhancecompetitionandacceleratetheprocessofinnovationinthelocalmanufacturingindustry.However,onlyafewstudiesdiscusstheinfluencesofoutwardFDIandexportsoninnovativeactivities.LinandYeh（2004）findthatoutwardFDIandexportshaveacomplementarypositiveimpactontheresearchanddevelopment（R&D）ofmanufacturingfirms,eventhoughtheydonotderiveacorrespondingtestablemodel.

Inaperiodofrapidglobalization,itisimportantforbothfirmsandthegovernmenttounderstandtherelativeimpactsofinwardFDI,outwardFDI,imports,andexportsonfirms'innovativeactivities.Differentmagnitudesoftheeffectsprovideusefulpolicyimplications.Tothebestofourknowledge,therearenopriorstudies（eithertheoreticalorbasedonempiricalwork）thatsimultaneouslyexaminetheinfiuencesofthefourfactorsonafirm'sinnovationanddeterminethemostprominentfactor（s）forinnovationamongtheFDIandtradeactivities.Withregardtotheempiricalstudies,itisevenmoredifficulttofindsuchstudiesfornewlyindustrializedcountries（suchasTaiwan）becauseofthelimitationsondataavailability.Furthermore,existingstudiesregardingthetwotypesofcompetitionforfirms'innovativeactivitiesmostlyfocusonthemanufacturingfirms,whileverylittleisknownregardingthebehavioroftheserviceindustry.Thisstudytriestofillthesegapsintheliterature.

2.RelationshipsbetweenFDI,ImportsandExports,andTechnologicalInnovation

Witheconomicliberalization,cross-borderinvestmentandinternationaltradeprevail,andknowledgeandtechnologymovemorerapidlyacrossborders.Thisstudyexamineshowtheabovephenomenaaffecttheproductinnovationactivitiesoflocalfirms.Ingeneral,foreignfirmsenterlocalmarketsthroughimportsandinwardFDI,whilelocalfirmsenterforeignmarketsthroughexportsandoutwardFDI,'SinceimportsandinwardFDIgiverisetosimilareffectswithregardtovariousaspectsoffirms'innovativeactivities,andbecauseexportsandoutwardFDIhavesimilareffectsaswell,wewilldiscusstherelationshipbetweeninwardFDIalongwithimportsandinnovationandtherelationshipbetweenoutwardFDIalongwithexportsandinnovation,respectively,inthefollowingsections.

（1）InwardEDI,Imports,andInnovation

Fromtheperspectiveofindustrialeconomics,importshaveadiscipliningeffectonthehomemarketbecauseanincreaseinimportscanintensifythecompetitioninthemarket,reducetheprofitmarginsofnativefirms,andthenencouragethefirmstoinnovateinordertoenhancetheirefficiencyandsecuretheirmarketshare.Thishypothesishasbeentheoretically（Jacquemin1982;Caves1985）andempirically（Pugel1978,1980;Turner1980;Levinsohn1991）supportedbyquiteafewstudies.ThediscipliningeffectmayalsobegeneratedbyinwardFDI,sinceinwardFDI,like

imports,canintensifythecompetitioninthemarket.Bertschek（1995）arguesthattheeffectofinwardFDIisevengreaterthanthatofimports.ThereasonforthisisthatFDIissocostly,timeconsuming,andirrevocableintermsofitssunkcoststhatdecisionsrelatedtoitmustbeprudentlymade.Asaresult,theimpactofinwardFDIonlocalfirmsiscomparativelyhugeandpersistent.Moreover,inwardFDInotonlyincreasesefficiencybutalsobringsabouttechnologicalspillovers.BlindandJungmittag（2004）indicatethatforeignfirmsthatareprofitableinthehomemarketmusthavesomespecialadvantagesandthatthespillovereffectsbroughtaboutbytheseadvantageswillbenefitlocalfirmsandencouragethemtoinnovate.

Intheabovetheoreticalanalysis,importsandinwardFDIarepositivelycorrelatedwiththeinnovationactivitiesoflocalfirmseitherthroughthediscipliningeffectofforeigncompetitionorthroughthespillovereffectsofproductsandtechnology.Nevertheless,thisisnotentirelyconsistentwiththeempiricalstudies.InhisstudyofGermanmanufacturingfirms,Zimmermann（1987）findsthatonlyimportshavesignificantlypositiveeffectsontheproductinnovationofexportfirms.SchererandHuh（1992）showthatincreasesinimportshaveanegativeinfiuenceontheR&DintensityofmanufacturingfirmsintheUnitedStates,althoughtheinfiuenceisstatisticallyinsignificant.Bertschek（1995）andBlindandJungmittag（2004）bothfindthatimportsandinwardFDIhavesignificantlypositiveimpactsontheproductsandprocessesoflocalfirmsbyusingtheinnovationsurveydataoffirmsinthemanufacturingindustryandserviceindustryofGermany,respectively.

（2）OutwardFDI,Exports,andInnovation

IncontrastwithimportsandinwardFDI,whichintensifythecompetitionbetweenfirmsinthehomemarket,exportsandoutwardFDIpresentfirmswithchallengesintheinternationalmarket.Underthepressureofinternationalcompetition,firmswithexportsandoutwardFDIneedtocontinuouslyinnovatetogainadvantagesaswellasafootholdintheinternationalmarket.Thosefirmsareactivelyengagedininnovationactivitiesinordertoachievebettersalesandprofits（KumarandSiddharthan1994;Wagner1995）.Pugel（1980）andCoeandHelpman（1995）alsoarguethatinternationaltradecanexpandafirm'smarketshare,whichinturnraisesitsR&Dreturn.Thus,firmswithhigherexportratiosmayalsohavehigherR&Dratios.

AsforoutwardFDI,thiscanbecategorizedbasedonmotivationintodefensiveoutwardFDIandexpansiveoutwardFDI.Accordingtotheglobalhorizontheory,defensiveoutwardFDIisastrategyusedtomaintainthebusinessbyseekingcheaperresourcesofproductionabroadwhenafirmlosesitscomparativeadvantageinthehomemarket.Basedonthebusinessgrowththeory,expansiveoutwardFDIseekstopursuebusinessgrowthandexpandthescaleofproductionandsalesbypenetratingnewmarketsabroad.

ThetheoreticalstudiesontherelationshipbetweenoutwardFDIandinnovationarenotconsistent.Walz（1997）thinksthatoutwardFDIispositivelycorrelatedwithtechnologicalinnovationforthosecountrieswithrelativelyadvancedtechnology.Fromtheperspectiveofproductioncost,LiandHu（2004）indicatethatincreasingthenumberofoutwardFDIbasesmayraisethereturnonR&D,reducetheaverageR&Dcost,andthusencourageinnovationactivities.However,firmsmayalsodecreasetheirproductioncostsimplybyestablishingproductionbasesabroadwithoutinvestingmoreinR&D.Inaword,expansiveoutwardFDImaystimulatetechnologicalinnovation,whiledefensiveoutwardFDImaynot.Inaddition,theremayexistacrowding-outeffectbetweenoutwardFDIandR&Dinvestment,whichnegativelyaffectsthetechnologicalinnovationactivitiesoffirms.

AmongtheempiricalstudiesonexportsandoutwardFDI,LichtandZoz（1998）analyzethedataonpatentapplicationsbyGermanfirmsinGermany,Europe,andtheUnitedStatesandfindthatthem