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.docx
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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
外文翻译
原文
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