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

1、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How Does FDI Affect a Host Countrys Export Performance?The Case of ChinaMaterial Source: UW Faculty web Author:Kevin Honglin Zhang Abstract From the 32nd in 1978 to the 3rd largest exporting country in the world in 2004, Chinas export boom was accompanied by substant

2、ial inflows of foreign direct investment (FDI) in the same period. Exports by foreign-invested enterprises in 2004 were $339 billion, comprising 57% of Chinas total exports. While there are considerable theoretical treatments of the FDI-export linkage, relevant empirical analyses have been limited.

3、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 impact on Chinas export performance, its export-promoting effect is much greater than that of domestic capital, and its effect is larger in labo

4、r-intensive industries, as one might anticipate. JEL Code: F21; F23; O53 Key Words: Foreign direct investment (FDI), Exports, Foreign-Invested Enterprises (FIEs), Multinational Corporations (MNCs)1. IntroductionAn empirical assessment of the role of foreign direct investment (FDI) in a host countrys

5、 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 promotes exports of host countries by(a) augmenting domestic capital for exports, (b) helping transfer of technology and new products for exports,

6、(c) facilitating access to new and large foreign markets, and (d) providing training for the local workforce and upgrading technical and management skills. On the other hand, however, it is sometimes suggested that FDI may (a) lower or replace domestic savings and investment; (b) transfer technologi

7、es that are low level or inappropriate for the host countrys factor proportions; (c) target primarily the host countrys domestic market and thus not increase exports; (d) inhibit the expansion of indigenous firms that might become exporters; and (e) not help developing the host countrys dynamic comp

8、arative advantages by focusing solely on local cheap labor and raw materials.1 While further theoretical insights would be valuable, empirical analyses of the 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 Chines

9、e 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 to $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 accu

10、mulated 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 faster 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

11、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, 2000). While qualitative analyses offered by most of the existing work are useful and informative, econometric treatments of this issue have be

12、en 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 the relatively large number of industries used in the work, we report not only estimates of the model with the full sample of industries, but als

13、o estimates of the model with two sub-samples of laborintensive and capital-intensive industries.2. The Role of FDI in Chinas ExportsChina has great potential to become a significant exporter of labor-intensive products,such as textiles and other consumer goods. However, the Chinese firms faced imme

14、nse difficulties at the initial stage in setting up a distribution network, keeping in close touch with rapid changes in consumer tastes, mastering the technicalities of industrial norms and safety standards, and building up a new product image. In many cases, the design, packaging, distribution and

15、 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 constituted a key barrier for China to enter the world markets.What role does FDI play in Chinas export performance? Theoretically, the simulative effects

16、of FDI on exports of the host country derive from the additional capital, technology, and managerial know-how the multinational corporations (MNCs) bring 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 b