母国特征与投资动机——新时期的中国需要怎样的外商直接投资

发布时间：2019-01-22 13:36

【摘要】：本文摒弃了"从溢出渠道研究东道国受益情况"的传统思路,强调跨国企业的母国特征对企业投资动机进而对东道国溢出效应(贡献)的决定。本文进一步利用1995—2011年按两位码分类的中国工业行业分布滞后动态面板数据估计了不同来源地FDI对工业全要素生产率的效应。本文经验研究发现:美国FDI主要涉及高技术产业,对溢出效应的控制也最为严格,对中国资本密集型工业的贡献在当期显著,滞后期则明显减弱;以追求高市场化程度为战略目标的欧盟FDI与中国工业绩效改善之间存在显著的正相关关系;东(南)亚跨国企业侧重于利用文化趋同性来降低劳动生产要素的成本,来自这一地区的FDI对中国劳动密集型工业的贡献明显强于资本密集型工业。随着国内国际形势的变化,需要重新认识和评价外商直接投资的作用,只有果断转向差异化的外资战略,善于利用外资倒逼效应释放新的制度红利,才能保证外资有助于中国工业自主创新能力提升这一战略目标的实现。
[Abstract]:This paper abandons the traditional idea of "studying the benefits of host country from spillover channels", and emphasizes the decision of the home country characteristics of multinational enterprises on the investment motivation and then the spillover effect (contribution) of the multinational enterprises to the host country. In this paper, the effects of FDI from different sources on total factor productivity (TFP) of Chinese industrial industry are estimated by using the dynamic panel data of industrial industry distribution lag, which are classified by two-digit codes from 1995 to 2011. The empirical study shows that American FDI mainly involves high-tech industries, and controls spillover effects most strictly. The contribution to China's capital-intensive industries is significant in the current period, and the lag period is obviously weakened; There is a significant positive correlation between EU FDI and China's industrial performance improvement. Eastern (southern) Asian multinational enterprises focus on the use of cultural convergence to reduce the cost of factors of labor production. The contribution of FDI from this region to China's labor-intensive industries is obviously stronger than that of capital-intensive industries. With the change of the domestic and international situation, it is necessary to re-recognize and evaluate the role of foreign direct investment. Only by turning decisively to the differentiated strategy of foreign investment, we should be good at using foreign capital to force the effect to release new institutional dividends. Only in this way can foreign investment help to realize the strategic goal of promoting the independent innovation ability of China's industry.
【作者单位】：西安交通大学经济与金融学院;
【基金】：国家社会科学基金项目“以企业为主体的战略性新兴产业自主创新机制研究”(批准号11BJY006) 教育部新世纪优秀人才支持计划“公司成长与现代产业的演进”(批准号NCET-11-0429)
【分类号】：+

【参考文献】