外文翻译中国国内的企业受益于外国直接投资吗.docx
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外文翻译中国国内的企业受益于外国直接投资吗.docx
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外文翻译中国国内的企业受益于外国直接投资吗
中文4187字
本科毕业论文外文翻译
外文题目:
DoDomesticChineseFirmsBenefitfrom
ForeignDirectInvestment?
出处:
UniversityofCalifornia,Berkeley
作者:
Chang-TaiHsieh
原文:
Summary
Thispaperusesauniqueplant-levelpaneldatasetfromtheChinesemanufacturingsectortomeasuretheeffectsofforeignfirmsontheproductivityofdomesticfirms.Wefindthatforeignfirmsaremoreproductivethandomesticfirmsinthesameindustry.Wefindlittleevidencethatforeignfirmshadanyeffect,eitherpositiveornegative,ontheaverageproductivityofdomesticChinesemanufacturingplants.However,wealsofindclearevidencethatthisaverageeffectmasksimportantheterogeneity:
largedomesticfirmsappeartobenefitsignificantlyfromthepresenceofforeignfirmsinthesector,whiletheproductivityofsmalldomesticfirmsisloweredbythepresenceofforeignfirms.
1.Introduction
Inrecentdecades,directforeigninvestment(DFI)hasexplodedindevelopingcountries.Bysomeaccounts,DFIaccountsformorethanhalfofallexternalfinancingindevelopingcountries.Infact,manypolicymakersbelievethatattractingDFIisacrucialingredientforacceleratingthecountry’seconomicdevelopment.Foreignfirms,theargumentgoes,wouldintroducenewtechnologiesandhelpupgradetechnologicalcapabilitiesofdomesticfirms.Thiscouldoccurthroughavarietyofchannels.Forexample,workersemployedbyforeignfirmscouldlearnthenewtechnologiesanddiffusethesetechnologiesbystartingtheirownfirmsorbymovingtootherdomesticfirms.Itmightbethecasethatforeignfirmshelpupgradethetechnologiesofdomesticfirmsbystimulatingupstreamanddownstreamlinkages.
Duetothesereasons,manycountrieshaveintroducedabatteryoftaxincentives,rangingfromtaxholidaystotheprovisionofutilitiesandotherinfrastructureatconcessionaryrates.AndnowhereisthismoreapparentthaninChina,wherethegovernmenthasintroducedanumberofincentivestoattractforeigninvestment,withremarkablesuccesssofar.Infact,Chinahasemergedasthelargestrecipientsofdirectforeigninvestmentintheworld.Yet,thereisremarkablylittleevidenceontheeffectofforeignfirmsonthetechnologicalcapabilitiesofdomesticfirmsinChina.ArecentimportantpaperbyAitkenandHarrison(1999)usessophisticatedeconometrictechniquestomeasuretheeffectofforeignfirmsontheproductivityofdomesticfirmsusingaplantlevelcensusoffirmsinVenezuela.Here,AitkenandHarrison(1999)findlittleevidencethatDFIhadapositiveeffectontheproductivityofdomesticfirms.
ThispaperwillfollowtheapproachtakenbyAitkenandHarrisonappliedtoauniquepaneldatasetofChinesefirms.Specifically,therearetwoquestionsweseektoanswer.First,dojointventuresorwhollyownedforeignsubsidiariesinChinahavehigherlevelsofproductivitythandomesticfirmsinsimilarsectors?
Second,doesthepresenceofforeignfirms(eitherjointventuresorwhollyownedforeignfirms)resultinatechnology“spillovers”todomesticfirms?
Wereportthreemainfindings.First,foreignfirmsareindeedmoreproductivethandomesticfirmsinthesamesector.Second,thepresenceofforeignfirmsinasectordoesnotappeartohaveaneffect,eitherpositiveornegative,ontheproductivityofanaverageplantinthesector.Third,foreignpenetrationinasectorhasimportanteffectsoninequality:
largedomesticplantsappeartobebenefitfromthepresenceofforeignfirms,whilesmalldomesticplantsappeartosuffer.Thispapercontributestothelargeliteratureontheeffectsofforeigninvestmentontheproductivityofdomesticfirms.Inadditiontothepaperscitedabove,otherrepresentativepapersfromthisliteratureincludeBlomstrom(1986)forMexicanmanufacturingandGloberman(1979)forCanada.AsforChina,wearenotawareofanypaperthatusesfirmleveldatatoexaminetheeffectofforeigninvestmentondomesticproductivity.Therefore,themaincontributionofthepaperistoprovidethefirstevidenceoftheeffectsofforeigncapitalinacountrythatisthelargesthostofforeigndirectinvestmentintheworld.Thepaperproceedsasfollows.Section2describesthedatathatisusedfortheanalysis.Section3presentsthemainempiricalresultsexaminingtherelationshipbetweenforeigninvestmentandproductivityattheplantlevel.Section4examines
whetherthespilloversarelocalinnature.Section5looksforevidencethatforeigncapitalhadadifferentialeffectforlargeversussmallfirms.Section6concludes.
2.Data
ThedatausedinthispaperisthefirmleveldatafromtheChineseAnnualSurveyofIndustriesconductedannuallybyChina’sNationalBureauofStatistics.ThisisthedatapublishedintheindustrialstatisticschapteroftheannualpublicationofChina’sStatisticalYearbook.Wehavethisdatafrom1998through2004.Thissurveycoversallstateplantsandallnon-stateplantswithrevenuesgreaterthan5millionYuan.Thenumberofplantsrangesfrom200,000to250,000.Thedataalsoprovidesplantidentifiers,soweareabletotrackplantsovertime.Foreachplant,thedatasetalsoprovidesinformationontheplant’sindustry,geographiclocation,ownership,bookvalueoftheplants’capitalstock,inputcost,revenues,employment,andrevenues.
Thepiecesofinformationweusefromthisdatasetarethefollowing.First,wedefinetheplant’sindustryasa3-digitlevel.Thereareroughly1803-digitindustriesinthedata.Second,weusetheplant’srevenues,employment,inputcosts,andthebookvalueofthecapitalstocktomeasuretheplant’sproductivity.Theuseofthebookvalueofthecapitalstockinsteadofthemarketvaluemaybeofconcern.Onewayinwhichwetriedtodealwiththisistousethedataontheageofthefirmtoconstructaproxyforthemarketvalueofcapitalusingconstantgrowthrateassumptionsandthedataonthebookvalueofthecapitalstock.Fortheresultswepresentbelow,itdoesnotmakeadifferencewhetherweusethebookvalueofthecapitalstockreportedinthedatasetorwhetherweuseourproxyforthemarketvalueofthecapitalstock(butwecanobviouslyprovidetheseresultsuponrequest).
Third,akeypieceofinformationprovidedinthedataistheownershipoftheplant.Specifically,thedatasetprovidesinformationontheownershipoftheplantdividedintostate,localgovernments,cooperative,andforeignownership.Weusethisinformationtoconstructthreevariables.First,weconstructavariablemeasuringtheforeignownershipshareoftheplant.WecallthisvariablePlant_DFI.Second,weconstructavariablemeasuringtheshareofforeignfirmsineach3-digitindustry.
Specifically,wemeasuretheforeignshareinanindustryasaweightedaverageoftheemploymentshareofeachplantwheretheweightsaretheshareofforeignequityineachplant.WecallthisvariableSector_DFI.Finally,weconstructavariablefortheimportanceofforeignfirmsinageographicregion.Specifically,wedefinethelocalregionasaChineseprovince,andmeasuretheshareofforeignfirmsasaweightedaverageoftheemploymentshareofeachplantintheprovince,wheretheweightsaretheforeignequityshareofeachplant.WecallthisvariableLocal_Sector_DFI.
3.DoDomesticFirmsBenefitfromForeignFirms?
Toestimatetheeffectofforeignfirms,wefollowAitkenandHarrison(1999)andestimatethefollowingloglinearproductionfunction:
Here,iindexestheplant,jindexesthesector,andtrepresentstime.Asforthevariables,Yisgrossoutputofthefirm,Plant_DFIrepresentstheshareofforeignequityfortheplant,Sector_DFIrepresentstheemploymentshareofforeignequityinthesector,andControlsdenotesavectorofcontrols(avectoroftimedummies,thecostofintermediateinputs,theemploymentoftheplant,andthebookvalueofthecapitalstock).
Table1presentsthebasicresultsfromestimatingequation(1.1)ontheChinesedata.Thedependentvariableisthelogofplantgrossoutput,whichisregressedonthemeasuresofforeignparticipation,thenumberofworkersemployedinthefirm,thevalueofintermediateinputsusedbythefirm,andthebookvalueofthecapitalstock(thelastthreevariablesareintroducedinlogs).Inaddition,inalltheregressionsweincludeavectoroftimedummies.Inthefirstcolumn,wealsoincludeavectorof3-digitindustrydummies(187industriesintotal)toallowforfixedproductivitydifferencesacrosssectors.Ascanbeseen,thecoefficientontheforeignownershipoftheplant(Plant_DFI)ispositiveandstatisticallysignificant.Thepointestimatesuggeststhattheproductivityofplantthatisentirelyforeignownedis13percentagepointshigherthantheproductivityofaplantthatisentirelyownedbydomesticinvestors.
Incontrast,thecoefficientontheforeignownershipinthesector(Sector_DFI)doesnotappeartobestatisticallydifferentfromzero.Thisresultsuggeststhatforeignpresenceinasector(asopposedtobeingforeignowneditself)doesnotappeartohaveanyeffectontheproductivityofdomesticfirms.
Thecoefficientontheterminteractingforeignownershipoftheplantandforeignownershipinthesector(Plant_DFI*Sector_DFI)isnegativeandstatisticallysignificant.
Thenegativecoefficientsuggeststhatfordomesticplants,therearepositivespilloversfromforeigninvestment,incontrasttoforeignplants.NotethatthisresultdiffersfromwhatAitkenandHarrison(1999)foundintheiranalysisofVenezuelanmanufacturingplants.
Thesecondcolumnpresentsthecoefficientsfromthesameregression,butomitstheindustrydummies.Thereasonthisisdoneissothatwecancompareourresultswithstudiesthatuse
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- 关 键 词:
- 外文 翻译 中国 国内 企业 受益 外国 直接投资