鼓励还是抑制？初探外商直接投资与新民营企业进入

Wang, Daili (2013): 鼓励还是抑制？初探外商直接投资与新民营企业进入.

Abstract

As one of the numerous merits brought by global financial integration, foreign direct investment (FDI) plays an indispensable role in fostering economic growth in the developing world. Different from previous literatures which concentrate on discussing the FDI productivity spillover effect, the paper provides evidence of the impact from FDI on the entry of new-born private firms by employing an exhaustive Chinese firm-level dataset. The paper confirms the vintage positive productivity spillover from FDI. It further suggests that larger share of foreign owned enterprises correlates significantly with less entry of new private firms in a given industry. Considering the vital role of new-born firms in facilitating private sector development, which in turn is crucial to sustainable economic growth, the paper recommends relevant authority carefully assessing the trade-off between positive productivity spillover effect and negative entry inhibition effect, before introducing more favored policies to attract foreign investors

• Item Type: MPRA Paper
• English Title: Foreign Direct Investment and the Entry of New Firms
• Language: Chinese
• Keywords: Foreign direct investment, Firm entry, Entrpreneurship, China
• Subjects: F - International Economics > F2 - International Factor Movements and International Business; F - International Economics > F3 - International Finance; L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development

References

Acs, Z. and A. Varga. 2005. "Entrepreneurship, Agglomeration and Technological Change", Small Business Economics, Vol. 24 (3): 323–334. Aitken, B. and A. Harrison. 1999. “Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela”, American Economic Review, Vol. 89: 605–618. Alfaro, L. 2003. “Foreign Direct Investment and Growth: Does the Sector Matter?”. Working Paper, Harvard University. Alfaro, L., A. Chanda, S. Kalemi-Ozcan and S. Sayek. 2010. “Does Foreign Direct Investment Promote Growth? Exploring the Role of Financial Markets on Linkages”, Journal of Development Economics, Vol. 91 (2): 242-256. Alfaro, L. and A. Charlton. 2007. “International Financial Integration and Entrepreneurial Firm Activity”, NBER Working Paper No. 13118. Alfaro, L. and A. Rodriguez-Clare. 2004. "Multinationals and Linkages: Evidence from Latin America", Economia Vol. 4: 113-170. Altomonte, C. and L. Resmini. 2001. “Multinational Corporations as Catalyst for Industrial Development: The Case of Poland”, William Davidson Institute, Working Paper No. 368. Anwar, S. and S. Sun. 2012. “FDI and Market Entry/Exit: Evidence from China”, Journal of Asian Economics, Vol. 23 (5): 487-498. Audretsch, D. and M. Fritsch. 1994. "The Geography of Firm Births in Germany", Regional Studies, Vol. 28 (4): 359-365. Ayyagari, M. and R. Kosova. 2010. "Does FDI Facilitate Domestic Entry? Evidence from the Czech Republic", Review of International Economics, Vol. 18(1): 14-29. Barrios, S., H. Gorg and E. Strobl. 2005. “Foreign Direct Investment, Competition and Industrial Development in the Host Country”, European Economic Review, Vol. 49: 1761-1784. Blomstrom, M. and A. Kokko. 1998. "Multinational Corporations and Spillovers”, Journal of Economic Surveys, Vol. 12: 247–277. Blundell, R. and S. Bond. 1998. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models", Journal of Econometrics, Vol. 87 (1): 115-143 Brandt, L., J. Van Biesebroeck and Y. Zhang. 2012. “Creative Accounting or Creative Destruction? Firm-Level Productivity Growth in Chinese Manufacturing”, Journal of Development Economics, Vol. 97(2): 339-351. Buckley, P., J. Clegg and C. Wang. 2007. “Is the Relationship between Inward FDI and Spillover Effects Linear? An Empirical Examination of the Case of China”, International Business Review, Vol. 16 (2): 142-58. Cai, F., D. Yang and M. Wang. 2009. “Migration and Labor Mobility in China”, UNDP Human Development Research Paper No. 2009/09. Cheung, K. and P. Lin. 2004. “Spillover Effects of FDI on Innovation in China: Evidence from the Provincial Data”, China Economic Review, Vol. 15: 25-44. Chen, T., A. Kokko and P. Tingvall. 2011. “FDI and Spillovers in China: Non-linearity and Absorptive Capacity”, Journal of Chinese Economic and Business Studies, Vol. 9(1): 1-22. Chor D., F. Foley and K. Manova. 2008. “Host Country Financial Development and MNC Activity”, Stanford University mimeo. Davies, K. 2010. "Inward FDI in China and Its Policy Context", Vale Columbia Center Research Paper. Dougherty, S., R. Herd and P. He. 2007. “Has a Private Sector Emerged in China’s Industry? Evidence from a Quarter of a Million Chinese Firms”, China Economic Review, Vol.18: pp. 309-334. Du, J. and S. Girma. 2009. “Finance and Firm Start-up Size: Quantile Regression Evidence from China”, China and the World Economy Research paper, 2009/12. Djankov, S. and P. Murrell. 2002. “Enterprise Restructuring in Transition: a Quantitative Survey”, Journal of Economic Literature, Vol. 40: 739-792. Fetscherin, M., H. Voss and P. Gugler. 2010. “30 Years of Foreign Direct Investment to China: An Interdisciplinary Literature Review”, International Business Review, Vol. 19: 235-246. Fosfuri, A., M. Motta and T. Ronde. 2002. “Foreign Direct Investment and Spillovers through Workers' Mobility”, Journal of International Economics, Vol. 53: 205–222. Fritsch, M. and P. Mueller. 2008, "The Effect of New Business Formation on Regional Development over time: the Case of Germany", Small Business Economics, Vol. 30 (1): 15–29. Geroski, P. 1991. Market Dynamics and Entry, Chapter 3. Blackwell, Oxford. Glass, A. and K. Saggi. 2002. “Multinational Firms and Technology Transfer”, Scandinavian Journal of Economics, Vol. 104: 495–513. Gorg, H. and E. Strobl. 2001. "Multinational Companies and Productivity Spillovers: A Meta-analysis", Economic Journal, Vol. 111 (475): 723–739. Gorg, H. and E. Strobl. 2002. “Multinational Companies and Indigenous Development: An Empirical Analysis”, European Economic Review, Vol. 46: 1305-1322. Guevara, J. and J. Maudos. 2007. "Regional Financial Development and Bank Competition: Effects on Economic Growth," MPRA Paper, No. 15255. Guiso, L., P. Sapienza and L. Zingales. 2004. “Does Local Financial Development Matter?” Quarterly Journal of Economics, Vol.119: 929-969. Hale, G. and C. Long. 2007. “Is There Evidence of FDI Spillover on Chinese Firms' Productivity and Innovation?”, Yale University Economic Growth Center, Discussion Paper No. 934. Hanousek, J., E. Kocenda and M. Maurel. 2011. "Direct and Indirect Effects of FDI in Emerging European Markets: Survey and Meta-analysis". Economic Systems, Vol. 35(3): 301-322. Hericourt, J. and S. Poncet. 2007. “FDI and Credit Constraints: Firm Level Evidence in China”, Working Papers 2007-11, CEPII research center. Ho, O. 2004. "Determinants of Foreign Direct Investment in China: A Sectorial Analysis". University of Western Australia, Discussion Paper: 04.18. Huang, Y. 2003. Selling China: Foreign Direct Investment during the Reform Era. Cambridge University Press, New York. Huang, Y., Y. Ma, Z. Yang and Y. Zhang. 2008a. "A Fire Sale without Fire: An Explanation of Labor-Intensive FDI in China", MIT Sloan Research Paper No. 4713-08 Huang, Y. 2008b. Capitalism with Chinese Characteristics: Entrepreneurship and the State. Cambridge University Press. Huang, Y., L. Jin and Y. Qian. 2010. “Does Ethnicity Pay”, NBER Working Paper No. 16294. Javorcik, B. 2004. “Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers through Backward Linkages”, The American Economic Review, Vol. 94 (3): 605-627. Li, C. 2010. “Savings, Investment, and Capital Mobility within China”, China Economic Review, Vol. 21 (1): 14–23. Lipsey, R. 2002. "Home and Host Country Effects of FDI". NBER Working Paper, No. 9293. Wei, Y. and X. Liu. 2006. “Productivity Spillovers from R&D, Exports and FDI in China’s Manufacturing Sector”, Journal of International Business Studies, Vol. 37(4): 544–557. Liu, Z. 2008. "Foreign Direct Investment and Technology Spillovers: Theory and Evidence". Journal of Development Economics, Vol. 85: 176-193. Madariaga, N. and S. Poncet. 2007. "FDI in Chinese Cities: Spillovers and Impact on Growth",The World Economy, Vol. 30(5): 837-862. Markusen, J. and A. Venables. 1999. “Foreign Direct Investment as a Catalyst for Industrial Development”, European Economic Review, Vol. 43: 335–356. Mata, J. 1993. "Entry and Type of Entrant: Evidence from Portugal”, International Journal of Industrial Organization, Vol. 11: 101–122. Mata, J. and J. Machado. 1996. “Firm Start-up Size: A Conditional Quantile Approach”, European Economic Review, Vol. 40: 1305–1323. McKinnon, R. 1973. “Money and Capital in Economic Development”, Washington DC: Brookings Institution: 121-145. Nystrom, K. 2005. “Determinants of Regional Entry and Exit in Industrial Sectors”, CIES Working Paper No. 33. Rodriguez-Clare, A. 1996. "Multinationals, Linkages, and Economic Development", American Economic Review, Vol. 86: 852–873. Schumpeter, J. 1942. Capitalism, Socialism and Democracy, New York: Harper & Row. Sutton, J. 1991. Sunk Costs and Market Structure, Cambridge, MA: MIT Press. Wang, J. 1990. “Growth, Technology Transfer, and the Long-run Theory of International Capital Movements”. Journal of International Economics, Vol. 29: 255–271. Wei, S. and G. Boyreau-Debray. 2004. "Can China Grow Faster? A Diagnosis on the Fragmentation of the Domestic Capital Market", IMF Working Papers No. 04/76. Wei, S. and X. Zhang. 2011. "Sex Ratios, Entrepreneurship, and Economic Growth in the People's Republic of China," NBER Working Papers No. 16800. Whalley, J. and X. Xin. 2006. “China's FDI and Non-FDI Economies and the Sustainability of Future High Chinese Growth”, NBER Working Paper No. 12249.