外商直接投資外文翻譯

1、外文翻譯之一to share or not to share: does local participation matter for spillovers from foreign direct investment?author(s)：beata smarzynska javorcik and mariana spatareanunationality：u.s.source：“to share or not to share: does local participation matter for spillovers from foreign direct investment?” jo

2、urnal of development economics, article in press1. introductionalthough domestic equity ownership requirements used to be extensively utilized by governments in developing countries,2 their incidence has sharply declined in recent years (unctad, 2003). increasingly competitive environment for foreig

3、n direct investment (fdi) and the need to comply with international commitments have put pressure on governments to relax restrictions on foreign entrants. one of the original motivations for the existence of ownership sharing conditions was the belief that local participation in foreign investment

4、projects reveals their proprietary technology and thus benefits domestic firms by facilitating technology diffusion (see beamish, 1988 and blomstrm and sjholm, 1999). as writing a contract specifying all aspects of the rights to use intangible assets is difficult, if not impossible, joint domestic a

5、nd foreign ownership of an investment project is more likely to lead to knowledge dissipation. a local partner may use the knowledge acquired from the foreign investor in its other operations not involving the foreign shareholders or being in charge of hiring policies, as is often the case, the loca

6、l partner may have less incentive to limit employee turnover.3 this problem is reduced when the multinational is the sole owner of its affiliate.4 as a consequence, multinationals may be more likely to transfer sophisticated technologies and management techniques to their wholly owned subsidiaries t

7、han to partially owned affiliates.5 this in turn has implications for knowledge spillovers to local producers in a host country. less sophisticated technologies being transferred to jointly owned fdi projects may be easier to absorb by local competitors, which combined with a better access to knowle

8、dge through the actions of the local shareholder may lead to greater intra-industry (or horizontal) knowledge spillovers being associated with the shared ownership structure than with wholly owned foreign affiliates. moreover, lower sophistication of inputs needed by jointly owned fdi projects and t

9、he familiarity of the local partner with local suppliers of intermediates may result in greater reliance on locally produced inputs and thus greater vertical spillovers accruing to local producers in upstream sectors. while a lot of research effort has been put into looking for the evidence of fdi s

10、pillovers (see the next section), little attention has been devoted to how the ownership structure affects this phenomenon.6 this paper is a step forward in understanding the implications of the ownership structure of fdi projects for the host country. using firm-level panel data from romania for th

11、e 19982003 period, we examine whether wholly owned foreign affiliates and investments with joint domestic and foreign ownership are associated with a different magnitude of spillovers within the industry of operation and to upstream sectors supplying intermediate inputs. the results suggest that the

12、 ownership structure in fdi projects does matter for productivity spillovers. consistent with our expectations, the analysis indicates that projects with joint domestic and foreign ownership are associated with positive productivity spillovers to upstream sectors but no such effect is detected for w

13、holly owned foreign subsidiaries. the difference between the two coefficients is statistically significant. the magnitude of the former effect is economically meaningful. a one-standard-deviation increase in the presence of investment projects with shared domestic and foreign ownership is associated

14、 with a 4.4% increase in the total factor productivity of domestic firms in the supplying industries. this pattern can be found at the national as well as at the regional level. it holds for both best performers in each sector as well as for firm exhibiting lesser performance. the presence of joint

15、ventures in downstream sectors benefits domestic firms but has no effect on foreign affiliates. in contrast to the vertical effects, the presence of fdi appears to have a negative effect on the performance of local firms operating in the same sector. as argued by aitken and harrison (1999), this may

16、 be due to the fact that local producers lose part of their market share to foreign entrants and thus are forced to spread their fixed cost over a smaller volume of production. the empirical literature suggests that the negative competition effect outweighs the positive effect of knowledge spillover

17、s in developing countries (aitken and harrison, 1999, djankov and hoekman, 2000 and konings, 2001). if greater knowledge dissipation tends to be associated with jointly owned fdi projects, we would expect that fdi with shared ownership has a less negative effect on local producers than do wholly own

18、ed foreign projects. our findings are consistent with this expectation, as in all specifications we find the anticipated pattern. the difference between the magnitudes of the two coefficients is statistically significant for sectors with domestic-market orientation, in the subsample of foreign firms

19、 and in the regressions focusing on regional spillovers. while our findings are consistent with the existence of externalities associated with fdi, a word of caution is in order. we use the term ”spillovers” very broadly as our methodology does not allow us to distinguish between pure knowledge exte

20、rnalities, the benefits of scale economies that may be enjoyed by suppliers to multinationals or the effects of increased competition resulting from foreign entry into the product market. more work is certainly needed to fully understand the effects of fdi inflows on host countries. our findings sho

21、uld not be interpreted as suggesting that restrictions on the extent of foreign ownership are desirable, as such restrictions may lead to lower overall fdi inflows and have other implications not addressed in our analysis. there exist other policies that could potentially be used to facilitate local

22、 sourcing by multinationals, such as improvements to the business climate or supplier development programs that assist local producers in learning how to satisfy requirements of foreign buyers. in any case, more research is needed to enhance our understanding of host country conditions facilitating

23、knowledge spillovers from foreign direct investment and the role government policies may play in this area. 能分享還是無分享：地方參與真的能從外商直接投資中獲得溢出嗎？作者：比阿塔司馬新斯卡加沃斯克和瑪瑞安娜斯帕塔瑞奴國籍：美國出處：發(fā)展經(jīng)濟(jì)學(xué)期刊正在出版中1、引言盡管國內(nèi)資產(chǎn)所有要求被廣大發(fā)展中國家政府廣泛地利用，近幾年來它們的影響力急劇地下降，對外商來說越來越激烈的競爭環(huán)境以及需要遵守國際條約的壓力迫使鎮(zhèn)古放松外國進(jìn)入者的限制。股權(quán)分享條件最原始的動機(jī)之一是大家相信地方參與外國投資項

24、目可以揭示他們自有技術(shù)，因此可以通過促進(jìn)技術(shù)分散來使國內(nèi)企業(yè)受益。因為要訂一個能夠列明使用無形資產(chǎn)所有方面的權(quán)利的合同是很困難的。如果可能的話，國內(nèi)外共同擁有一項投資項目的所有權(quán)更有可能導(dǎo)致知識分散。地方合作者可以將從外國投資者處學(xué)來的知識用于其它不涉及外國投資人或受雇傭政策限制的企業(yè)。通常的情況時地方合作者不太會去限制員工流轉(zhuǎn)率。如果跨國公司獨自擁有子公司的所有權(quán)的話，這個問題就會大量的減少。因而，跨過公司更喜歡將成熟的技術(shù)和管理經(jīng)驗轉(zhuǎn)移到他們的獨資子公司而不是共同所有的子公司。反過來這也對東道國的當(dāng)?shù)厮姓哂幸粋€知識溢出的暗示。轉(zhuǎn)移到合資的外商獨資項目的那些不太成熟的技術(shù)更容易被當(dāng)?shù)馗偁幷?/p>

25、吸收再加上因為當(dāng)?shù)毓蓶|的行為而更容易獲得知識技術(shù)，從而導(dǎo)致與共同所有結(jié)構(gòu)相關(guān)的產(chǎn)業(yè)內(nèi)知識溢出比全股所有的要大的多。此外，對共同所有的外商直接投資項目投入要求不高再加上地方合作者對當(dāng)?shù)毓┴浬瘫容^熟，會導(dǎo)致對當(dāng)?shù)厣a(chǎn)的投入品有更大的依賴，因此導(dǎo)致上游部門的當(dāng)?shù)厣a(chǎn)者更多的垂直溢出。當(dāng)大量的研究致力于對外商直接投資的溢出效應(yīng)進(jìn)行實證研究，很少有人關(guān)注所有權(quán)結(jié)構(gòu)如何影響這一現(xiàn)象。這篇論文的過人之處在于使人了解外商直接投資項目對東道國的暗示。通過使用19982003年羅馬尼亞公司層面的面板數(shù)據(jù)，檢驗外商獨資子公司和合資企業(yè)在其產(chǎn)業(yè)內(nèi)以及提供中間投入品的上游企業(yè)是否有一個不同的溢出范圍。結(jié)果顯示外商直接投

26、資項目的所有權(quán)結(jié)構(gòu)與生產(chǎn)力溢出效應(yīng)相關(guān)。與我們的預(yù)期一致，分析結(jié)果說明國內(nèi)外共同所有的項目能夠?qū)ι嫌尾块T有正溢出效應(yīng)，但是獨資企業(yè)沒有這樣的溢出效應(yīng)。在統(tǒng)計計量上這兩個系數(shù)的差額很明顯。前者效應(yīng)的大小在經(jīng)濟(jì)上很有意義.國內(nèi)外共同所有的項目多增加一個，供應(yīng)產(chǎn)業(yè)的國內(nèi)企業(yè)的要素生產(chǎn)率增加4.4%。這個模型適用于國家也適用于地區(qū)的企業(yè)。對每一個部門最好的企業(yè)和差一點的企業(yè)都適用。下游部門合資企業(yè)的出現(xiàn)有利于國內(nèi)企業(yè)，對外資機(jī)構(gòu)一點作用也沒有。與垂直效應(yīng)形成對比的是，fdi的出現(xiàn)對在同一個部門的當(dāng)?shù)仄髽I(yè)的績效有一個負(fù)影響。如阿特肯和哈瑞森（1999）所說，這個現(xiàn)象可以歸因于當(dāng)?shù)厣a(chǎn)者被外國進(jìn)入者搶去了

27、一部分市場份額，以至于因為產(chǎn)量減少而使固定成本增加。這部經(jīng)驗主義作品說明在發(fā)展中國家負(fù)面競爭效應(yīng)超過了知識溢出的正效應(yīng)。如果合資企業(yè)知識散播更明顯，我們可以預(yù)期合資擁有的fdi項目比獨資企業(yè)對當(dāng)?shù)厣a(chǎn)者的負(fù)面影響小一點。我們的調(diào)查結(jié)果與預(yù)期一致，因為在所有的分析中我們找到了預(yù)期的模型。在對外國企業(yè)的二次抽樣和關(guān)注地區(qū)溢出效應(yīng)衰退時，對國內(nèi)市場導(dǎo)向的部門來說，這兩個系數(shù)在統(tǒng)計計量上大小的差額很明顯。我們的調(diào)查結(jié)果證明fdi確實具有外在性，需要予以警惕。我們廣泛地用“溢出”這個詞是因為我們的方法論無法使我們辨清楚純粹的知識外溢，跨國公司供貨商所能享受到的規(guī)模經(jīng)濟(jì)或者因為外國投資者進(jìn)入了產(chǎn)品市場而導(dǎo)

28、致的競爭加劇的影響。我們?nèi)孕枰M(jìn)行更多的工作去了解fdi流入對東道國的影響。我們的調(diào)查結(jié)果并不是說明對外商所有權(quán)的限制是絕對必要的，因為這樣的限制會導(dǎo)致整體流入的減少以及另外產(chǎn)生一些沒有在我們的分析中說明的問題。有一些其它的政策可能潛在地促進(jìn)跨國企業(yè)驚醒當(dāng)?shù)夭少?，比如培養(yǎng)商業(yè)氛圍或開發(fā)供應(yīng)商發(fā)展項目會幫廚當(dāng)?shù)厣a(chǎn)者學(xué)會如何滿足外國買家的要求。在任何情況下，我們需要花更多的力氣通過研究來促進(jìn)我們對東道國環(huán)境的認(rèn)識，這有助于促進(jìn)外商直接投資的知識外溢以及政府政策在這個領(lǐng)域所扮演的角色。外文翻譯之二is foreign direct investment a channel of knowledge

29、 spillovers evidence from japans fdi in the united states？author(s)：lee branstetternationality：u.s.source：“is foreign direct investment a channel of knowledge spillovers evidence from japans fdi in the united states？ journal of international economics ，volume 68, issue 2, 2006,pp.325-3441、introducti

30、onto what extent does technological knowledge flow across national borders, and by what means are these knowledge flows mediated? these questions have received an increasing amount of attention over the last decade, as leading scholars in international economics have focused considerable research ef

31、fort on the topic of knowledge spillovers.1 a considerable body of theoretical and empirical work has focused on the extent to which imports of manufactured goods could serve as channels of knowledge spillovers.2 while less thoroughly explored in formal models, the literature also suggests the possi

32、bility of a “l(fā)earning-by-exporting” effect in which firms learn to improve the quality of their products and production processes through contact with more advanced foreign competitors in global export markets.3 the flow of goods is not the only means through which technological knowledge can flow a

33、cross national boundaries. an obvious alternative is foreign direct investment. a number of countries have policies that encourage or even subsidize multinational investment. often, as has been the case in singapore and malaysia, these policies are deliberately biased in favor of multinational firms

34、 in “technology intensive” industries. such preferences are based on the view that production and/or research activities undertaken by multinational affiliates within national borders confer “spillover” benefits. in an effort to submit these views to careful statistical tests, a number of scholars h

35、ave undertaken empirical studies of spillover benefits from fdi. the work of harrison and her co-authors, which has been particularly influential, has used micro-level panel data drawn from morocco and venezuela.4 following the basic methodology developed by aitken and harrison (1999), keller and ye

36、aple (2003) and haskel et al. (2002) have examined fdi in advanced industrial economies, and javorcik (2004) has examined fdi in lithuania. in the previous work, i have examined issues related to the focus of this paper. branstetter and nakamura (2003) examined changes in the research productivity o

37、f japanese manufacturing firms over the 1980s and 1990s. as part of that study, we examined the extent to which r&d alliances and partnerships with u.s. firms facilitated the flow of knowledge spillovers across international boundaries. that paper did not examine the role of fdi as a channel of know

38、ledge spillovers. branstetter (2000b) examined the role of fdi as a channel of knowledge spillovers from the u.s. to japan, but was able to do so only indirectly, by quantifying the comovement between the r&d spending of u.s. firms and the patent output of japanese corporations. as noted in that pap

39、er, these correlations are subject to confounding influences, raising doubts about the accuracy of such indirect inference. this paper examines the role fdi plays in mediating knowledge spillovers, but it takes a completely different methodological approach. first, in contrast to many of the aforeme

40、ntioned papers, i measure the impact of fdi not only on knowledge spillovers from the investing japanese firms to “indigenous” american firms but also the impact of japanese investment on knowledge spillovers from american firms to the investing japanese firms.5 second, i allow the impact of fdi on

41、knowledge spillovers to depend upon the nature of the subsidiary and i find differences in the spillover-enhancing impact of different types of subsidiaries that are consistent with recent theoretical work on multinational firms. third, i do not follow the earlier convention of using measured change

42、s in tfp or other revenue-based measures to infer the presence or absence of knowledge spillovers. as is well known, conventional measures of productivity can reflect market power as well as technical efficiency.6 when technologically more advanced foreign affiliates first enter a market, their pres

43、ence may erode the market power of indigenous incumbents while at the same time introducing new production techniques and technologies from which these same incumbents learn. real knowledge spillovers can take place, yet their effects can be masked in the data by changes in appropriability condition

44、s. alternatively, robust demand growth in a sector of the host country could lead to higher profits, which generates higher measured tfp growth for domestic firms while, at the same time, inducing investment by foreign firms. this paper presents an alternative empirical framework for measuring the i

45、mpact of foreign direct investment on knowledge spillovers using patent citations data. i then use this framework to measure the impact of foreign direct investment in the united states by a group of japanese manufacturing firms on knowledge flows from american firms to these investing japanese firm

46、s and from the investing japanese firms to american inventors. to preview my empirical results, i find evidence that foreign direct investment enhances knowledge flows in both directions. i also find that the direction and degree of spillover flow is related to the characteristics of japanese firms u.s. subsidiaries in plausible ways. knowledge spillovers received by the investing japanese firms tend to be strongest via r&d and product development facilities. on the other hand, spillovers from the investing japanese firms to indigenous american inventors appear to flow most strongly throug