1、外文翻译 原文 How Does FDI Affect a Host Countrys Export Performance?The Case of China Material 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 substantial inflows of foreign d
2、irect 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. This paper attempts to c
3、lose 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 labor-intensive industries,
4、as one might anticipate. JEL Code: F21; F23; O53 Key Words: Foreign direct investment (FDI), Exports, Foreign-Invested Enterprises (FIEs), Multinational Corporations (MNCs) 1. Introduction An empirical assessment of the role of foreign direct investment (FDI) in a host countrys export performance is
5、 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, (c) facilitating acces
6、s 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 technologies that are low level
7、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 comparative advantages by
8、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 2 attempts to work in this direction by using the Chinese industrial data. B
9、esides 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 accumulated FDI being as
10、 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 has been a growing
11、 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 been limited. The ma
12、in 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 also estimates of the
13、 model with two sub-samples of laborintensive and capital-intensive industries. 2. The Role of FDI in Chinas Exports China has great potential to become a significant exporter of labor-intensive products,such as textiles and other consumer goods. However, the Chinese firms faced immense difficulties
14、 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 servicing of th
15、e 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 of FDI on expor
16、ts 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 co
17、mplemented Chinas resources and capabilities and provided some of the missing elements for greater competitiveness. China therefore 3 has built upon these to enter new export activities and improved its performance in existing ones. FDI helps exports by investing capital in the exploitation of China
18、s low-cost labor,especially in the 1980s, when domestic investment was limited by financial constraints. Such FDI bridged the resource gap and took the risk of developing new exports. The provision of additional capital has been critical for China to build up its initial base of labor-intensive manu
19、facturing exports. FDI provides China with competitive assets for export-oriented production in technologyintensive and dynamic products in the world trade (Zhang and Song, 2000). Such assets are often firm-specific, costly and difficult for the Chinese firms to acquire independently. The transfer o
20、f such assets by foreign affiliates or non-equity partners in China through training, skills development and knowledge diffusion opens up prospects for further dissemination to other enterprises and the economy at large. Thus more firms (including domestic enterprises) can develop their exports and
21、the factors underlying competitiveness get rooted in the Chinese economy. FDI promotes exports by facilitating China access to new and larger markets. This involves foreign affiliates privileged access to not only MNCs international production systems,but also MNCs intra-firm markets and access at a
22、rms length to MNCs customers in global,regional and home-country markets. Moreover, these links to world markets extend to suppliers and other domestic firms. In addition, as happened in the US, China also benefited from the lobbying activities of MNCs in their home countries for favorable treatment
23、 of exports from their affiliates abroad. Export-oriented foreign affiliates provide training for the local workforce and upgrade technical and managerial skills that benefit the Chinese exports. This is especially true for export-oriented investments in advanced technological capabilities. China ha
24、s already attracted significant MNC export activities at labor-intensive and low-technology levels. The strategic challenge facing China is that its future competitiveness depends on the host governments ability to boost the human capital and technological infrastructure. In turn, MNCs feed benefits
25、 back into local skill and technology systems, providing information, assistance and contracts. The positive role of FDI in Chinas exports may be summarized in terms of direct and indirect effects. The direct effects refer to exports by foreign affiliates themselves. The spillovers of FDI on export
26、activities of local firms make up the 4 indirect effects (Blomstrom et al., 2000;UNCTAD, 2002).The contributions of foreign affiliates to Chinas exports include the following four aspects: (a) Exports through processing and assembling: By processing components and assembling in which domestic firms
27、import unfinished and intermediate goods, China became a dominant exporter of labor intensive products (toys, shoes, clothes, and sporting goods) and some technology-intensive products (machinery and equipments, including electronic circuits,automatic data-processing machines, and mobile phones) (UN
28、CTAD, 2002). Generally, these exports are organized by MNCs within vertically integrated international production network(Zhang and Markusen, 1999). Most of the exports created by FDI (80% in 2002) take place in this form, which constitutes three quarters of Chinas total processing-assembling export
29、s (SSB,2003). (b) Exports through converting import-substituting industries: Many developing countries including China restrict imports of manufacturing products but may allow FDI in these sectors. With well-designed policies, China started and increased exports of the import-substituting products b
30、y combining its cheap labor with advanced technology embodied in FDI (Zhang,2005). This has been happening in home appliances (TV sets, VCD, DVD players, cameras,refrigerators, and washers) and the automobile industry. (c) Exports of new labor-intensive final products: The success of some Chinese br
31、and names of light consumer goods in entering world markets is partly due to FDI providing links to final buyers, especially in the US markets (Zhang,2002 and 2005). (d) Exports of local raw materials processing: In the processing of locally produced raw materials, foreign affiliates may have better
32、 export potential than indigenous firms,because of their business contacts abroad, marketing skills, and superior technology, both in product and processes, and greater general know-how. This is especially true in the 1980s, when the Chinese firms lacked these assets and FDI was the only means, at l
33、east for the time being, of increasing exports. FDI enhances as well Chinas manufacturing exports through spillover effects on local firms exporting activities. For instance, local firms increase their exports by observing the export activities of foreign affiliates (“learning by watching”) and by m
34、aking use of the infrastructure of transport, communications and financial services that develops to support those activities. The second spillover effect involves the influence of FDI on the competitiveness of domestic firms exports and the diffusion of new technologies. By bringing their advanced
35、product-process 5 technology, management, and marketing competence, MNCs may increase competition in the Chinese markets and force local firms to adopt more efficient methods. The third spillovers are related to the linkage between foreign and local firms. If export-oriented foreign subsidiaries inc
36、rease their purchase of inputs from local firms as the subsidiary matures,Chinas exports increase (UNCTAD, 2001 and 2002). 4. Concluding Remarks FDI has been viewed as an accelerator of host countries economic growth. One of its major potential growth-contribution is to promote host countries export
37、s. This study attempts to empirically investigate the issue by using the Chinese industrial data. The estimates indicate that FDI indeed has a positive impact on Chinas export boom, its effects are much larger than those of domestic capital, and its effects are larger in labor-intensive industries,
38、as one might anticipate. Chinas success in promoting exports through FDI reported here might be somewhat special due to its unique advantage over other developing countries in bargaining with multinational corporations. While FDI has potentials in helping host countries exports, the benefits do not
39、accrue automatically or evenly across countries. National policies and host government bargaining power relative to multinational corporations matter for attracting exportoriented FDI and for reaping its full benefits for exports. Chinas unique advantages in large country-size, strong centralized go
40、vernment, large amount of rich overseas Chinese who set up most of the export-oriented affiliates, and well-designed FDI strategy, have provided it with negotiating power to minimize the adverse effects and realize positive effects of FDI. Some additional comments are worth mentioning. First, it sho
41、uld be noted that other determinants of Chinas exports may exist but were excluded from the investigation. This work,therefore, should not be treated as an exhaustive study of export performance in China but,rather, as a narrowly focused investigation of the merits of FDI. Second, the focus of this
42、study is on the role of FDI in Chinas export boom, not on the impact of FDI on trade, or on the assessment of benefits and costs of FDI in trade. In fact, as exports created by FDI rose, imports by foreign affiliates in China had grown faster than their exports until 1997 (SSB, 2003). The topics bey
43、ond the export-promoting effects of FDI merit additional studies. 6 References Blomstrom, Magnus, Ari Kokko, and Mario Zejan (2000), Foreign Direct Investment: Firm and Host Country Strategies, London: Macmillan Press. Caves, Richard (1996), Multinational Enterprises and Economic Analysis, the 2nd e
44、dition,Cambridge, MA: Cambridge University Press. Lardy, Nicholas R., 1994, China in the World Economy, Washington, DC: Institute forInternational Economics. Naughton, Barry (1996), “Chinas Emergence and Prospects as A Trading Nation”, Brookings Papers on Economic Activity, 2: 273-344. Office of the
45、 3rd National Industrial Census (1997), The Data of the 3rd National Industrial Census of the Peoples Republic of China in 1995, Beijing: China Statistical Press. State Statistical Bureau (SSB) (2004), China Statistical Yearbook 2004, Beijing: China Statistical Press. State Statistical Bureau (SSB)
46、(1979-2003), China Foreign Economic Statistical Yearbook(various years), Beijing: China Statistical Press. United Nations Conference on Trade and Development (UNCTAD) (2001-2002), World Investment Report (2001 and 2002), New York: United Nations. White, Halbert (1980), “A Heteroscedasticity-Consiste
47、nt covariance matrix estimator and a direct test for heteroscedasticity,” Econometrica, 48: 817-838. Zhang, Kevin H. (2002), “China as A New Power in World Trade,” in Fung, Pei, and Johnson ed., Chinas Access to WTO and Global Economy, Beijing: Yuhang Publishing House, 32-49. Zhang, Kevin H. (2005),
48、 “Chinas Export Competitiveness,” in Kevin H. Zhang ed., China as An World Factory, London: Routledge, forthcoming. Zhang, Kevin H. and Shunfeng Song (2000), Promoting Exports: The Role of Inward FDI in China,” China Economic Review, 11(4): 385-396. Zhang, Kevin H. and James R. Markusen (1999), “Ver
49、tical Multinationals and Host-Country Characteristics,” Journal of Development Economics, 59: 233-252. 译文 外商直接投资如何影响东道国出口的表现 以中国为例 7 资料来源 :华盛顿大学网站 作者： Kevin Honglin Zhang 内容摘要 从世界出口大国排名第 32位（ 1978）跃升到第 3位（ 2004） ,中国出口繁荣的同时伴随着巨大的外国直接投资 (FDI)的流入。 2004年外商投资企业出口是 3390亿美元 ,占中国出口总额的 57%。虽然有关于投资与贸易一体化的理论融合尝试、但有关实证分析仍是很有限。本文试图通过对中国工业数据的调查分析来填补这方面的空白。有关文献指出 ,外国直接 投资确实对中国的出口起到积极的影响，促进出口的效果与国内资本相比较更巨大 ,尤其在劳动密集型产业。 经济学文献编码： F21; F23; O53 关键词： 外商直接投资 出口 外资企业 跨国公司 1.介绍 实证分析外商直接投资在东道国出口方面扮演的角色是十分重要的，当出口在长期中成为经济增长的动力。有一个广泛认同的观点认为外国直接
