1、 外文翻译 原文 Title: Foreign Direct Investment And Economic Growth In China:Evidance From A Two-Sectormodel Material Journal of Financial Management & Analysis， 2010-10 Author:Ping Yu， Chen, K. C.XiaoJin Sun The relationship between the introduction of foreign capital and Chinas economic growth has been
2、analyzed by many scholars. Niu showed that the inflow,of FDI presented a daunting challenge to Chinas macroeconomic and regulatory systems from the demand side and had a significantly positive impact on Chinas economic growth from the supply side.Jordan,Tian, and Sun documented a bidirectional causa
3、lity relationship between Chinas industrial production growth and utilization of foreign capital.They argued that China could maintain a steady economic growth mainly because of using the combination of foreign capital and domestic resources.Shen and Geng built an endogenous growth model with a spil
4、lover effect of foreign capital.Their result indicated that the increase of FDI inflow fueled Chinas economic growth rate,but not vice versa. Zhao ,using qualitative and quantitative analyses,established a model describing the relationship between FDI and major macroeconomic indicators to study the
5、impact of FDI inflow on Chinas economic growth.Sang presented a theoretical model based on the new growth theory and concluded that the increase of FDI inflow was positively related to economic growth. However,the increase of FDI could not be considered as the only reason for economic growth.On the
6、contrary, Chinas economic growth could also attract FDI inflows. Whalley and Xin assessed the contribution of inward FDI to Chinas recent rapid economic growth using a two stage growth accounting approach.Their results indicated that Chinas foreign-invested enterprises, which are joint ventures betw
7、een foreign companies and Chinese enterprises,might have contributed over 40 per cent of Chinas economic growth in 2003 and 2004,and without the inward FDI,Chinas overall GDP growth rate could have been 3.4 per centage points lower.Knight and Ding explained why China had a remarkably high ratio of i
8、nvestment to output throughout the period of economic reform,surpassing almost all other economies, whether developed or developing.They documented that Chinas relative success in economic growth was due to high physical capital investment,conditional convergence gain,dramatic changes in the structu
9、re of employment and output,and low population growth. FDI inflows into China have increased rapidly over the last two decades.This paper employs a two-sector model developed by Feder(1983)to analyze the interaction between the foreign-funded sector and the domestic-funded sector of the Chinese econ
10、omy and to estimate the spillover effects of both sectors on each other.We use panel data that include aggregated GDP, capital investment,and labor force data of 30 provinces in China from 1993 to 2007.Our empirical finding scan be summarized as follows: Consistent with the literatureforeign capital
11、s rapid influx into China over the fifteen years from 1993 to 2007 had played a fundamentally important role in Chinas economic growth. The incremental capital investment was positively related to economic growth.The labor forces employed by foreign-capital enterprises contributed positively to econ
12、omic growth,but that is not the case for the domestic-funded sector. The foreign-funded sector boosted the development of the domestic-funded sector and economic growth, but the crowding-out effect of the domestic-funded sector to the foreign-funded sector was insignificant. However,the foreign-fund
13、ed sectors positive externality declined over time due to the growth of domestic capital and the rapid accumulation of foreign exchange reserves. The above findings raise an important issue that foreign capital should deserve continued emphasis and more policy support.At present,China.could still se
14、e further modest growth of inward FDI as it has expedited the examination and approval procedures toward foreign investors and has improved its legal systems in recent years.From policy makings perspectives,however,China should continue to attract foreign capital. 译文 外国直接投资与经济增长的中国：从两模型中得到的证据 资料来源 :
15、 金融财务管理与分析 作者： Ping Yu， Chen, K. C.XiaoJin Sun 之间的引进外资和中国的经济增长的关系进行了分析，许多学者。 NIU 表明，外国直接投资的流入，提出了严峻的挑战，中国的宏观经济和监管从需求端系统，并从供给方面对中国的经济增长显着的积极影响。 Jordan， Tian， Sun记载了中国之间的工业生产增长和利用外资的双向因果关系。他们认为，中国可以维持，主要是因为使用的是外国资本和国内资源的结合，经济持续稳定增长。 Shen， Geng 的外资溢出效应的内生增长模型。他们的结果表明，外国直接投资流入的增加推动中国的经济成长率，而不是相反。 Zhao 运
16、用定性和定量分析，建立了一个模型，描述了外国直接投资与主要宏观经济指标的关系，研究外国直接投资流入中国的经济增长的 影响。 Sang 提出了一个理论模型为基础的新增长理论，并得出结论认为，外国直接投资流入的增加呈正相关，经济增长。然而，外国直接投资的增加可能不被视为经济增长的唯一原因。相反，中国的经济增长也可能吸引外国直接投资流入。 Whalley 和 Xin 评估中国的外来直接投资的近期经济快速增长的贡献采用两阶段的增长核算方法。 他们的研究结果表明，中国的外商投资企业，这是外国公司与中国企业合资，可能是造成在中国 2003 年和 2004 年经济增长超过百分之 40，没有外来直接投资，中国
17、的总体 GDP 增长率可能每降低了 3.4 点百分点。 Knight 和 Ding 解释为什么中国在整个经济改革期间的投入产出非常高的比例，超过几乎所有其他经济体，无论是发达国家还是发展中国家。它们记载，中国在经济增长的相对成功，是因为高物质资本投资，条件收敛的增益，在就业和输出，低人口增长结构发生了巨大变化。 进入中国的外国直接投资流入量迅速增加，在过去二十年。本文采用了两部门模型菲德开发（ 1983），来探讨外商投资界和中国经济的内资部门和估计的相互作用在每个其他两个部门的外溢效应。我们使用面板数据汇总，包括国内生产总值，资本投资，以及中国 30个省份的 93年至 2007年的劳动力数据。
18、我们的实证结果扫描归纳如下： 与文献相一致，外资迅速涌入超过十五年进入中国 93年至 07年中发挥了中国的经济增长极其重要的作用。 增量资本投资与经济增长正相关。劳动，外商投资企业就业作出了积极贡献力量对经济增长，但这并非是内资部门的情况。 外商投资领域推动了内资部门和经济增长的发展，但内资部门对外商投资部门的挤出效应不显着。但是，外商投资部门的积极外部性下降随着时间的推移，由于国内资本的增长和外汇储备的迅速积累。 上述研究结果提出一个重要的问题，应该值得外资继续强调和更多的政策支持。目前，中 国。还可以看到更多的外来直接投资适度增长，因为它已加快对外商投资审批程序，并在最近几年提高其法律制度。从政策制定的观点，但是，中国要继续吸引外资。
