英国的FDI、贸易与企业利润

FDI, Trade, and Plant-Level Price-Cost Margins in the UK

通过构建理论模型预测FDI的不同进入模式对东道国企业价格-成本盈余(Price-CostMar-gin,PCM)的影响,以及采用固定效应工具面板和经过聚类修正的有效广义矩等不同估计模型,对1991-2001年间的进口和FDI对英国制造业企业PCM竞争规制效应进行的实证研究表明:绿地FDI对利润有负向影响,而并购FDI对利润的影响为正,即绿地FDI对PCM有规制效应,并购FDI会增加PCM。本文是第一篇使用企业数据并区分FDI不同类型进行此问题研究的论文。

We propose a theoretical framework to predict the impact of inward FDI on the host country＇s incumbent firms＇ pricecost margins, according to the mode of entry of FDI. We then investigate empirically the competitive discipline effect exerted by both imparts and FDI on manufacturing plant - level price - cost margins in the UK, for the period 1991 - 2001. We estimate different specifications of the price - cost margin equation with both fixed - effects instrumental panel estimator and efficient generalized method of moments estimator with clustering correction. The evidence found is very robust in supporting the existence of a dichotomy in line with our theoretical predictions： greenfield FDI has a discipline effect on margins, whilst non- greenfield FDI increases price- cost margins.