近代外国在华投资:规模与效应分析

Foreign Investment in Modern China: the Size and the Effect

传统观点认为，近代外国在华投资不仅盈利极其丰厚，而且还严重抑制了中国本土企业的成长与发展，成为阻碍近代中国经济发展的一个重要因素。本文通过对近代外国在华投资的规模、利润率以及外国投资与日俱增背景下中资企业成长、发展情况的分析，发现传统观点是值得商榷的，文章认为近代外国在华直接投资的正效应是非常明显的，不仅没有成为中资企业发展的阻碍，而且还刺激并促进了中资企业的成长与发展。当然，至于外国间接投资的效应则需要进行具体分析。

The received wisdom is that foreign investment in modern China was an important factor that blocked Chinese economic development in the early twenty century. This paper analyzes the size and profit margin of foreign investment in modern China. It also analyzes the development of domestic enterprises in the years when foreign investment increasedsteadily. We find that the positive effects of foreign direct investment to domestic enterprises are highly significant. Foreign investment was not a factor that blocked China＇ s economic development but a factor contributing to the growth of domestic enterprises. However, the effect of foreign indirect investment needs more analysis.