美国对华反倾销对中国内向和外向FDI的影响

The Effect of U.S. Antidumping Actions Against China on China's Inward and Outward Foreign Direct Investment

本文基于分工模式和实证分析探究了美国对华反倾销对中国内向和外向FDI的影响。研究表明:(1)垂直分工FDI在中国建立的下游企业、水平分工FDI在中国建立的投资企业都会放大美中行业贸易逆差,引发美国上升的行业损害抱怨。结果,美国对华反倾销对这些分工FDI在中国的投资意愿产生不利的影响。(2)美国对华反倾销对中国金属制造业、化学工业、特别是纺织业对美出口及其内向FDI产生很不利的影响。2004-2009年中国制造业部门吸收的内向FDI比重出现近20%的大幅下降,这很好地证实了基于分工模式的理论预测。(3)虽然美国对中国产品反倾销呈增加态势,但是中国企业并没有积极地采取对美直接投资的方式来规避反倾销壁垒,而是选择避税地进行外向FDI。这种对外直接投资格局很难形成中国的产业发展模式。

Using the division modes of labor and positive analysis,the paper examines the effect of U.S.antidumping(AD) actions against China on China's inward and outward Foreign Direct Investment(FDI).The findings show that: 1) downstream firms built by vertical FDI or enterprises built by horizontal FDI in China enlarge U.S.industry trade deficit with China,causing increasing complaints of injured industries in the U.S.As a result,U.S.AD actions against China produce adverse impacts on downstream firms built by vertical FDI and firms built by horizontal FDI in China so that the intention of these kinds of FDI to invest in China is weakened.2) U.S.AD actions against China have the most adverse effect on the exports of China's metal manufacturing and chemical industry to the U.S.,especially textile industry,as well as their inward FDI.From 2004 to 2009,the share of inward FDI in China's manufacturing sectors appeared a decrease of nearly 20%,which well proves the theoretical prediction based on the division modes of labor.3) Although U.S.AD actions against China's goods appears an increasing trend,Chinese enterprises are making outward FDI in tax heavens,rather than actively taking measures of outward FDI in the U.S.to circumvent antidumping barriers.It is much more difficult for such outward FDI pattern to form China's industry development modes.