行业间外资进入速度对内资企业绩效的影响分析

Impact of Inter-industry FDI Entry Pace on Performance of Domestic Firms

行业间外资溢出效应研究成果完善了FDI溢出效应的研究,但是众多学者对于究竟是后向关联效应还是前向关联效应抑或两者共同产生溢出效应存在疑问。本文从外资进入过程的视角出发进一步分析外资溢出效应,研究发现外资进入速度除了可以调节行业内外资溢出效应以外也可以调节行业间外资溢出效应,总体来说行业间外资进入速度负向调节内资企业绩效。下游外资企业资本进入速度对于内资企业绩效的调节作用不显著,而上游外资企业资本进入速度负向调节内资企业绩效。研究进一步厘清了行业间溢出效应作用机理,为外资溢出效应领域的研究开拓了方向。

Studies on inter-industry spillover effects of foreign direct invest- ment （FDI） have fulfilled the research of FDI spillovers, but scholars diverge on whether the inter-industry spillover effects are forward linkage effects or back- ward linkage effects or contain both. From the perspective of foreign capital en- try process, this research makes a further quest of FDI spillover effects, finding that the entry pace of foreign capital has an effect on domestic foreign capital spillover effects both in the industry and between industries. It is found that gen- erally speaking, inter-industry foreign capital entry pace has a negative influence on performance of domestic enterprises. This influence of downstream foreign owned firms on the performance of domestic firms is less significant than that of upstream foreign owned firms. By constructing models on how foreign capital entry pace affect domestic firms in different industries, this paper deepens and ex- tends the research of FDI spillovers.