外商直接投资溢出效应产生中时间的作用

FDI Spillover Effects and the Role of Time

本文探究了时间在外资溢出效应产生中的作用及模仿壁垒的调节作用,并结合企业异质性理论分析了内外资企业异质性的影响。实证结果表明:(1)外资流入程度正向影响内资企业绩效,随着外资流入程度的增加该正向作用逐渐减弱;(2)快速进入的外资、较高的无形资产比重会增加内资企业的模仿壁垒,从而负向调节外资流入程度对内资企业绩效的正向作用;(3)短期内西方外资流入程度对国有以及非国有内资企业不利于内资企业绩效的提高,但是随着其流入程度的增加,正向溢出效应逐渐增强;(4)港澳台外资短期内可促进非国有内资企业绩效的提高,但是随着流入程度的增加促进作用逐渐减弱,而对国有内资企业绩效影响不明显。

This study investigated the effect of foreign direct investment( FDI) on the productivity of local firms over time and the regulation effect of barriers of imitation. The results showed that:( 1) Entry tenure of foreign firms had a positive effect on the productivity of domestic firms and the effect became weaker over time;( 2) The foreign firms' barriers of imitation( higher entry rate,higher intangible asset intensity) regulated the positive effect negatively;( 3) Western Capital had a similar effect on both stateowned enterprise and none-state-owned enterprise,initially negatively affecting local competitors' productivity and following by a positive effect for longer time;( 4) Hong Kong,Macao and Taiwan capital had a positive effect on the non-state-owned enterprise's productivity whereas had little effect on state-owned-enterprise. This paper has extended the primary researches which require FDI to have immediate or permanent effects. It has theoretically provided new directions for furthering the FDI policy.