治理环境、技术水平与外商独资化

Environment Governance, Technological Level and Wholly Foreign-ownership

本文构建了外商直接投资独资化决策的"治理环境-技术水平"权衡框架,利用手工搜集的1997-2011年我国FDI结构的省级面板数据进行了实证检验,研究发现,治理环境与外资独资化倾向显著正相关,地区市场化程度的提高以及治理环境的改善使外商更倾向于采取独资的方式进入。在技术水平较低的地区,内外资技术差距越大,外商更倾向于独资的进入模式,以降低技术扩散风险。稳健性分析表明了结论的稳健性。本文研究为差异化的引进外资政策提供了实证依据。

This paper constructs a tradeoff framework of FDI entry mode, i. e., the ＂environment governance-technological level＂ framework to make an empirical study using hand-collected provincial panel data regarding China＇ s FDI structure from 1997 to 2011. It is found that the environment governance and the wholly foreign-ownership tendency are significantly positively correlated with each other. The improvement of the marketization and the environment governance in a province can make foreign direct investment more inclined to enter into the sole-proprietorship. Furthermore, the empirical research suggests that the choice of the entry mode in a certain area is affected by the spillover effect from the technological gap between the domestic and the foreign, and the larger the gap, the more inclined of the foreign to enter into the sole-proprietorship so as to reduce the risk of technology diffusion. To conclude, this paper provides references for the differentiated FDI policies.