外商直接投资独资化挤出国内投资吗?:基于工业行业要素密集度异质性的视角

Does Sole Proprietorship Crowd-out Domestic Investment?: Based on the Perspective of Industry Factor Intensity Heterogeneity

近年来我国外商直接投资(FDI)日益明显的独资化趋势引起了学者的关注。文章阐述了外商独资相对合资、合作对国内投资的挤入挤出效应差别和影响机制,并利用工业领域37个主要行业2003~2015年的面板数据进行了实证检验。对全行业及资本技术密集型行业而言,当期的外商独资对国内投资有挤出作用,但滞后一期的外商独资则会减弱FDI对国内投资的负向作用,挤入国内投资;而在劳动密集型行业,外商直接投资对国内投资的挤入挤出效应并不受投资方式的影响。

In recent years,the tendency of sole proprietorship of foreign direct investment( FDI) in china is becoming more and more obvious. This paper expounds the different crowding in/out effect between sole proprietorship and joint ventures and its influence mechanism. The empirical test is carried out by using the panel data of 37 major industries in 2003-2015. Different from previous literatures,the result shows that: for all industrial and capital technology intensive industries,the current sole proprietorship has a crowding out effect on domestic investment,but the lag phase of sole proprietorship will weaken the negative effect of FDI on domestic investment. In labor intensive industries,the crowding in/out effect of FDI on domestic investment is not affected by the investment mode. From the view of the heterogeneity of industrial factor intensity,considering the difference in investment mode and containing some new ideas,the research has important policy implications for the rational view on the trend of sole proprietorship and the development of appropriate investment guidance policy.