中国制造业市场上美国企业的投资影响

The Influence of American Companies' Investment in China's Manufacturing Industry Market

制造业是中国开放程度较高的产业之一,是吸引外资的主要领域。美国制造企业具有资金充裕、技术领先、管理经验丰富等特点,其投资对中国制造业的影响颇为重要。本文深入分析了中国制造业市场上美国企业的投资状况,并应用ECM模型对其投资影响进行了定量估计。结果表明:美国企业的投资对中国制造业增长的直接影响系数为0.074,由美资与中美制成品进出口贸易的交互项系数可知,美国企业的投资亦可以增强中美制成品进出口贸易对中国制造业增长的作用。本文还借用产业竞争力模型从六个方面定性分析了美国企业的投资对中国制造业增长的影响机制,并解析了美国企业投资变迁的原因,包括价值链分工和收益分配的变化、市场地位和监管环境的变化、母国和东道国的利益驱动等。

Manufacturing is one of these industries with high degree of openness and one of main areas to attract foreign direct investment in China. American manufacturing companies have a series of advanced features, such as sufficient capital, leading technology and ex- perienced management, which has quite important impacts on China＇s manufacturing industry. This paper comprehensively introduced the investment situation of American companies in China＇s manufacturing industry market, and then quantitatively analyzed the influence of American companies＇ investment on China＇s manufacturing industry market by using the ECM model. The resuhs showed that American companies＇ investment had a positive impact on the growth of China＇s manufacturing industry, and the influent coefficient was 0. 074. In addition, the interaction coefficient of American companies＇ investment and the China-US trade of manufactured products showed that American companies＇ investment could enhance the role of the trade of China-US manufactured products in the growth ofChina＇s manufacturing industry. This paper also deeply analyzed the mechanism how American companies＇ investment affected China＇s manufacturing industry market by using industrial competitiveness model and gave some explanations for the changes of American companies＇ investment ： the changes of value chain division and income distribution, market position and regulatory environment and the interests of home and host countries.