外资退出与中国价值链关联:基于外资来源地的研究

Impact of FDI Outflows on China’s Value Chain Linkages:A Study Based on Different Sources of FDI

本文利用外资企业年报,在测算2014-2017年外资企业退出的基础上,研究了不同来源地外资退出对中国价值链的影响。研究发现:外资退出整体降低了中国价值链关联,外资退出率每提高1%,价值链关联程度平均下降0.007%。溢出效应研究发现:外资退出主要对下游内资企业价值链关联有负面影响,对上下游外资和上游内资的价值链关联影响不显著。拓展研究发现:美国、日本等地区外资退出显著降低价值链关联,而韩国等地区外资退出显著促进价值链关联;高资产专用性行业外资退出的负面效应更大。

Drawing on the annual reports of foreign-funded firms,this paper calculates the rate of FDI outflows from China between 2014 and 2017,and examines the impact of FDI outflows on bilateral value chain linkages between China and different sources of FDI.The study reveals that FDI outflow behaviour generally reduces China’s overall value chain linkages.For every 1%increase in the outflow rate,the degree of value chain linkages decreases by 0.007%on average.Research on spillover effects indicates that FDI outflow behaviour mainly and negatively affects the value chain linkages of downstream domestic firms,and has an insignificant impact on the value chain linkages between upstream and downstream foreign-funded firms and upstream domestic firms.Additional study concludes that outflows from regions such as the United States and Japan significantly reduce value chain linkages,while outflows from South Korea significantly promote these linkages.FDI outflows from high asset-specific industries show an even greater negative effect on linkages.