外商直接投資外文翻譯-其他專業(yè)(已修改)
2025-02-04 08:56 本頁面
【正文】 III1 外文翻譯之一 To share or not to share: Does local participation matter for spillovers from foreign direct investment? Author(s)： Beata Smarzynska Javorcik and Mariana Spatareanu Nationality： . Source： ―To share or not to share: Does local participation matter for spillovers from foreign direct investment?‖ Journal of Development Economics, Article in press 1. Introduction Although domestic equity ownership requirements used to be extensively utilized by governments in developing countries,2 their incidence has sharply declined in recent years (UNCTAD, 2021). Increasingly petitive environment for foreign direct investment (FDI) and the need to ply with international mitments have put pressure on governments to relax restrictions on foreign entrants. One of the original motivations for the existence of ownership sharing conditions was the belief that local participation in foreign investment projects reveals their proprietary technology and thus benefits domestic firms by facilitating technology diffusion (see Beamish, 1988 and Blomstr246。m and Sj246。holm, 1999). As writing a contract specifying all aspects of the rights to use intangible assets is difficult, if not impossible, joint domestic and foreign ownership of an investment project is more likely to lead to knowledge dissipation. A local partner may use the knowledge acquired from the foreign investor in its other operations not involving the foreign shareholders or being in charge of hiring policies, as is often the case, the local partner may have less incentive to limit employee This problem is reduced when the multinational is the sole owner of its As a consequence, multinationals may be more likely to transfer sophisticated technologies and management techniques to their wholly owned subsidiaries than to partially owned III2 This in turn has implications for knowledge spillovers to local producers in a host country. Less sophisticated technologies being transferred to jointly owned FDI projects may be easier to absorb by local petitors, which bined with a better access to knowledge through the actions of the local shareholder may lead to greater intraindustry (or horizontal) knowledge spillovers being associated with the shared ownership structure than with wholly owned foreign affiliates. Moreover, lower sophistication of inputs needed by jointly owned FDI projects and the familiarity of the local partner with local suppliers of intermediates may result in greater reliance on locally produced inputs and thus greater vertical spillovers accruing to local producers in upstream sectors. While a lot of research effort has been put into looking for the evidence of FDI spillovers (see the next section), little attention has been devoted to how the ownership structure affects this This paper is a step forward in understanding the implications of the ownership structure of FDI projects for the host country. Using firmlevel panel data from Romania for the 1998–2021 period, we examine whether wholly owned foreign affiliates and investments with joint domestic and foreign ownership are associated with a different magnitude of spillovers within the industry of operation and to ups
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