政治經(jīng)濟(jì)學(xué)外文翻譯-wenkub
2023-05-19 01:53:58 本頁(yè)面
【正文】 p 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 1998–2020 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 upstream sectors supplying intermediate inputs. The results suggest that the ownership structure in FDI projects does matter for productivity spillovers. Consistent with our expectations, the analysis indicates that projects with joint domestic and foreign ownership are associated with positive productivity spillovers to upstream sectors but no such effect is detected for wholly owned foreign subsidiaries. The difference between the two coefficients is statistically significant. The magnitude of the former effect is economically meaningful. A onestandarddeviation increase in the presence of investment projects with shared domestic and foreign ownership is associated with a % increase in the total factor productivity of domestic firms in the supplying industries. This pattern can be found at the national as well as at the regional level. It holds for both best performers in each sector as well as for firm exhibiting lesser performance. The presence of joint ventures in downstream sectors benefits domestic firms but has no effect on foreign affiliates. III3 In contrast to the vertical effects, the presence of FDI appears to have a negative effect on the performance of local firms operating in the same sector. As argued by Aitken and Harrison (1999), this may be due to the fact that local producers lose part of their market share to foreign entrants and thus are forced to spread their fixed cost over a smaller volume of production. The empirical literature suggests that the negative petition effect outweighs the positive effect of knowledge spillovers in developing countries (Aitken and Harrison, 1999, Djankov and Hoekman, 2020 and Konings, 2020). If greater knowledge dissipation tends to be associated with jointly owned FDI projects, we would expect that FDI with shared ownership has a less negative effect on local producers than do wholly owned foreign projects. Our findings are consistent with this expectation, as in all specifications we find the anticipated pattern. The difference between the magnitudes of the two coefficients is statistically significant for sectors with domesticmarket orientation, in the subsample of foreign firms and in the regressions focusing on regional spillovers. While our findings are consistent with the existence of externalities associated with FDI, a word of caution is in order. We use the term ‖spillovers‖ very broadly as our methodology does not allow us to distinguish between pure knowledge externalities, the benefits of scale economies that may be enjoyed by suppliers to multinationals or the effects of increased petition resulting from foreign entry into the product market. More work is certainly needed to fully understand the effects of FDI inflows on host countries. Our findings should not
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