中國(guó)的fdi國(guó)內(nèi)投資與經(jīng)濟(jì)增長(zhǎng)：一個(gè)時(shí)間序列分析外文翻譯-其他專(zhuān)業(yè)-展示頁(yè)
2025-01-31 00:25本頁(yè)面
【正文】 ges with domestic firms or have subnational or subregional clusters of interrelated activities. Through formal and informal links and social contacts among employees, MNEs diffuse technology and management knowhow to indigenous firms. Consequently, economic rents are created accruing to old technologies and traditional management styles. Also, FDI helps overe capital shortage in host countries and plements domestic investment when FDI flows to highrisk areas or new industries where domestic investment is limited. When FDI occurs in resource industries, domestic investment in related industries may be stimulated. Moreover, FDI may result in an increased demand for exports from the host country, helping attract investment in the export industries. Empirical studies supporting these arguments include Sun (1998) and Shan (2021). Using the conventional regression model and panel data, Sun 2 (1998) finds a high and significantly positive correlation between FDI and domestic investment in China. Shan (2021) uses a VAR model to examine the interrelationships between FDI,industrial output growth and other variables in China. He concludes that FDI has a significantly beneficial impact on the Chinese economy when the ratio of FDI to industrial output rises. In contrast, opponents of FDI argue that FDI crowds out domestic investment, and has an adverse effect on growth . In particular, the industrial anisation theory stipulates that FDI is an aggressive global strategy by MNEs to advance monopoly power over and above indigenous firms of the host economy. The ownershipspecific advantages of MNEs ( technologies, management knowhow skills, transaction cost minimising and other intangible advantages)could be transformed into monopoly power. This monopoly power can be further reinforced by the other two advantages of MNEs: the market internalisation specificadvantage and the locationspecific advantage (Dunning, 1981). In addition, FDI may disrupt backward linkages through substitution of imports for domestic modities (Noorzoy, 1979). The present paper contributes to the existing literature by applying a multivariate VAR system with the error correction model (ECM) and time series techniques of cointegration and innovation accounting to explore the possible links between FDI, domestic investment and economic growth in China. Specifically, we use the impulse response function and variance deposition plus the Granger causality testing procedures to investigate whether: (1) FDI has a plementary/substitution effect on domestic investment in China。 (2) there exists any causal relationship between FDI, domestic investment and economic growth。 and (4) FDI contributes to growth more than domestic investment. This paper differs from earlier studies in a number of respects. Firstly, it represents the first attempt to directly test the relationship between FDI and domestic investment in China. Second, we use pure timeseries data while previous studies use either crosssectional or panel data, which are likely to suffer from problems of data parability and heterogeneity. Third, earlier studies do not test for causality between FDI, domestic investment and economic growth. The failure to consider the possible twoway causality between the variables may lead to the simultaneity problem. Finally, our VAR model incorporates 3 longrun dynamics or ECM. Neglecting these dynamics may produce vario
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