外商直接投資外文翻譯-其他專業(yè)-展示頁(yè)
2025-01-31 08:56本頁(yè)面
【正文】 當(dāng)大量的研究致力于對(duì)外商直接投資的溢出效應(yīng)進(jìn)行實(shí)證研究，很少有人關(guān)注所有權(quán)結(jié)構(gòu)如何影響這一現(xiàn)象。轉(zhuǎn)移到合資的外商獨(dú)資項(xiàng)目的那些不太成熟的技術(shù)更容易被當(dāng)?shù)馗?jìng)爭(zhēng)者吸收再加上因?yàn)楫?dāng) 地股東的行為而更容易獲得知識(shí)技術(shù)，從而導(dǎo)致與共同所有結(jié)構(gòu)相關(guān)的產(chǎn)業(yè)內(nèi)知識(shí)溢出比全股所有的要大的多。因而，跨過公司更喜歡將成熟的技術(shù)和管理經(jīng)驗(yàn)轉(zhuǎn)移到他們的獨(dú)資子公司而不是共同所有的子公司。通常的情況時(shí)地方合作者不太會(huì)去限制員工流轉(zhuǎn)率。如果可能的話，國(guó)內(nèi)外共同擁有一項(xiàng)投資項(xiàng)目的所有權(quán)更有可能導(dǎo)致知識(shí)分散。 股權(quán)分享?xiàng)l件最原始的動(dòng)機(jī)之一是大家相信地方參與外國(guó)投資項(xiàng)目可以揭示他們自有技術(shù)，因此可以通過促進(jìn)技術(shù)分散來使國(guó)內(nèi)企業(yè)受益。加沃斯克和瑪瑞安娜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 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 supplyin
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