國(guó)際貿(mào)易外文翻譯---中國(guó)和東亞的外商直接投資-國(guó)際貿(mào)易-在線瀏覽
2025-03-24 08:25本頁面
【正文】 ng wage rates, political risks, infrastructure, etc. that would make a country desirable as a site for lowcost production. Investing in China will then reduce the FDI in another Asian economy, say Thailand. The sign of CLNFDI, according to this argument is negative. We shall call this the “investmentdiversion effect”. The second aspect is the production and resource linkages between a growing China and the rest of Asia. In manufacturing, this takes of the form of further specialization and growing fragmentation of the production processes. An investor sets up factories in both China and Thailand to take advantage of their respective petitiveness in distinct stages of productions. Components and parts are then traded among China and other Asian economies. An increase in China’s FDI is then positively related to an increase in Thailand’s FDI. A different but plementary argument is that as China grows, its market size increases and its appetite for minerals and resources also rises. Subsequently, foreign firms rush into China to produce in China and to sell in China. At the same time, other multinationals also invest in other parts of Asia to extract minerals and resources to export to fast growing China in need of a whole spectrum of raw materials. This line of reasoning leads one to predict that the sign of CLNFDI to be positive. We call this effect the “investmentcreation effect”. Theoretically we cannot determine a prior the effect of investmentcreation and investmentdiversion for China. It is thus important to examine this issue empirically, as we attempt to do in this paper. A substantial literature has developed confirming empirically the importance of the size of the host market and the growth factor measured by GDP per capita or GDP growth. The foreign investors that target the local market are assumed to be more attracted to the country with higher growth rate of GDP as it indicates a larger potential demand for their product. The effect of the variable on their investment incentive therefore is assumed to be larger than the effect on those who are not focusing on the domestic market. Furthermore, for the foreign investors who operate in industries characterized by relatively large economies of scale, the importance of the market size or it’s growth is magnified. This is because they can exploit scales economies only after the market attains a certain threshold size. As the variables (the growth of GDP and per capita GDP) are used as indicators for the market size and the potential for the products of foreign investors, the expected signs for these variables are positive. Since the cost of labor is a major ponent of the cost function, various versions of the wage variables are frequently tested in the literature. A high wage, other things being equal, deters inward foreign direct investment (FDI). This must be particularly so for the firms which engage in laborintensive production activities. Therefore, conventionally, the expected sign for this variable is negative. However, there are no consistent empirical results for the effect of labor cost on the investment incentives. While some econometric studies have shown no significant role of labor costs, others have shown the positive relationship between labor costs and FDI. The latter result is often attributed to a level of labor productivity or quality of human capital that may be reflected in the wage variables. The level of human capital is demonstrated to be an another important determinant of the marginal productivity of capital. It has been shown in various studies that skillrelated variables are host country specific. When a host country is more appealing to laborintensive foreign investment that requires a relatively lower level of skills, the importance of the human capital variable tends to be small. On the other hand, labor skills can be a more significant factor for a host country, in which more capital and technology intensive investment projects are concentrated. In this analysis, we utilize illiteracy rate as a proxy for the level of human capital. We examine the hypothesis that better developed regions with a superior quality of infrastructure are more attractive to foreign firms relative to others by including in our regressions the proxy, the number of telephone mainlines per 1000 people. We also examine the significance of institutional factors in the determination of FDI by incorporating the level of corruption and the stability of each government. Corruption can discourage FDI by inducing a higher cost of doing business. Hines (1995) shows that FDI from the United States grew more rapidly in less corrupt countries than in more corrupt countries aft
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