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  • 學位論文

在中國的外商投資與對外貿易之探討

Three Essays about FDI and International Trade in China

指導教授 : 劉碧珍

摘要


中國在開放經濟之前10年,幾乎全面對外封閉,因此當中國在1978年開放經濟發展國際貿易時,其國內嚴重欠缺資金、技術、資源,甚至是國際市場,故在80年代初期,為了吸引外資、外商技術以及管理能力,中國政府設立各式開發區實行「以市場調節為主的區域性外向型經濟形式」。相關的優惠政策亦在同時逐步成形。另一方面,為提升其國內廠商的技術水準,中國以「市場換技術」的相關政策限制欲發展中國市場的外商。歷經近30年的改革,中國吸引外資及其國內廠商生產力現況為何?而其對外商投資方式的相關限制對於外商至中國的進入方式有何影響?本論文以三不同章節回答上述問題: 第二章利用2001至2005年中國經濟技術開發區 (ETDZ),以及高新技術產業園區 (STIP) 的數據資料,探討位於相同城市內兩種開發區發展的相互關係。迴歸結果顯示,在控制開發區所在城市的區域特性後,若一城市內同時存在此兩種開發區對於該ETDZ的外資流入量有顯著正向影響;且STIP的出口額、銷售額或就業人數亦與流入ETDZ的外資金額呈正比。此結果說明同一城市內的ETDZ與STIP是互補的。然而,STIP對於同城市內ETDZ的影響程度在中國各地區並不相同。沿海地區的ETDZ自同城市內STIP所受到的正外部性,顯著高於內陸地區的ETDZ,如此的現象恐加劇中國區域發展不平衡的問題。 第三章利用中國廠商資料討論影響外資廠商至中國投資時進入模式的重要因素。迴歸結果顯示,影響外資廠商與中國內資廠商合作與否以及合資後的資本分配應是兩階段的決策過程,且其影響因素並不盡相同。欲經營中國國內市場、廠商所面對的產業障礙愈大、廠商規模愈大、廠商投資於內陸地區等皆傾向於設立合資公司。而中國加入WTO後對於內銷市場的開放則顯著降低外資廠商的合資意願。而在外資廠商決定合資後,其所經營的產業內行銷成本較高、管理成本較低、廠商相對勞動生產力較低、廠商投入特殊性資產費用較低、產業競爭程度特別高或特別低、廠商所投資地區市場較大或者較不規範者皆使中資方在合資廠中的資本比重較高。 第四章則利用中國電子業及紡織業的內資廠商資料討論出口商與其勞動生產力的關係。與其他國家不同的是,在控制廠商特色後,中國電子業及紡織業皆顯示出口對勞動生產力有顯著負向影響;且無論以產值、銷售額、利潤或者TFP衡量生產力皆得相同結果。 第五章則總結本論文。

並列摘要


When China adopted its open door policy in 1978, lacking of foreign exchange and newly technology was the main obstacle for its development. Meanwhile, large population which offered MNEs rich labor forces and thick market was China’s main advantage. Therefore, preferential policies for exporters and variety of development zones were established to attract FDI and earn foreign exchange. On the other hand, in order to promote technology level, Chinese government enforced the policy of “market for technology” and set many restrictions on those foreign investors who would like to sell products in China. All these policies undoubtedly affected inward FDI and the MNEs’ entry decisions. However, after “learning by doing” for almost 30 years, how do these policies work? The following three essays were presented to show some phenomenon after the execution of those policies. In the first essay, we examine the relations between two types of development zones in China, Economic Technological Development Zones (ETDZs) and Science and Technology Industrial Parks (STIPs), during the period 2001 to 2005. After controlling for regional characteristics, the results show that an ETDZ with a STIP located in the same region (city) attracts significantly more FDI, an indication of a complementary relationship between ETDZs and STIPs. The complementary relation is reinforced by the fact that more exports, sales, or employment of STIPs induces greater FDI to the ETDZs within the same region. However, the spillovers fall unevenly across regions. The ETDZs in the coastal regions benefit more from the presence of STIPs than those in the inland regions, which may lead to greater regional development disparities in China. By using China as a case study, we show in this paper that the JV mode decisions and ownership decision, which are affected by a somewhat different set of factors, should be treated as a two-step procedure. Among the determining factors, transaction costs and firm-specific assets supply useful information about the MNEs’ entry decisions. And further, the industrial competition, the restriction on MNEs’ equity share for selling in local market, and the location characteristics are determined effective factors on JV ownerships decisions as well. The third essay provides some evidence that challenges the widespread consensus that exporters outperform nonexporters in productivity. By using Chinese textiles and electronics firms as a case study, we show that Chinese exporters exhibit characteristics different from those in other countries as suggested by many studies. We also show, after controlling for firm characteristics, that exporters are less productive than nonexporters, a result that contradicts the conventional wisdom. This holds when productivity is measured as labor productivity or total factor productivity and when self-selection bias due to the endogeneity of export decisions is considered. Some possible explanations are then provided.

並列關鍵字

FDI Export Labor productivity Entry mode China

參考文獻


Chen, Ho-Chyuan and May-Fung Chung (2008) “Optimal Entry Mode and Technology Transfer under Horizontal Differential” Working Paper
Asiedu, Elizabeth and Hadi Salehi Esfahani (2001) “Ownership Structure in FDI Projects” The Review of Economics and Statistics, 83 (4), pp. 647-662
Lipsey, Robert E. and Fredrik Sjoholm (2005) “The impact of inward FDI on Host Countries: Why Such Different Answers?” Peterson Institute, pp. 23-44
Helpman, Elhanan, Marc J. Melitz, Stephen R. Yeaple (2003) “Export Versus FDI” NBER Working paper series 9439.
Lopez-Duarte, Christina and Esteban Garcia-Canal (2002) “The Effect of Firm and Host Country Characteristics on the Choice of Entry Mode: Empirical Evidence from Spanish Firms” Journal of Management and Governance, 6 pp. 135-168

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