進入中國的外人直接投資與其對中國經濟成長之貢獻

FDI into China and Its Contribution to the Chinese Economy

韓鈺(Han, Yu)

指導教授 ： 洪惠專

國立中正大學/管理學院/經濟系國際經濟研究所/碩士(2015年)

摘要

在經過1978年的經濟改革和開放政策後，中國積極地鼓勵外人直接投資進入。而在2014年中國成為最大的外人直接投資流入國. 外資主要透過跨國公司的形式進入中國，藉由中國市場規模潛力、廉價勞工和外資優惠稅制來吸引外資進一步透過競爭促進當地企業的效率。理論上，外資對於所在國家會有正面與負面效果。它貢獻於中國的經濟成長透過融資資本累積以及外部性效果像是產生技術擴散、管理技巧和技術勞工直接幫助當地企業。但是它也有負面效果像是促進不平衡的區域發展。
在本篇文章中，我們採用Feder (1982)文章中成長會計的方法估計外人直接投資在1996-2013年對中國31個省的影響。在我們的實證結果中表示流入的外資增加了中國經濟成長，量化加權平均年均貢獻顯示促進經濟成長約佔4.2%。另一方面來說，外人直接投資過度集中在東部沿海地區這對於長久來看並不是好現象。在任何情況下，外人直接投資在經濟發展中絕對扮演重要的角色，例如引導外資以及附加適當的政策到較少開發的地區像西部開發政策。目標在於確保可持續的經濟成長透過許多方法其中包含引導外人直接投資。在未來，進入中國的外資將會持續提供對於經濟成長的貢獻而中國輸出外資的情況將值得注意。

關鍵字

中國省份之經濟成長 ； 外人直接投資 ； 中國經濟成長 ； 固定效果模型

並列摘要

After economic reform and open-up in the late 1978, China actively encouraged the inflow of foreign direct investment (FDI). It became the largest recipient country of for inward FDI by 2014. FDI came to China mainly through investment of multi-national companies (MNCs), who were attracted by the potential of China’ market size, cheap labor force, and preferential tax treatment of MNCs and then promote the efficiency of domestic enterprises by competition. In theory, FDI have positive and negative effects to the host country. It contributed to China’s economic growth through financing capital accumulation as well as through externality effects likely arising from technology diffusion, management skills, and skilled labor that can directly help domestic enterprises. But it could also have negative effect through facilitating uneven regional development.
In this thesis, we adapted Feder’s (1982) growth-accounting approach to estimate the effect of FDI in 31 provinces of China during 1996-2013. Our empirical results suggest that inward FDI of China helped to accelerate China’s economic growth during that period, quantifying its GDP-weighted average of annual contribution show facilitate 4.2 percentage points of economic growth. On the other hand, FDI overly concentrated in the east coastal area that is not opportune situation in the long term. In any case, it absolutely play an important role in economic development, orienting the FDI to less development region and attach suitable policy just like “Go west” policy. The goal is to ensure sustained economic growth through many ways that include orienting FDI. In the future, the inward FDI will continue to provide contribution and the situation of China’s outward FDI will be worth noting.

並列關鍵字

Fixed Effect Model ； Foreign Direct Investment ； China Economic Growth ； China Economic Growth of Province

參考文獻

Branstetter, L. and Foley, C. F. (2007), “Facts and Fallacies about U.S. FDI in China” NBER Working Paper No. 13470.

Feder, G. (1982), “On Exports and Economic Growth” Journal of Development Economics, pp.59-73.

Graham, E. M., and Wada, E. (2001), “Foreign Direct Investment in China: Effect on Growth and Economic Performance” International Economics Working Paper No.01-03.

Lin, P., and Cheung, K. Y. (2004), “Spillover effects of FDI on innovation in China: Evidence from the provincial data” China Economic Review, Volume 15, Issue 1, pp. 25-44.

Prasad, E., and Wei, S. J., (2005), “The Chinese Approach to Capital Inflows: Patterns and Possible Explanations” IMF Working Paper, No. 79.