外文翻譯--外商直接投資如何影響東道國出口的表現(xiàn)——以中國為例

1、<p>　　2957漢字，1860單詞，10700英文字符</p><p>　　出處：Zhang K H. How does FDI affect a host country’s export performance? The case of China[C]//International conference of WTO, China and the Asian Economies. 2005:

2、25-26.</p><p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　How Does FDI Affect a Host Country’s Export Performance?The Case of China</p><p>　　Autho

3、r:Kevin Honglin Zhang</p><p><b>　　Abstract</b></p><p>　　From the 32nd in 1978 to the 3rd largest exporting country in the world in 2004, China’s export boom was accompanied by substa

4、ntial inflows of foreign direct investment (FDI) in the same period. Exports by foreign-invested enterprises in 2004 were $339 billion, comprising 57% of China’s total exports. While there are considerable theoretical tr

5、eatments of the FDI-export linkage, relevant empirical analyses have been limited. This paper attempts to close the gap by investigating the issue with th</p><p>　　JEL Code: F21; F23; O53</p><p>

6、;　　Key Words: Foreign direct investment (FDI), Exports, Foreign-Invested</p><p>　　Enterprises (FIEs), Multinational Corporations (MNCs)</p><p>　　1. Introduction</p><p>　　An empirica

7、l assessment of the role of foreign direct investment (FDI) in a host country’s export performance is important, since exports have been for a long time viewed as an engine of economic growth. There is a widely shared vi

8、ew that FDI promotes exports of host countries by(a) augmenting domestic capital for exports, (b) helping transfer of technology and new products for exports, (c) facilitating access to new and large foreign markets, and

9、 (d) providing training for the local workforce a</p><p>　　Besides the intrinsic importance of the topic, the case of China is of special significance. China’s export boom, from $18 billion in 1980 to $593 b

10、illion in 2004, was accompanied by a substantial rise in FDI inflows from almost zero to $61 billion in the same period, with the accumulated FDI being as much as $560 billion by the end of 2004 (Figure 1 and Table 1). T

11、he exports generated by foreign-invested enterprises (FIEs) rose much faster than those by domestic firms, resulting FIE share of 57</p><p>　　Figure 1 and Table 1 may be inserted here.</p><p>　　

12、There has been a growing literature on the FDI-export link in China (for example, Lardy,1994; Nauthgton, 1996; UNCTAD, 2002; Zhang, 2002 and 2005; Zhang and Song, 2000). While qualitative analyses offered by most of the

13、existing work are useful and informative, econometric treatments of this issue have been limited. The main purpose of this study is to provide estimates of a log-linear model of the FDI-export linkage for 186 industries.

14、 Taking advantage of the relatively large number of industri</p><p>　　2. The Role of FDI in China’s Exports</p><p>　　China has great potential to become a significant exporter of labor-intensive

15、 products,such as textiles and other consumer goods. However, the Chinese firms faced immense difficulties at the initial stage in setting up a distribution network, keeping in close touch with rapid changes in consumer

16、tastes, mastering the technicalities of industrial norms and safety standards, and building up a new product image. In many cases, the design, packaging, distribution and servicing of the products are as</p><p

17、>　　What role does FDI play in China’s export performance? Theoretically, the simulative effects of FDI on exports of the host country derive from the additional capital, technology, and managerial know-how the multina

18、tional corporations (MNCs) bring with them, along with access to global, regional, and especially home-country, markets (UNCTAD, 2002). These resources and market access brought with FDI have complemented China's res

19、ources and capabilities and provided some of the missing elements for </p><p>　　FDI helps exports by investing capital in the exploitation of China’s low-cost labor,especially in the 1980s, when domestic inv

20、estment was limited by financial constraints. Such FDI bridged the resource gap and took the risk of developing new exports. The provision of additional capital has been critical for China to build up its initial base of

21、 labor-intensive manufacturing exports.</p><p>　　FDI provides China with competitive assets for export-oriented production in technologyintensive and dynamic products in the world trade (Zhang and Song, 2000

22、). Such assets are often firm-specific, costly and difficult for the Chinese firms to acquire independently. The transfer of such assets by foreign affiliates or non-equity partners in China through training, skills deve

23、lopment and knowledge diffusion opens up prospects for further dissemination to other enterprises and the economy at large</p><p>　　FDI promotes exports by facilitating China access to new and larger markets

24、. This involves foreign affiliates' privileged access to not only MNCs' international production systems,but also MNCs' intra-firm markets and access at arm's length to MNCs' customers in global,regio

25、nal and home-country markets. Moreover, these links to world markets extend to suppliers and other domestic firms. In addition, as happened in the US, China also benefited from the lobbying activities of MNCs in their ho

26、me co</p><p>　　Export-oriented foreign affiliates provide training for the local workforce and upgrade technical and managerial skills that benefit the Chinese exports. This is especially true for export-ori

27、ented investments in advanced technological capabilities. China has already attracted significant MNC export activities at labor-intensive and low-technology levels. The strategic challenge facing China is that its futur

28、e competitiveness depends on the host government's ability to boost the human capital an</p><p>　　The positive role of FDI in China’s exports may be summarized in terms of direct and indirect effects. Th

29、e direct effects refer to exports by foreign affiliates themselves. The spillovers of FDI on export activities of local firms make up the indirect effects (Blomstrom et al., 2000;UNCTAD, 2002).The contributions of foreig

30、n affiliates to China’s exports include the following four aspects: (a) Exports through processing and assembling: By processing components and assembling in which domestic fi</p><p>　　With well-designed pol

31、icies, China started and increased exports of the import-substituting products by combining its cheap labor with advanced technology embodied in FDI (Zhang,2005). This has been happening in home appliances (TV sets, VCD,

32、 DVD players, cameras,refrigerators, and washers) and the automobile industry. (c) Exports of new labor-intensive final products: The success of some Chinese brand names of light consumer goods in entering world markets

33、is partly due to FDI providing links t</p><p>　　FDI enhances as well China’s manufacturing exports through spillover effects on local firms’ exporting activities. For instance, local firms increase their exp

34、orts by observing the export activities of foreign affiliates (“l(fā)earning by watching”) and by making use of the infrastructure of transport, communications and financial services that develops to support those activities

35、. The second spillover effect involves the influence of FDI on the competitiveness of domestic firms’ exports and the dif</p><p>　　4. Concluding Remarks</p><p>　　FDI has been viewed as an accele

36、rator of host countries’ economic growth. One of its major potential growth-contribution is to promote host countries’ exports. This study attempts to empirically investigate the issue by using the Chinese industrial dat

37、a. The estimates indicate that FDI indeed has a positive impact on China’s export boom, its effects are much larger than those of domestic capital, and its effects are larger in labor-intensive industries, as one might a

38、nticipate.</p><p>　　China’s success in promoting exports through FDI reported here might be somewhat special due to its unique advantage over other developing countries in bargaining with multinational corpo

39、rations. While FDI has potentials in helping host countries’ exports, the benefits do not accrue automatically or evenly across countries. National policies and host government bargaining power relative to multinational

40、corporations matter for attracting exportoriented FDI and for reaping its full benefits for e</p><p>　　Some additional comments are worth mentioning. First, it should be noted that other determinants of Chin

41、a’s exports may exist but were excluded from the investigation. This work,therefore, should not be treated as an exhaustive study of export performance in China but,rather, as a narrowly focused investigation of the meri

42、ts of FDI. Second, the focus of this study is on the role of FDI in China’s export boom, not on the impact of FDI on trade, or on the assessment of benefits and costs of FDI in</p><p>　　References</p>

43、<p>　　Blomstrom, Magnus, Ari Kokko, and Mario Zejan (2000), Foreign Direct Investment: Firm and Host Country Strategies, London: Macmillan Press.</p><p>　　Caves, Richard (1996), Multinational Enterpris

44、es and Economic Analysis, the 2nd edition,Cambridge, MA: Cambridge University Press.</p><p>　　Lardy, Nicholas R., 1994, China in the World Economy, Washington, DC: Institute forInternational Economics.</p

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48、ed Nations Conference on Trade and Development (UNCTAD) (2001-2002), World Investment Report (2001 and 2002), New York: United Nations.</p><p>　　White, Halbert (1980), “A Heteroscedasticity-Consistent covari

49、ance matrix estimator and a direct test for heteroscedasticity,” Econometrica, 48: 817-838.</p><p>　　Zhang, Kevin H. (2002), “China as A New Power in World Trade,” in Fung, Pei, and Johnson ed., China’s Acce

50、ss to WTO and Global Economy, Beijing: Yuhang Publishing House, 32-49.</p><p>　　Zhang, Kevin H. (2005), “China’s Export Competitiveness,” in Kevin H. Zhang ed., China as An World Factory, London: Routledge,

51、forthcoming.</p><p>　　Zhang, Kevin H. and Shunfeng Song (2000), Promoting Exports: The Role of Inward FDI in China,” China Economic Review, 11(4): 385-396.</p><p>　　Zhang, Kevin H. and James R.

52、Markusen (1999), “Vertical Multinationals and Host-Country Characteristics,” Journal of Development Economics, 59: 233-252.</p><p><b>　　譯文</b></p><p>　　外商直接投資如何影響東道國出口的表現(xiàn)——以中國為例</

53、p><p>　　作者：Kevin Honglin Zhang</p><p><b>　　內(nèi)容摘要</b></p><p>　　從世界出口大國排名第32位（1978）躍升到第3位（2004）,中國出口繁榮的同時伴隨著巨大的外國直接投資(FDI)的流入。2004年外商投資企業(yè)出口是3390億美元,占中國出口總額的57%。雖然有關(guān)于投資與貿(mào)易一體化的理

54、論融合嘗試、但有關(guān)實證分析仍是很有限。本文試圖通過對中國工業(yè)數(shù)據(jù)的調(diào)查分析來填補這方面的空白。有關(guān)文獻指出,外國直接投資確實對中國的出口起到積極的影響，促進出口的效果與國內(nèi)資本相比較更巨大,尤其在勞動密集型產(chǎn)業(yè)。</p><p>　　經(jīng)濟學(xué)文獻編碼：F21; F23; O53</p><p>　　關(guān)鍵詞：外商直接投資 出口 外資企業(yè) 跨國公司</p><p><

55、;b>　　介紹</b></p><p>　　實證分析外商直接投資在東道國出口方面扮演的角色是十分重要的，當出口在長期中成為經(jīng)濟增長的動力。有一個廣泛認同的觀點認為外國直接投資促進東道國的出口通過（a）推動國內(nèi)資本出口業(yè)務(wù),(b)幫助轉(zhuǎn)讓技術(shù)和新產(chǎn)品的出口,(c)便于進入新興的和大型的外國市場,(d)提供培人才培訓(xùn)，提升技術(shù)水平和管理技能。另一方面，它有時暗示著外國直接投資可能(a)降低或更換國內(nèi)

56、的儲蓄和投資;(b)轉(zhuǎn)讓技術(shù)水平較低或不適宜東道國的要素比例;(c)主要目標可能是東道國國內(nèi)市場,因此不能擴大出口(d)抑制本土公司的擴張，取代出口商的角色;(e)并沒有幫助東道國發(fā)展的動態(tài)比較優(yōu)勢，完全集中在當?shù)亓畠r勞動力和生產(chǎn)資料上。因此更深入的研究十分有價值，對于貿(mào)易投資一體化的更好理解，實證分析是非常有需要的。本文將試圖利用中國工業(yè)數(shù)據(jù)來研究這一問題。</p><p>　　除了主題內(nèi)在的重要性,中國經(jīng)濟發(fā)

57、展案例也是一項重大的課題。中國的出口日漸繁榮,從1980年的180億美元到2004年的5930億美元，在這段期間里，伴隨的外國直接投資流入也有了大幅度的增長,幾乎從零到2004年的610億美元,截至2004年年底，累計的外商直接投資高達5600億美元(圖表1)。外資企業(yè)較本地企業(yè)對出口的貢獻率快速增長，以致2004年外資企業(yè)出口量占中國出口總量的57%。</p><p>　　在中國有一個正在成熟的關(guān)于貿(mào)易投資融合

58、的理論（例如：Lardy，1994；Nauthgton，1996；UNCTAD，2002； Zhang，2002 and 2005； Zhang and Song，2000）。雖然在定性分析中提供大部分已經(jīng)存在的有用的信息，但是計量經(jīng)濟學(xué)對于處理這個問題是仍是很有限的。研究的主要目的是提供對log-linear模型關(guān)于186個行業(yè)貿(mào)易投資聯(lián)動的估量。利用相對較大的一些行業(yè),應(yīng)用于研究中,我們得出的不僅是預(yù)測的模型與充分樣本的產(chǎn)業(yè),而且能

59、預(yù)測勞動密集型和資本密集型的二次采樣模型。</p><p>　　2.外商直接投資在中國出口中扮演的角色</p><p>　　中國有很大的潛力來成為一個重要的勞動密集型產(chǎn)品出口國,比如紡織業(yè)和其他消費品。然而,中國公司面臨著巨大的困難：建立初始階段的分銷網(wǎng)絡(luò)；滿足消費者迅速變化消費需求,掌握技術(shù)性工業(yè)規(guī)范和安全標準,建立一種新產(chǎn)品的形象。在許多情況下,有關(guān)產(chǎn)品的設(shè)計、包裝、分銷和服務(wù)與生產(chǎn)產(chǎn)

60、品通行價格或者低于世界市場價格一樣重要。</p><p>　　缺乏這些技術(shù)構(gòu)成了一個對于中國進入世界市場的關(guān)鍵性礙。外國直接投資在中國出口中扮演的角色是什么呢?從理論上講,外國直接投資在東道國出口上的仿真效果源自額外的資金、技術(shù)和管理知識由跨國公司的帶給他們,隨著進入全球、區(qū)域,特別是母國市場(聯(lián)合國貿(mào)易與發(fā)展會議,2002)。這些資源和市場準入帶來外國直接投資補充中國資源與能力,提供了更大的缺失的元素的競爭力。

61、中國因此已經(jīng)建立起這些進入新的出口活動,在既有的特性基礎(chǔ)上提高了其供能。</p><p>　　在國際貿(mào)易中，外國直接投資為中國出口的技術(shù)密集型產(chǎn)品動態(tài)產(chǎn)品提供了有競爭力的資產(chǎn)(Zhang and Song，2000年)。因此這些資產(chǎn)通常具有專有性、昂貴和中國企業(yè)很難獲得的獨立性的特點。在中國的外國企業(yè)或非股權(quán)合作伙伴通過培訓(xùn)、技術(shù)開發(fā)和知識擴散來轉(zhuǎn)移這些資產(chǎn)，為進一步傳播到其他企業(yè)，甚至整個經(jīng)濟而開拓前景。因此更

62、多的企業(yè)(包括國內(nèi)企業(yè))可以發(fā)展他們的出口和潛在競爭力得到扎根于中國經(jīng)濟的主要原因。</p><p>　　外國直接投資促進出口通過促進中國進入新的以及更大的市場。這涉及到外國分支機構(gòu)的特權(quán),訪問不僅是跨國公司國際生產(chǎn)系統(tǒng),還有跨國公司企業(yè)內(nèi)部市場和伸向跨國公司在全球、區(qū)域和母國市場的消費者。此外，這些世界市場上的聯(lián)系將延伸到供應(yīng)商和其他國內(nèi)公司。另外，就像美國一樣，中國也從跨國公司在母國為了有利于分支機構(gòu)的出口游

63、說活動中獲利。</p><p>　　出口導(dǎo)向型外國子公司為當?shù)氐膭趧恿μ峁┡嘤?xùn)，提升對中國的出口有利的技術(shù)和管理技能。這尤其適用于有先進的技術(shù)能力方面的出口導(dǎo)向型投資。中國已經(jīng)在勞動密集型和技術(shù)含量不高的層面上吸引了重要的跨國公司從事出口經(jīng)營活動。中國所面臨的戰(zhàn)略挑戰(zhàn)是中國的未來競爭力取決于母國促進人力資本和技術(shù)基礎(chǔ)設(shè)施建設(shè)的能力。 反過來,跨國公司將利益投入到當?shù)氐募记珊图夹g(shù)體系,為他們提供資訊,援助和合同。&

64、lt;/p><p>　　外商直接投資對中國出口方面的積極作用,可以歸納為直接影響和間接影響。直接影響是指外國附屬子公司對出口額的影響。外國直接投資的溢出效應(yīng)對我國當?shù)毓境隹诮?jīng)營活動產(chǎn)生間接影響(Blomstrom等人,2000;聯(lián)合國貿(mào)易與發(fā)展會議,2002)。外國子公司對中國的出口的貢獻,包括以下四個方面: (a)通過加工裝配的出口：國內(nèi)公司通過進口未完成的,中間產(chǎn)品來構(gòu)件加工和裝配,中國成為勞動密集型產(chǎn)品(玩具

65、,鞋,衣服,以及體育用品)和一些高科技產(chǎn)品(機械設(shè)備,包括電子電路,自動數(shù)據(jù)處理機和移動電話)的主要出口國(聯(lián)合國貿(mào)易與發(fā)展會議,2002)。一般而言,這些出口產(chǎn)品是由跨國公司垂直整合的國際生產(chǎn)網(wǎng)絡(luò)所組織的(張和馬庫森,1999)。大部分的出口由外國直接投資創(chuàng)造(80%，2002)發(fā)生在這張表格上，這些占據(jù)了3/4的中國生產(chǎn)及裝配出口的總量 (SSB，2003)。(b)通過取代進口產(chǎn)業(yè)出口轉(zhuǎn)換:許多發(fā)展中國家包括中國限制進口制造業(yè)產(chǎn)品,

66、但可能允許外國直接投資在這些部門。隨著設(shè)計良好的政策，中國開始并且增長出口過去進口的產(chǎn)品通過結(jié)合其廉價勞動力與國際直接投資帶來的先進的技術(shù)（zhang，2005）。</p><p>　　外國直接投資提高中國制造業(yè)出口,通過對當?shù)毓镜某隹诨顒拥囊绯鲂?yīng)。例如,本地公司增加他們的出口量通過觀察外國附屬子公司的出口活動(“看著學(xué)”)和利用基礎(chǔ)設(shè)施的運輸工具、通信、金融服務(wù),支持發(fā)展這些活動。第二個溢出效應(yīng)的影響包括外

67、商直接投資對中國國內(nèi)企業(yè)出口的競爭力和傳播新技術(shù)上的影響。通過引進他們的先進產(chǎn)品制造技術(shù)、管理知識、銷售技能,跨國公司可能會增加中國的市場競爭,迫使本地公司將采取更有效的方法。第三溢出間的聯(lián)系有關(guān)外國和當?shù)氐墓?。如果出口型外國子公司增加他們購買輸入本地公司成熟的子公司,中國的出口將增加(聯(lián)合國貿(mào)易與發(fā)展會議，2001年和2002年)。</p><p><b>　　結(jié)束語</b></p

68、><p>　　外國直接投資被視為東道國經(jīng)濟增長的加速器。其中一個主要潛在的增長貢獻是促進東道國的出口。本研究試圖用中國工業(yè)數(shù)據(jù)進行了實證研究。估計的確表明,外商直接投資對中國的出口繁榮有著重要的積極影響,它的作用比國內(nèi)資本更大,尤其在勞動密集型產(chǎn)業(yè),因為它可能預(yù)期。</p><p>　　中國通過FDI成功的促進出口說明有些特殊因素由于具有獨特的優(yōu)勢向跨國公司討價還價。當外國直接投資有潛力幫助東

69、道國出口,收益不增加了自動或平均地在國家。國家政策和母國政府相對于討價還價的事,吸引跨國公司直接投資(FDI)和收割出口。中國獨特的優(yōu)勢,在很大程度上集中于中央政府、大量豐富的大多數(shù)海外華人設(shè)立的外向型子公司,設(shè)計良好的國外直接投資策略,以提供了討價還價的不利的影響降到最低,實現(xiàn)的正面影響FDI。</p><p>　　一些額外的評論是值得一提。首先,要指出,中國出口商品的其他因素可能存在的但卻被排除在外的調(diào)查。這