外文翻譯--外商直接投資如何影響東道國(guó)出口的表現(xiàn)——以中國(guó)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(guó)出口的表現(xiàn)——以中國(guó)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(guó)排名第32位（1978）躍升到第3位（2004）,中國(guó)出口繁榮的同時(shí)伴隨著巨大的外國(guó)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(guó)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(shí)證分析仍是很有限。本文試圖通過(guò)對(duì)中國(guó)工業(yè)數(shù)據(jù)的調(diào)查分析來(lái)填補(bǔ)這方面的空白。有關(guān)文獻(xiàn)指出,外國(guó)直接投資確實(shí)對(duì)中國(guó)的出口起到積極的影響，促進(jìn)出口的效果與國(guó)內(nèi)資本相比較更巨大,尤其在勞動(dòng)密集型產(chǎn)業(yè)。</p><p>　　經(jīng)濟(jì)學(xué)文獻(xiàn)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(guó)公司</p><p><

55、;b>　　介紹</b></p><p>　　實(shí)證分析外商直接投資在東道國(guó)出口方面扮演的角色是十分重要的，當(dāng)出口在長(zhǎng)期中成為經(jīng)濟(jì)增長(zhǎng)的動(dòng)力。有一個(gè)廣泛認(rèn)同的觀點(diǎn)認(rèn)為外國(guó)直接投資促進(jìn)東道國(guó)的出口通過(guò)（a）推動(dòng)國(guó)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(jìn)入新興的和大型的外國(guó)市場(chǎng),(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(shí)暗示著外國(guó)直接投資可能(a)降低或更換國(guó)內(nèi)

56、的儲(chǔ)蓄和投資;(b)轉(zhuǎn)讓技術(shù)水平較低或不適宜東道國(guó)的要素比例;(c)主要目標(biāo)可能是東道國(guó)國(guó)內(nèi)市場(chǎng),因此不能擴(kuò)大出口(d)抑制本土公司的擴(kuò)張，取代出口商的角色;(e)并沒(méi)有幫助東道國(guó)發(fā)展的動(dòng)態(tài)比較優(yōu)勢(shì)，完全集中在當(dāng)?shù)亓畠r(jià)勞動(dòng)力和生產(chǎn)資料上。因此更深入的研究十分有價(jià)值，對(duì)于貿(mào)易投資一體化的更好理解，實(shí)證分析是非常有需要的。本文將試圖利用中國(guó)工業(yè)數(shù)據(jù)來(lái)研究這一問(wèn)題。</p><p>　　除了主題內(nèi)在的重要性,中國(guó)經(jīng)濟(jì)發(fā)

57、展案例也是一項(xiàng)重大的課題。中國(guó)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(guó)直接投資流入也有了大幅度的增長(zhǎng),幾乎從零到2004年的610億美元,截至2004年年底，累計(jì)的外商直接投資高達(dá)5600億美元(圖表1)。外資企業(yè)較本地企業(yè)對(duì)出口的貢獻(xiàn)率快速增長(zhǎng)，以致2004年外資企業(yè)出口量占中國(guó)出口總量的57%。</p><p>　　在中國(guó)有一個(gè)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(jì)量經(jīng)濟(jì)學(xué)對(duì)于處理這個(gè)問(wèn)題是仍是很有限的。研究的主要目的是提供對(duì)log-linear模型關(guān)于186個(gè)行業(yè)貿(mào)易投資聯(lián)動(dòng)的估量。利用相對(duì)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(cè)的模型與充分樣本的產(chǎn)業(yè),而且能

59、預(yù)測(cè)勞動(dòng)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(guó)出口中扮演的角色</p><p>　　中國(guó)有很大的潛力來(lái)成為一個(gè)重要的勞動(dòng)密集型產(chǎn)品出口國(guó),比如紡織業(yè)和其他消費(fèi)品。然而,中國(guó)公司面臨著巨大的困難：建立初始階段的分銷(xiāo)網(wǎng)絡(luò)；滿(mǎn)足消費(fèi)者迅速變化消費(fèi)需求,掌握技術(shù)性工業(yè)規(guī)范和安全標(biāo)準(zhǔn),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(jì)、包裝、分銷(xiāo)和服務(wù)與生產(chǎn)產(chǎn)

60、品通行價(jià)格或者低于世界市場(chǎng)價(jià)格一樣重要。</p><p>　　缺乏這些技術(shù)構(gòu)成了一個(gè)對(duì)于中國(guó)進(jìn)入世界市場(chǎng)的關(guān)鍵性礙。外國(guó)直接投資在中國(guó)出口中扮演的角色是什么呢?從理論上講,外國(guó)直接投資在東道國(guó)出口上的仿真效果源自額外的資金、技術(shù)和管理知識(shí)由跨國(guó)公司的帶給他們,隨著進(jìn)入全球、區(qū)域,特別是母國(guó)市場(chǎng)(聯(lián)合國(guó)貿(mào)易與發(fā)展會(huì)議,2002)。這些資源和市場(chǎng)準(zhǔn)入帶來(lái)外國(guó)直接投資補(bǔ)充中國(guó)資源與能力,提供了更大的缺失的元素的競(jìng)爭(zhēng)力。

61、中國(guó)因此已經(jīng)建立起這些進(jìn)入新的出口活動(dòng),在既有的特性基礎(chǔ)上提高了其供能。</p><p>　　在國(guó)際貿(mào)易中，外國(guó)直接投資為中國(guó)出口的技術(shù)密集型產(chǎn)品動(dòng)態(tài)產(chǎn)品提供了有競(jìng)爭(zhēng)力的資產(chǎn)(Zhang and Song，2000年)。因此這些資產(chǎn)通常具有專(zhuān)有性、昂貴和中國(guó)企業(yè)很難獲得的獨(dú)立性的特點(diǎn)。在中國(guó)的外國(guó)企業(yè)或非股權(quán)合作伙伴通過(guò)培訓(xùn)、技術(shù)開(kāi)發(fā)和知識(shí)擴(kuò)散來(lái)轉(zhuǎn)移這些資產(chǎn)，為進(jìn)一步傳播到其他企業(yè)，甚至整個(gè)經(jīng)濟(jì)而開(kāi)拓前景。因此更

62、多的企業(yè)(包括國(guó)內(nèi)企業(yè))可以發(fā)展他們的出口和潛在競(jìng)爭(zhēng)力得到扎根于中國(guó)經(jīng)濟(jì)的主要原因。</p><p>　　外國(guó)直接投資促進(jìn)出口通過(guò)促進(jìn)中國(guó)進(jìn)入新的以及更大的市場(chǎng)。這涉及到外國(guó)分支機(jī)構(gòu)的特權(quán),訪問(wèn)不僅是跨國(guó)公司國(guó)際生產(chǎn)系統(tǒng),還有跨國(guó)公司企業(yè)內(nèi)部市場(chǎng)和伸向跨國(guó)公司在全球、區(qū)域和母國(guó)市場(chǎng)的消費(fèi)者。此外，這些世界市場(chǎng)上的聯(lián)系將延伸到供應(yīng)商和其他國(guó)內(nèi)公司。另外，就像美國(guó)一樣，中國(guó)也從跨國(guó)公司在母國(guó)為了有利于分支機(jī)構(gòu)的出口游

63、說(shuō)活動(dòng)中獲利。</p><p>　　出口導(dǎo)向型外國(guó)子公司為當(dāng)?shù)氐膭趧?dòng)力提供培訓(xùn)，提升對(duì)中國(guó)的出口有利的技術(shù)和管理技能。這尤其適用于有先進(jìn)的技術(shù)能力方面的出口導(dǎo)向型投資。中國(guó)已經(jīng)在勞動(dòng)密集型和技術(shù)含量不高的層面上吸引了重要的跨國(guó)公司從事出口經(jīng)營(yíng)活動(dòng)。中國(guó)所面臨的戰(zhàn)略挑戰(zhàn)是中國(guó)的未來(lái)競(jìng)爭(zhēng)力取決于母國(guó)促進(jìn)人力資本和技術(shù)基礎(chǔ)設(shè)施建設(shè)的能力。 反過(guò)來(lái),跨國(guó)公司將利益投入到當(dāng)?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(duì)中國(guó)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(guó)附屬子公司對(duì)出口額的影響。外國(guó)直接投資的溢出效應(yīng)對(duì)我國(guó)當(dāng)?shù)毓境隹诮?jīng)營(yíng)活動(dòng)產(chǎn)生間接影響(Blomstrom等人,2000;聯(lián)合國(guó)貿(mào)易與發(fā)展會(huì)議,2002)。外國(guó)子公司對(duì)中國(guó)的出口的貢獻(xiàn),包括以下四個(gè)方面: (a)通過(guò)加工裝配的出口：國(guó)內(nèi)公司通過(guò)進(jìn)口未完成的,中間產(chǎn)品來(lái)構(gòu)件加工和裝配,中國(guó)成為勞動(dòng)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(jī)械設(shè)備,包括電子電路,自動(dòng)數(shù)據(jù)處理機(jī)和移動(dòng)電話)的主要出口國(guó)(聯(lián)合國(guó)貿(mào)易與發(fā)展會(huì)議,2002)。一般而言,這些出口產(chǎn)品是由跨國(guó)公司垂直整合的國(guó)際生產(chǎn)網(wǎng)絡(luò)所組織的(張和馬庫(kù)森,1999)。大部分的出口由外國(guó)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(guó)生產(chǎn)及裝配出口的總量 (SSB，2003)。(b)通過(guò)取代進(jìn)口產(chǎn)業(yè)出口轉(zhuǎn)換:許多發(fā)展中國(guó)家包括中國(guó)限制進(jìn)口制造業(yè)產(chǎn)品,

66、但可能允許外國(guó)直接投資在這些部門(mén)。隨著設(shè)計(jì)良好的政策，中國(guó)開(kāi)始并且增長(zhǎng)出口過(guò)去進(jìn)口的產(chǎn)品通過(guò)結(jié)合其廉價(jià)勞動(dòng)力與國(guó)際直接投資帶來(lái)的先進(jìn)的技術(shù)（zhang，2005）。</p><p>　　外國(guó)直接投資提高中國(guó)制造業(yè)出口,通過(guò)對(duì)當(dāng)?shù)毓镜某隹诨顒?dòng)的溢出效應(yīng)。例如,本地公司增加他們的出口量通過(guò)觀察外國(guó)附屬子公司的出口活動(dòng)(“看著學(xué)”)和利用基礎(chǔ)設(shè)施的運(yùn)輸工具、通信、金融服務(wù),支持發(fā)展這些活動(dòng)。第二個(gè)溢出效應(yīng)的影響包括外

67、商直接投資對(duì)中國(guó)國(guó)內(nèi)企業(yè)出口的競(jìng)爭(zhēng)力和傳播新技術(shù)上的影響。通過(guò)引進(jìn)他們的先進(jìn)產(chǎn)品制造技術(shù)、管理知識(shí)、銷(xiāo)售技能,跨國(guó)公司可能會(huì)增加中國(guó)的市場(chǎng)競(jìng)爭(zhēng),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(guó)和當(dāng)?shù)氐墓?。如果出口型外?guó)子公司增加他們購(gòu)買(mǎi)輸入本地公司成熟的子公司,中國(guó)的出口將增加(聯(lián)合國(guó)貿(mào)易與發(fā)展會(huì)議，2001年和2002年)。</p><p><b>　　結(jié)束語(yǔ)</b></p

68、><p>　　外國(guó)直接投資被視為東道國(guó)經(jīng)濟(jì)增長(zhǎng)的加速器。其中一個(gè)主要潛在的增長(zhǎng)貢獻(xiàn)是促進(jìn)東道國(guó)的出口。本研究試圖用中國(guó)工業(yè)數(shù)據(jù)進(jìn)行了實(shí)證研究。估計(jì)的確表明,外商直接投資對(duì)中國(guó)的出口繁榮有著重要的積極影響,它的作用比國(guó)內(nèi)資本更大,尤其在勞動(dòng)密集型產(chǎn)業(yè),因?yàn)樗赡茴A(yù)期。</p><p>　　中國(guó)通過(guò)FDI成功的促進(jìn)出口說(shuō)明有些特殊因素由于具有獨(dú)特的優(yōu)勢(shì)向跨國(guó)公司討價(jià)還價(jià)。當(dāng)外國(guó)直接投資有潛力幫助東

69、道國(guó)出口,收益不增加了自動(dòng)或平均地在國(guó)家。國(guó)家政策和母國(guó)政府相對(duì)于討價(jià)還價(jià)的事,吸引跨國(guó)公司直接投資(FDI)和收割出口。中國(guó)獨(dú)特的優(yōu)勢(shì),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(jì)良好的國(guó)外直接投資策略,以提供了討價(jià)還價(jià)的不利的影響降到最低,實(shí)現(xiàn)的正面影響FDI。</p><p>　　一些額外的評(píng)論是值得一提。首先,要指出,中國(guó)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