Benefits of foreign ownership: Evidence from foreign direct investment in China
Benefits of foreign ownership: Evidence from foreign direct investment in China
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外资所有权的好处：来自中国的外国直接投资的证据
DOI：
10.1016/j.jinteco.2015.07.006
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发表时间：
2015
影响因子：
3.3
通讯作者：
Wang Xiao
中科院分区：
文献类型：
--
作者：
Wang Jian;Wang Xiao
为了检验外商直接投资的影响，本文比较了中国外资企业和内资企业收购后的绩效变化。与之前的研究不同，我们通过使用国内收购的公司作为对照组来研究外资所有权的净化效应。在控制了国内收购中存在的收购效应后，我们发现没有证据表明外资所有权可以为目标公司带来额外的生产率收益，尽管国外和国内收购都为目标公司带来了生产率的提高。相比之下，一个强有力的发现是，相对于国内收购的公司，外资所有权显着改善了目标公司的财务状况和出口。研究发现，外国收购还可以提高目标公司的产出、就业和工资。这些发现与生产力驱动型外国直接投资的传统观点相冲突，并强调了外国直接投资使东道国受益的金融渠道。
To examine the effect of foreign direct investment, this paper compares the post-acquisition performance changes of foreign- and domestic-acquired firms in China. Unlike previous studies, we investigate the purified effect of foreign ownership by using domestic-acquired firms as the control group. After controlling for the acquisition effect that exists in domestic acquisitions, we find no evidence that foreign ownership can bring additional productivity gains to target firms, though both foreign and domestic acquisitions bring productivity improvements to target firms. In contrast, a strong and robust finding is that foreign ownership significantly improves target firms' financial conditions and exports relative to domestic-acquired firms. Foreign acquisition is also found to improve output, employment and wages for target firms. These findings conflict with the conventional view of productivity-driven FDI and highlight the financial channel through which FDI benefits the host countries.