Do Vertical Spillovers Differ by Investors’ Productivity? Theory and Evidence from Vietnam
Do Vertical Spillovers Differ by Investors’ Productivity? Theory and Evidence from Vietnam
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DOI：
10.1111/rode.12671
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发表时间：
2020-05
期刊：
影响因子：
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通讯作者：
Bin Ni;Hayato Kato
中科院分区：
文献类型：
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作者：
Bin Ni;Hayato Kato
发展中国家渴望吸引外国直接投资，以便其本土企业能获得积极的技术溢出效应。然而，对于东道国来说，哪种类型的外国企业最有利于实现最佳的溢出效应呢？我们利用来自越南的企业层面面板数据来探讨这个问题，即不同生产率的亚洲下游行业外国投资者是否对越南上游行业的本土企业生产率产生不同的影响。通过内生结构突变，我们将亚洲投资者分为低生产率、中生产率和高生产率三组。结果表明，中生产率组的存在具有最强的正向溢出效应。这种不同的溢出效应可以通过一个具有垂直关联以及本土供应商进行提高生产率投资的简单模型来解释。该理论机制也得到了实证验证。
Developing countries are eager to host foreign direct investment to receive positive technology spillovers to their local firms. However, what types of foreign firms are desirable for the host country to achieve spillovers best? We address this question using firm-level panel data from Vietnam to investigate whether foreign Asian investors in downstream sectors with different productivity affects the productivity of local Vietnamese firms in upstream sectors differently. Using endogenous structural breaks, we divide Asian investors into low-, middle-, and high-productivity groups. The results suggest that the presence of the middle group has the strongest positive spillover effect. The differential spillover effects can be explained by a simple model with vertical linkages and productivity-enhancing investment by local suppliers. The theoretical mechanism is also empirically confirmed.