Promotion or Liberalization: The Effect of Targeted Investment Policies on FDI Inflows
Promotion or Liberalization: The Effect of Targeted Investment Policies on FDI Inflows
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发表时间：
2019
影响因子：
2.6
通讯作者：
Eiichi Tomiura;Masayuki Morikawa;Tadashi Ito;Isao Kamata;Ayumu Tanaka
中科院分区：
文献类型：
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作者：
Eiichi Tomiura;Masayuki Morikawa;Tadashi Ito;Isao Kamata;Ayumu Tanaka
本研究实证检验了两项外商直接投资（FDI）政策（定向促进和选择性自由化），并量化了这两项定向措施中哪一项更能有效吸引 FDI 流入和刺激跨国企业（MNE）的活动。我们进一步询问促进外国直接投资流入的政策是否应该鼓励进入者建立新业务，或者政策是否应该鼓励现有企业扩展现有业务。我们采用双重差分估计法，通过比较中国入世后 FDI 政策变化前后受影响和未受影响的行业来衡量 FDI 政策的影响。利用 1999 年至 2007 年跨国公司在华外国子公司的外国股权和销售额的汇总数据，结果表明，选择性自由化对 FDI 流入（尤其是现有企业的 FDI 流入）产生积极影响，而定向促进则没有。结果表明，选择性自由化优于有针对性的促进。
This study empirically examines two Foreign Direct Investment (FDI) policies (targeted promotion and selective liberalization) and quantifies which of the two targeted measures is more effective to attract FDI inflows and to stimulate the activities of Multinational Enterprises (MNEs). We further ask whether policies for promoting FDI inflows should encourage entrants to set up new operations, or whether policies should encourage incumbents to stretch out existing operations. We implement a difference-in-differences estimation that measures the effects of FDI policies by comparing affected and non-affected industries before and after the change of FDI policies in compliance with the Chinese WTO accession. Using aggregated data on foreign equity and sales by MNEs' foreign affiliates in China over the 1999-2007, the results show that selective liberalization has a positive impact on FDI inflows especially from incumbents, while targeted promotion does not. The results suggest that selective liberalization is preferable to targeted promotion.