Do domestic firms benefit from direct foreign investment? Evidence from Venezuela
Do domestic firms benefit from direct foreign investment? Evidence from Venezuela
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DOI：
10.1257/aer.89.3.605
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发表时间：
1999-06-01
影响因子：
10.7
通讯作者：
Harrison, AE
中科院分区：
文献类型：
--
作者：
Aitken, BJ;Harrison, AE
政府经常促进外国投资流入，以鼓励技术从外国公司向国内公司“溢出”。使用委内瑞拉工厂的面板数据，我们发现外资参股与工厂生产力呈正相关（“自有工厂”效应），但这种关系仅对小型企业有效。然后我们测试从合资企业到没有外国投资的工厂的溢出效应。外国投资对国内工厂的生产力产生负面影响。考虑到这两种抵消效应，外国投资的净影响相当小。外国投资的收益似乎完全被合资企业占据。 （JEL F2、O1、O3）。
Governments often promote inward foreign investment to encourage technology "spillovers "from foreign to domestic firms. Using panel data on Venezuelan plants, we find that foreign equity participation is positively correlated with plant productivity (the "own-plant" effect), but this relationship is only robust for small enterprises. We then test for spillovers from joint ventures to plants with no foreign investment. Foreign investment negatively affects the productivity of domestically owned plants. The net impact of foreign investment, taking into account these two offsetting effects, is quite small. The gains from foreign investment appear to be entirely captured by joint ventures. (JEL F2, O1, O3).