Heterogeneous Impacts of a Change in Chinese FDI Regulations on Domestic Market Outcomes: Empirical Evidence from Taiwanese Plant Data
Heterogeneous Impacts of a Change in Chinese FDI Regulations on Domestic Market Outcomes: Empirical Evidence from Taiwanese Plant Data
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发表时间：
2016-02
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通讯作者：
Mitsuo Inada;Yung-Hsing Guo
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作者：
Mitsuo Inada;Yung-Hsing Guo
企业在国外投资的国内市场结果引起了经济学家和政策制定者的注意。特别是加速国内生产向国外转移，引发了公众对国内技术和就业空心化的担忧。本研究以2002年中国大陆的外商直接投资（FDI）管制变化为变量，利用台湾制造业工厂层面的数据，探讨了外商直接投资（FDI）政策对中国大陆工厂生产率和就业的影响。我们的差异中的差异估计揭示了台湾工厂的异质性反应，这一监管变化：工厂在放松管制的行业，2000年后新投资于中国大陆经历了他们的生产率，就业和销售的增加，而工厂在这些行业已经投资于中国大陆在2000年减少了就业和销售。我们没有发现任何差异的趋势之间的工厂在放松管制的行业和那些在其他行业的监管变化之前。我们还检验了我们的关键假设，即监管变化是否扩大了台湾企业在中国大陆的活动。我们发现，监管的变化增加了资本流入和净销售额所产生的新进入的子公司在中国市场。此外，我们没有发现统计证据表明，在放松管制的行业，国内市场的结果空心化的影响。
The domestic market outcomes of firms investing abroad have attracted the attention of both economists and policymakers. In particular, accelerating the relocation of domestic production abroad has raised public concern about the hollowing out of domestic technologies and employment. This study investigates the impact of foreign direct investment (FDI) policies toward China on plant productivity and employment, using Taiwanese manufacturing plant-level data and exploiting an FDI regulation change in China in 2002 as a significant variation. Our difference-in-differences estimates reveal the heterogeneous responses of Taiwanese plants to this regulation change: plants in deregulated industries that newly invested in China after 2000 experienced an increase in their productivity, employment, and sales, while plants in those industries that had already invested in China in 2000 decreased both employment and sales. We do not find any differential trends between plants in deregulated industries and those in other industries before the regulation change. We also check our crucial assumption of whether the regulation change expanded Taiwanese firms’ activities in China. We find that the regulation change increased the capital inflows and net sales generated by new entrant subsidiaries in the Chinese market. Furthermore, we do not find statistical evidence of the hollowing out effects on domestic market outcomes in deregulated industries.