Hard or soft?: institutional reforms and infrastructure spending as determinants of foreign direct investment in China
Hard or soft?: institutional reforms and infrastructure spending as determinants of foreign direct investment in China
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硬还是软？：制度改革和基础设施支出是中国外国直接投资的决定因素
DOI：
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发表时间：
2006
期刊：
影响因子：
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通讯作者：
Alicia García Herrero
中科院分区：
文献类型：
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作者：
Alan Siu;Hitomi Lizaka;K. Fung;Alicia García Herrero
在本文中，我们实证研究了硬基础设施（以更多高速公路和铁路的形式），还是软基础设施（以更多市场导向的机构的形式），通过深化改革，导致更多的外国直接投资（FDI）在中国。我们使用了1990年至2002年间美国、日本、香港、台湾和韩国对中国各地区的对外直接投资数据。我们控制了外商直接投资的标准决定因素，即区域市场规模、工资率、人力资本和税收政策。我们添加了硬基础设施和软基础设施的指数，发现软基础设施，通过更深层次的结构改革，以更加市场化的制度形式，作为外国直接投资的决定因素，始终优于硬基础设施。
In this paper, we examine empirically whether hard infrastructure, in the form of more highways and railroads, or soft infrastructure, in the form of more market oriented institutions through deeper reform, lead to more foreign direct investment (FDI) in China. We use data of outward FDI from the United States, Japan, Hong Kong, Taiwan and Korea to various regions of China from 1990 to 2002. We control for the standard determinants of FDI, namely regional market size, wage rates, human capital and tax policies. We add indices of hard and soft infrastructure and find that soft infrastructure, in the form of more market oriented institutions through deeper structural reform, consistently outperforms hard infrastructure as a determinant of FDI.