中国制造业对外直接投资对利用外资的影响——基于双重机制视角下的实证分析
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| Title | The Influence of Manufacturing Foreign Direct Investment on the Utilization of Foreign Capital
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| 作者 | 刘海云 聂飞 |
| Author | Liu Haiyun and Nie Fei |
| 作者单位 | 华中科技大学经济学院 |
| Organization | School of Economics, Huazhong University of Science & Technology |
| 作者Email | lhaiyun@mail.hust.edu.cn；nie.fei@163.com |
| 中文关键词 | 制造业 对外直接投资 利用外资 汇率机制 结构机制 |
| Key Words | Manufacturing; Outward FDI; Utilization of Foreign Capital; Exchange Rate Mechanism; Structure Mechanism |
| 内容提要 | 本文在分析实际汇率和结构升级对中国制造业利用外资的协同影响机制的基础上，构建了一个含实际汇率、高技术制造业出口和制造业FDI决定方程的动态联立方程组，运用2003—2013年间中国对98个国家贸易和投资的面板数据，通过广义矩估计法（GMM）进行参数估计，对中国制造业利用外资的路径进行了详细分析。研究发现，对外直接投资（OFDI）的汇率机制和结构机制从总体上看均对中国制造业利用外资有着显著影响；但是对于资源丰富、技术先进和收入较高的国家，特别是在欧洲和北美洲，中国OFDI对国内制造业结构升级作用更为明显，通过结构机制能吸引国际高端制造业外资的进入。金融危机之后，随着以制造业发展模式转变为导向的多元化OFDI战略的加快实施，结构机制成为了中国制造业利用外资的主要方式。因此，提高OFDI和国内制造业结构升级的匹配程度，优化制造业外资进入结构成为了中国制造业利用外资的重要政策选择。 |
| Abstract | Based on the analysis of synergy effects of real exchange rate and structure upgrade on the utilization of manufacturing foreign capital in China, this study uses a panel dataset covering 98 countries, where China had traded and invested during 2003—13. A generalized method of moments(GMM) is adopted for our econometric models according to an established dynamic simultaneous equations including real exchange rate, high-technology manufacturing export and manufacturing FDI. The empirical results show real exchange rate mechanism and structure mechanism of China’s OFDI have significant effects on the utilization of manufacturing foreign capital in China, but the effect of manufacturing structure upgrading is more obvious and foreign capital of high-end manufacturing can further inflow into China through structure mechanism as China’s OFDI in resource abundant, technology advanced and high-income host countries, particularly that in Europe and North America. After the financial crisis, with the stepped-up implementation of diversification OFDI strategy guided by transformation of manufacturing development pattern, structure mechanism has become the main mode to attract foreign capital to enter China’s manufacturing. As a result, improving the matching degree of OFDI and upgrade of domestic manufacturing industrial structure, and optimizing the structure of foreign capital in manufacturing have become China’s important policy choice to utilize manufacturing foreign capital. |
| 文章编号 | WP917 |
| 登载时间 | 2015-08-28 |
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