臺灣博碩士論文加值系統

發展中國家在發展的過程中多半高度依賴外資，一方面期待其帶來外溢效果，提高國內廠商之生產力，另一方面又希望其以外銷為主，以保護國內廠商。然而外銷導向型外資，對於國內廠商之生產力外溢效果，是否比內銷型外資來得大，因此具有提升本國廠商生產力之作用？或者生產力外溢效果比內銷型外資小，因此推動外銷導向之外資政策，反而不利於快速提升國內廠商的生產力？
過去除少數研究(如Javorcik, 2004a、Girma et al., 2008)外，針對此一議題探討的文獻並不多。再者，過去探討外資外溢效果(FDI spillovers)的文獻，除Merlevede et al. (2014)外，較少研究FDI的動態外溢效果。本文使用1998-2007年中國製造業廠商資料，除了探討外資的外銷傾向是否會影響其對國內廠商生產力產生的外溢效果外，也討論外資經營時間的長短是否也會顯著影響FDI的外溢效果。
本文發現不論外銷導向或內銷導向之外資，FDI外溢效果的確存在顯著的差異； 外銷導向外資外溢效果是否大於內銷導向外資之外溢效果，將隨著外溢效果類型(水平或垂直外溢)、外資經營時間之長短而產生顯著的變化。因此若不考慮外資經營時間的長短，所求得之外溢效果乃是混合不同類型、不同經營時間的FDI平均外溢效果，將使得結果產生偏頗。此一偏頗現象對於偏好外銷導向外資，故其經營時間平均較內銷型外資為長的中國而言，可能特別嚴重。本文同時考慮外資的內、外銷傾向與經營時間後，不僅能降低此一偏頗問題，且能觀察各類型廠商、各外溢效果的動態變化，可補文獻之不足。

Often developing countries greatly depend on foreign direct investment (FDI) in their development process. They encourage FDI inflow in the belief that multinational enterprises (MNEs) will bring spillovers and boost the productivity of domestic manufacturers, but they prefer export-oriented FDI in order to protect domestic firms from FDI competition. However, except for Javorcik (2004a) and Girma et al. (2008), few studies have been conducted as to whether the productivity spillovers are significantly higher from export-oriented rather than domestic-market-oriented MNEs. Moreover, apart from Merlevede et al. (2014), few studies have investigated the dynamic characteristics of FDI spillovers.
In this research, we use Chinese manufacturing firm-level data, over the 1998-2007 period, to discuss the following two issues related to FDI spillovers: (1) whether MNEs’ export orientation affects their productivity spillovers to domestic manufacturers, and (2) how the spillovers vary over time since the entry of MNEs.
Our results indicate that there is a significant difference between the spillovers of the two MNEs. However, whether the FDI spillovers from export-oriented MNEs are greater than those from domestic-market-oriented FDIs depends crucially on the type of spillovers (i.e. horizontal or vertical), and the length of time since the entry of the MNEs. This suggests that the estimated spillover effects derived from the Ordinary Least Squares (OLS) regression will be biased if the length of time since MNEs entry is not taken into consideration. The bias may be particularly significant in China, which preferred export-oriented MNEs during the 1990s, making the average length of time since entry for export-oriented MNEs much longer than that for domestic-market-oriented MNEs, in relation to our data. Taking both export orientation and the length of time since MNEs entry into account will not only reduce the estimation bias of FDI spillovers but will also allow us to observe the dynamic changes of various types of spillover effects.

口試委員審定書 i
摘要 ii
英文摘要 iii
目錄 v
圖目錄 vi
表目錄 vii
第壹章 前言 1
第貳章 文獻回顧 6
第參章 實證模型與變數說明 10
3.1 迴歸模型 10
3.2 外溢效果變數 12
3.3 生產力估計 15
3.4 計量問題 18
第肆章 資料來源與變數敘述統計 19
4.1 資料來源 19
4.2 變數敘述統計 20
第伍章 實證結果 22
5.1 基本模型實證結果 22
5.2 外資廠商外銷傾向與生產力外溢效果 24
5.3 外資廠商經營時間與生產力外溢效果 27
5.4 穩健度測試 33
第陸章 結論 38
參考文獻 41
附錄 45

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