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題名：Are FDI in China and Parent Firm Exports Substitutes or Complements? An Empirical Study of Taiwanese Manufacturing Firms
書刊名：經濟論文叢刊
作者：馮炳萱 引用關係／劉錦添 引用關係／王法閔
作者(外文)：Fung, Loretta／Liu, Jin-tan／Wang, Fa-min
出版日期：2013
卷期：41:2
頁次：頁167-194
主題關鍵詞：外人直接投資；出口；臺灣；中國；Foreign direct investment；Exports；Taiwan；China
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(5) 博士論文(0) 專書(0) 專書論文(1)
  • 排除自我引用排除自我引用:5
  • 共同引用共同引用:0
  • 點閱點閱:56
近年來台商大舉至國外投資，其中以投資中國為最大宗。台商至中國投資，對母公司的營運以及供應國外市場方式的影響係一值得研究的議題。本文主要是針對台商至中國投資後對母公司外銷金額究竟是有替代或促進的效果進行探討。我們利用1992年至2006年間上市公司核准赴中國投資項目及實行金額、財務報表與公司外銷相互連結的資料進行實證分析，在這段期間上市公司至中國的投資急劇增加，我們將檢視在中國的投資對母公司在台灣的外銷是替代或互補關係。我們分別利用三種計量模型：固定效果的追蹤資料迴歸（panel regressions with fixed effects），panel Tobit與動態追蹤資料模型（dynamic panel model）。實證結果大致相同，發現上市公司至中國的投資將減少母公司的外銷金額，換言之，對中國投資與外銷金額有替代的關係。值得注意的是不論是電子業或非電子業廠商皆有類似的結果－然而電子業廠商具有密集生產網絡及近年大量投資中國之特點。此外，結果的穩健性不受實證模型選擇的影響。
In recent years, an increasing number of Taiwanese firms have invested overseas and the foreign direct investment (FDI) has gone predominately to China. With growing importance of operations in China, it is essential to understand how FDI in China affects operation of the parent firms and their mode of serving foreign markets. This paper addresses this issue by empirically investigating whether FDI in China displaces or promotes parent firms' exports. By using a unique firm-level data set that links approved investment projects and realized amount of FDI in China to financial statements and exports data of firms listed on Taiwan Stock Exchange from 1992 to 2006, a period of sharp increase in FDI in China, we are able to examine whether FDI in China substitutes or complements exports from home. We adopt three alternative empirical models: panel regressions with fixed effects, a panel Tobit model and a dynamic panel model. We find that FDI in China reduces parent firms' exports, suggesting a substitutive relationship. Interestingly enough, the effect pertains to firms in both non-electronics industries and the electronics industry - which is characterized by dense production networks and surging investment in China in recent years. The results are robust to choice of empirical models.
期刊論文
1.Bernard, A. B.、Jensen, J. B.(2004)。Entry, Expansion, and Intensity in the US Export Boom , 1987-1992。Review of International Economics，12(4)，662-675。  new window
2.Baggs, J.、Beaulieu, E.、Fung, L.(2009)。Firm survival, performance,and the exchange rate。Canadian Journal of Economics，42，393-421。  new window
3.Clausing, Kimberly A.(2000)。Does multinational activity displace trade。Economic Inquiry，38(2)，190-205。  new window
4.Eaton, Jonathan、Tamura, Akiko(1994)。Bilateralism and Regionalism in Japanese and U.S. Trade and Direct Foreign Investment Patterns。Journal of the Japanese and International Economies，8(4)，478-510。  new window
5.Fung, L.、Liu, J.-T.(2009)。The impact of real exchange rate movements on fìrm performance: A case study of Taiwanese manufacturing fìrms。Japan and the World Economy，21，85-96。  new window
6.Head, K.、Ries, J.(1999)。Rationalization effects of tariff reductions。Journal oflnternational Economics，47，295-320。  new window
7.Head, K.、Ries, J.(2001)。Overseas investment and fìrm exports。Review of International Economics，9，108-122。  new window
8.Head, K.、Ries, J.(2004)。Exporting and FOI as alternative strategies。Oxford Review of Economic Policy，20，409-423。  new window
9.Kang, S. J.、Lee, H. S.(2007)。The determinants of location choice of South Korean FOI in China。Japan and the Worfd Economy，19，441-460。  new window
10.Kim, J.-O.、Kang, I.-S.(1997)。Outward FOI and exports: The case of South Korea and Japan。Japan, Journal of Asian Economics，8，39-50。  new window
11.Roberts, M. J.、Tybout, J.(1997)。The decision to export in Columbia: An empirical model of entry with sunk entry cost。American Economic Review，87，545-564。  new window
12.Windmeijer, F.(2005)。A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators。Journal of Econometrics，126，25-51。  new window
13.Arellano, Manuel、Bond, Stephen R.(1991)。Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations。The Review of Economic Studies，58(2)，277-297。  new window
14.Caves, Richard E.(1971)。International corporations: the industrial economics of foreign investment。Economica，38(149)，1-27。  new window
15.Bernard, Andrew B.、Jensen, J. Bradford(1999)。Exceptional Exporter Performance: Cause, Effect, or Both?。Journal of International Economics，47(1)，1-25。  new window
16.陳添枝、顧瑩華(2000)。The Effect of Foreign Direct Investment on Firm Growth the Case of Taiwan's Manufacturers。Japan and the World Economy，12(2)，153-172。  new window
17.Helpman, Elhanan(1984)。A Simple Theory of International Trade with Multinational Corporations。Journal of Political Economy，92(3)，451-471。  new window
18.Lipsey, R. E.、Weiss, Merle Yahr(1981)。Foreign Production and Exports in Manufacturing Industries。The Review of Economics and Statistics，63(4)，488-494。  new window
19.Markusen, James R.(1995)。The boundaries of multinational enterprises and the theory of international trade。Journal of Economic Perspect，9(2)，169-189。  new window
20.Pfaffermayr, Michael(1996)。Foreign Outward Direct Investment and Exports in Austrian Manufacturing: Substitutes or Complements?。Weltwirtschaftliches Archiv，132(3)，501-522。  new window
21.Svensson, Roger(1996)。Effect of overseas production on home country exports: Evidence based on Swedish multinationals。Weltwirtschaftliches Archiv，132(2)，304-329。  new window
22.Egger, P.(2001)。European Exports and Outward Foreign Direct Investment: A Dynamic Panel Data Approach。Weltwirtschaftliches Archiv，137(3)，427-449。  new window
23.Blonigen, B. A.(2001)。In Search of Substitution Between Foreign Production and Exports。Journal of International Economics，53(1)，81-104。  new window
研究報告
1.Falk, M.、Hake, M.(2008)。A panel data analysis on FDI and exports。  new window
2.Yu, M.(2011)。Processing trade, tariff reductions, and fìrm productivity: Evidence from Chinese products。  new window
3.Blomsöm, M.、Kokko, A.(1994)。Home country effects of foreign direct investment: Evidence from Sweden。  new window
4.Manova, K.、Yu, Z.(2011)。Processing vs. ordinary trade。Stantord University。  new window
5.Oberhofer, H.、Pfaffermayr, M.(2008)。FDI versus exports, substitutes or complements? A three nations model and empirical evidence。  new window
6.Ekholm, Karolina、Forslid, Richard、Markusen, James R.(2003)。Export-platform Foreign Direct Investment。  new window
圖書
1.Liu, J.-L.、Liu, J. T.、Tsou, M. -W.、Yang, C.-H.、Chen, Y.-Y.(2007)。The Economic Impact of Foreign Direct Investment by the Taiwan Stock Market Listed Companies。Council for Economic Planning and Development, Executive Yuan。  new window
2.Feenstra, R. C.(2000)。Worfd Trade Flows, 1980-1997。Center for International Data, Institute of Governmental Affairs, University of California, Davis。  new window
3.MOEA(2007)。The Summary Report of the Annual Survey: Foreign Direct Investment of Taiwan Manufacturing Firms in 2007。Ministry of Economics Affairs, Taiwan, ROC。  new window
4.Helpman, Elhanan、Krugman, Paul R.(1985)。Market Structure and Foreign Trade: Increasing Returns, Imperfect Competition, and the International Economy。MIT Press。  new window
單篇論文
1.Debaere, P.(2004)。Reversing the perspective: Multinational corporations from middle-income countries，University of Taxes。  new window
2.Foad, H.(2007)。FOI, the Euro, and EU enlargement，San Diego State University。  new window
3.Jayawickrama, A.，Thangavelu, S. M.(2010)。FOI activities, exports and manufacturing growth in a small open economy: An industry-wise panel data analysis，National University of Singapore。  new window
 
 
 
 
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