دانلود رایگان مقاله ظرفیت جذب و سود حاصل از سرمایه گذاری مستقیم خارجی

Abstract

China's global export rank rose from the 32nd in 1978 to the 1st in 2009, and in the same period China had been a top recipient of foreign direct investment (FDI) in the world. Does large FDI inflow automatically lead to the export boom? Or is it a must for China to have certain absorptive capacity (AC) given FDI? This work investigates how manufacturing exports (MX) are affected by the AC-FDI interaction. MX performance is assessed by three indicators: export capacity, export intensity, and export quality. AC is defined as a host-country's ability to capture potential benefits from FDI, and such ability is proxied by government FDI policy, human capital, R&D, and infrastructure. Estimates are conducted with the data on 21 manufacturing sectors for 31 regions over 8 years (2005–2012). We find that (a) AC is necessary condition for China to benefit from FDI in MX, and contributions of FDI alone to MX are limited; (b) China's strong AC largely comes from well-designed FDI policy and high quality infrastructure, both of which complement with FDI in strengthening export capacity, intensity and quality; and (c) human capital and R&D seems to be more helpful for China to capture spillovers from FDI to export quality.

5. Concluding Observations

The objective of this study is to investigate the role of absorptive capacity in effects of FDI on host-country manufactured exports. The paper is motivated by several considerations as follows. Manufactured exports are important to economic growth in developing countries and FDI is expected to promote host-country exports. Benefits from FDI seem not automatically appear but depend on a host-country’s absorptive capacity, which is associated with the country’s FDI policy, human capital, R&D, and infrastructure quality. While there are many studies on the FDI-exports in the literature, work on the role of absorptive capacity in effects of FDI on host exports has been limited. To close the gap in the literature, we take China as a case study by working with a panel dataset that contains 21 manufacturing sectors for 31 regions covering 8 years from 2005 to 2012. MX performance is assessed with three indicator, export capacity, export intensity, and export quality, and the role of absorptive capacity is measured by interaction between FDI and four AC determinants.