全球价值链视角下IFDI对OFDI的影响研究

华中科技大学硕士学位论文

摘要

在经济全球化不断深入的背景下，世界各国经济开放程度日渐加深，不同国家间的经济联系日益紧密。跨国公司的国际直接投资是促进经济全球化的主要驱动力量，在跨国公司国际直接投资的推动下，越来越多的国家被嵌入了“全球价值链”体系中。利用外资（IFDI）和对外直接投资（OFDI）是跨国资本流动的基本形式，二者间具有密切的联系。但关于利用外资（IFDI）是否能影响一国对外直接投资（OFDI）能力以及其具体途径和渠道仍旧是一个有待解决的问题，现有研究中二者之间还没有建立起一座桥梁。外商直接投资能否帮助东道国改善产业结构和提升技术水平，实现价值链的攀升，并进而促进其对外直接投资能力的提高，抑或使东道国陷入“价值链低端锁定”等而不利于其对外直接投资能力的发展。鉴于全球价值链和FDI的密切关系，本文基于全球价值链的视角，探讨分析一国吸引外资对其对外直接投资的影响，既具有理论价值，也存在着重要的现实意义。

本文基于全球价值链的视角，分析了利用外资（IFDI）对对外直接投资（OFDI）影响的理论机制，并在理论分析的基础上构建了一个含对外直接投资规模、价值链分工地位和价值链嵌入程度的联立方程组模型。运用2000—2014年世界42个国家的面板数据进行3SLS估计，结果表明：利用外资提升了一国价值链分工地位并进而促进了对外直接投资；利用外资在整体上提高了一国价值链嵌入程度，但未影响对外直接投资；进一步地分析得出利用外资降低了一国价值链上游嵌入程度，同时提高了一国价值链下游嵌入程度。分样本分析可知，无论发达国家还是发展中国家，利用外资均提高了一国的价值链分工地位并进而促进了对外直接投资的发展，但利用外资对发达国家分工地位的提升更加明显；在发达国家中，利用外资提高了价值链嵌入程度进而促进了对外直接投资；在发展中国家中，利用外资提高了价值链嵌入程度，但使发展中国家陷入“低端锁定”，反而抑制了对外直接投资。

关键词：利用外资；对外直接投资；全球价值链；价值链分工地位；价值链嵌入程度

华中科技大学硕士学位论文

Abstract

With the deepening economic globalization,the world’s economic openness has been grown,economic relationship between countries is more closely related. Transnational corporation’s foreign direct investment is the main driving force of economic globalization.With the promotion of transnational corporation’s foreign direct investment,more and more countries are embedded in the"global value chain"system. FDI and OFDI are the basic forms of transnational capital flow,and there is a close relationship between FDI and OFDI.But whether FDI can influence OFDI or not?What are the specific ways and channels?Current studies have not answered these questions. FDI might upgrade the host country’s industrial structure and technical level so as to promote the country’s global value position and improve the country’s OFDI ability.Or FDI might make host country stuck into“the low-end value chain lock”,and hinder the development of the country’s OFDI ability.Considering the close relationship between FDI and OFDI,this paper chooses the perspective of global value chain to analyze the impact of FDI on OFDI,which is both theoretically and practically significant.

Based on the perspective of global value chain,this study analyses the theoretical effects of inward foreign direct investment on outward foreign direct investment.On the basis of theoretical analysis,this study uses a panel dataset covering42countries during 2000—2014.The three-stage least squares(3SLS)method is adopted for our econometric models according to an established simultaneous equations including outward foreign direct investment,global value chain position index and global value chain participation index.The empirical results show IFDI promoted OFDI by raised global value chain position;IFDI improved global value chain participation overall,but did not influenced OFDI;By further analysis,IFDI reduced upstream participation of global value chain,and raised downstream participation of global value chain.IFDI