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中国企业对外直接投资的母国宏观经济效应研究
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摘要
经济全球化使得各国经济主动或被动地参与到了国际分工和交换之中,各国和各地区之间的商品、资本、技术以及信息的加速流动,极大地推动了资源在全世界范围之内的有效配置。跨国直接投资现已成为推动世界经济增长的重要因素之一,任何一个国家都不可能仅依靠自身的资源、资金、技术或市场来谋求发展,走国际化经营的道路己经成为必然选择。跨国直接投资发展至今,其研究主要是基于跨国直接投资对东道国经济的影响,而对投资母国经济的影响关注比较少,投资母国的对外投资政策因素也未能有效纳入研究的框架。然而投资国对外投资政策的制定对于投资的规模、区位、行业、投资方式及所有制形式有着重要的影响。20世纪80年代以来,随着国际经济格局的重大变动,各国在鼓励国外资本流入的同时,逐渐放松对本国对外直接投资的管制,并积极采取措施鼓励对外直接投资活动,这一方面对跨国投资理论提出了新的挑战,另一方面也对对外直接投资的实证研究提出了要求。
     我国利用外资的方式已经从“引进来”为主,逐步转向“引进来”和“走出去”并举,“走出去”成为中国企业积极利用国内国外两种资源参与经济全球化的必然选择。但是由于历史、制度、经济发展水平等多方面的原因,导致中国对外直接投资在理论和实践上仍然存在许多误区和空白,因此本文力图对中国对外直接投资进行深入而系统的探讨。虽然传统的和发展中国家的FDI理论具有一定的解释力,但由于受到经济环境、所有权优势、治理结构或者政策因素的影响,中国对外直接投资具有相对独立性,迫切需要新的理论和方法予以解释。对中国对外直接投资的研究有利于丰富和推进发展中国家对外直接投资理论,为相关学者提供理论参考,为中国政府提供政策建议,为中国企业提供实践指导。本文围绕这一重大主题,提出了国家特定优势理论,为我国企业的对外直接投资构建了理论框架。并从经济增长、贸易、就业、技术进步、以及产业结构调整等方面测度了对外直接投资对中国宏观经济的影响,然后在总结分析我国投资促进措施的基础之上,提出完善我国投资促进措施的对策建议。
     本文的研究主要分为以下六个部分:
     文献综述部分,主要沿着发达国家和发展中国家国际投资理论两条主线,对当今主要的国际直接投资理论做了简要回顾与述评,并在此基础上回顾了中国对外直接投资的理论探索以及发展中国家对外投资理论研究的新进展。对现有对外直接投资理论基础的回顾,有助于在方法与思路方而为研究中国的对外直接投资提供借鉴。
     现状分析部分,通过对中国对外直接投资的发展历程、对外投资的现状、对外投资的动因及对外投资的难题的分析,通过回顾力求从整体上把握中国对外直接投资的演变及总体特征,为中国对外直接投资母国宏观经济效应的研究提供现实基础。
     理论研究部分,认为国家特定优势是解释中国企业对外直接投资的理论依据,并从动力机制、经营保障机制、行为主体机制三个方面予以解释,在现有理论的基础上构建了适合我国对外直接投资动机和战略的理论框架。
     机理分析部分,在总结现有研究成果的基础上,从贸易、就业、经济增长、技术进步、产业结构调整等宏观角度,分析了对外直接投资对母国宏观经济的影响机制,为实证分析提供理论依据。
     实证研究部分是本文的核心,对中国对外直接投资的贸易效应、就业效应、技术进步效应、产业结构调整效应、经济增长效应进行了实证分析,并对东部、中部、西部地区的宏观经济效应进行了比较研究。得到以下结论:在贸易、产业结构调整、经济增长方面,对外直接投资有比较显著的拉动作用。但在技术进步和就业方面,对外直接投资虽然起到了促进作用,但是效果不理想。对外直接投资的母国宏观经济效应一般在东部地区比中西部地区更为明显。
     对策建议部分,根据中国对外直接投资促进措施的实施情况,在借鉴国际经验的基础之上,提出完善我国对外直接投资促进措施的对策建议,体现了本文的现实意义与价值。具体包括:设立统一管理机构,完善法律保障体系;加强对外投资财政金融扶持;完善投资信息咨询和技术援助;完善投资保险及知识产权保障机制;构建多元化投资格局。
Economic globalization makes all countries involved in the international labor division and exchange actively or passively. The accelerated movement of products, capital, technology and information among various countries and regions greatly promoted the efficient allocation of resources within the whole world. FDI has become one of the important factors to promote the growth of the world economy. No country can develop with its own resources, funds, technology or market. So internationalization has turned into the inevitable choice. Since the development of foreign direct investment has been a long time, the study on it mostly focused on its impact on the host country's economy, whereas pays little attention to its impact on the investing country's economy as well as policy factors of FDI of these countries. In reality, FDI policy factors of the investing countries play an important role in deciding the magnitude of FDI, investing target places and industries, patterns of investment, and the form of ownership. With the great changes of international economic since the1980s, all countries have encouraged the inflow of foreing capital, and at the same time they also loosened restrictions on their own outward FDI and adopted various measures to promote the development of their outward FDI. These changes pose new challenges to the theoretical study on FDI as well as require positive research about all countries'practice of FDI. The pattern of China's utilizing FDI has been transformed from emphasis on introducing foreign capital into stressing "Going out" as well as "drawing in"."Going out" strategy has become an inevitable choice for urging Chinese domestic companies to explore the world market to step up its application of foreign resources and participate in economic globalization.
     However, due to economic development level, historical and insitutional reasons and other aspects, there are some problems in thory and practice of FDI. This paper tries to explore China's FDI deeply and systematically. Although FDI theory in the traditional and developing countries has some explanatory power, China's FDI has relative independence because of the difference of economic environment, advantage of ownership, governance structure and policy. New theories and methods are needed urgently. The research on China's FDI can enrich and promote the FDI theory of developing countries, provide theoretical reference for relevant scholars, provide policy advice to Chinese government and practical guidance for Chinese enterprises. This paper proposes the country specific advantage theory according to the above major theme, constructs the theoretical framework for FDI of Chinese enterprises. This paper also measures the influence of FDI on China's macro economy from the aspects of economic growth, trade, employment, technology progress and industrial structure. Some countermeasures and suggestions for consummating China's investment are proposed on the basis of analyzing the investment promotion measures of the host country.
     This paper is divided into the following six parts:
     In the part of literature review, the main international FDI theories are briefly reviewed and commented. The FDI theory of developed countries and developing countries are two main aspects. The new advances in theoretical exploration of China's FDI theory and domestic and foreign scholars'research of FDI in China and other emerging economies are reviewed. Reviewing the existing FDI theory can provide reference for studying China's FDI theory.
     In the part of situation analysis, this paper strives to grasp the evolution and general characteristics of China's FDI and provide realistic basis for the macroeconomic effects of China's FDI according to the analyzing of development of China's FDI, the present situation of foreign investment, the reasons of foreign investment and the problems of foreign investment.
     The theoretical research part reckons the country specific advantage is the theorical basis of explaining Chinese enterprises'FDI. Dynamic mechanism, security mechanism and operating behavior mechanism are three aspects to explain the above idea. On the basis of the existing theory, theoretical framework for China's FDI motivation and stragety is builded.
     The mechanism analysis part analyzes the influence of FDI on the macro economy of host country from the aspects of trade, employment, economic growth, technological progress, industrial structure adjustment, and provides a theoretical basis for the empirical analsis.
     The part of empirical research is the core of this paper, the influence of FDI on trade, employment, economic growth and technological progress, industrial structure adjustment is analyzed empirically. The macroeconomic effects of east, central and western regions are compared. Conclusions are as follows:OFDI plays a more significant boosting role in terms of trade, industrial structure adjustment and economic growth. Although OFDI plays a catalytic role in terms of technological progress and employment, the result is not satisfactory. Generally speaking, the effect of Chinese enterprises'OFDI on macro-economy in home country in the eastern region is more obvious than the central and western regions.
     The suggestion part proposes countermeasures of promoting China's FDI according to the existing situation of China and other countries which reflects the values of this paper. These countermeasures include the following aspects:The establishment of a unified management institution; improve the overseas investment legal system; strengthens the foreign investment, finance and fiscal policy support; Improve the investment advisory and technical assistance; perfect the investment insurance and the protection of intellectual property rights; building a diversified investment pattern.
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