绿地投资和跨国并购对东道国经济增长的比较分析及其对中国的启示
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摘要
自20世纪70年代以来,世界范围内FDI的增长速度都十分迅速,成为当今全球经济生活中最活跃、最引人注目的经济现象之一,并在2007年达到一个最高点。传统研究成果表明,FDI对于东道国经济增长从多种渠道起着促进作用,这也是各国政府都尽力争取FDI的原因之一。但是近年来,越来越多的实证研究发现,FDI对于东道国经济增长的作用并不像想象中的那样明显,在某些情况下甚至有着阻碍作用。于是我们有必要从一个新的角度更加深入的分析FDI与东道国经济之间的关系。
目前的相关学术研究在分析FDI与东道国经济增长的相关性问题上,一般都以FDI总量为基础,而忽略了其构成。而跨国公司在进入东道国时可以自主选择两种方式：绿地投资或者跨国并购。绿地投资是直接投资建立新的企业工厂,而跨国并购则是通过并购东道国已存在的企业工厂进行的,这两种不同的FDI进入模式有着本质上的区别,不同进入模式对东道国的经济影响是不同的。本文的研究就是以FDI进入东道国的不同模式：绿地投资和跨国并购对东道国的经济影响为对象的。
本文首先从理论出发,分析绿地投资和跨国并购这两种FDI进入模式的异同,并且通过对1997-2006年世界40个国家的数据进行实证分析研究,发现：短期内,绿地投资对于东道国经济的直接促进作用及其技术外溢作用都不甚明显;跨国并购在短期内可能会抑制东道国的经济增长,但是只要东道国人力资源达到一定水平,则跨国并购将会通过技术外溢的渠道促进东道国的经济增长。最后本文结合我国FDI发展和分布状况,以及各地区将社会经济现状,提出了吸引FDI进入的相应的政策建议。
Ever since 70s of the last century, FDI has been increasing extremely fast worldwide. It has become one of the most attracting activities and its volume has reached to a historical record. Traditional researches demonstrate that FDI can promote the economic growth of host countries by several means, which is one of the reasons why governments make great efforts to obtain more FDI. However, recent empirical results cast doubts on the established positive relationship between FDI and economic growth in theoretical literature. Moreover, in some circumstances, it may even hinder the growth. Consequently, it is worthwhile to explore the economic effects of FDI from a new perspective.
Current researches generally focus on the gross volume of FDI investigating growth effects on host countries, while ignoring its composition. Yet, a multinational corporation can choose freely between two modes when entering a host country, namely Greenfield investments and Cross-border Mergers and Acquisitions, which are essentially different from each other, thus may result in different economic effects. Greenfield investment is FDI via establishing new business facility, while Cross-border M&A is FDI through a form of obtaining an existing company in host country. Based on this distinction, the purpose of this paper is trying to find out the economic impacts of Greenfield investment and Cross-border M&A, respectively.
I will first start from theoretical analysis, hoping to analyze both the similarities and differences of Greenfield investment and Cross-border M&A. An empirical analysis using cross-country data for the period 1997-2006 from 40 countries suggests that gross FDI exerts an ambiguous effect on growth. In short term, the direct and indirect economic impacts of Greenfield investment are insignificant; however, Cross-border M&A has significant negative direct effects on host countries' growth, while as long as the host countries have the capability to absorb the technology they can benefit from Cross-border M&A. Finally, combining the development and distribution of FDI, as well as regional socio-economic status in China, some corresponding policy will be recommended on attracting FDI.
目前的相关学术研究在分析FDI与东道国经济增长的相关性问题上,一般都以FDI总量为基础,而忽略了其构成。而跨国公司在进入东道国时可以自主选择两种方式：绿地投资或者跨国并购。绿地投资是直接投资建立新的企业工厂,而跨国并购则是通过并购东道国已存在的企业工厂进行的,这两种不同的FDI进入模式有着本质上的区别,不同进入模式对东道国的经济影响是不同的。本文的研究就是以FDI进入东道国的不同模式：绿地投资和跨国并购对东道国的经济影响为对象的。
本文首先从理论出发,分析绿地投资和跨国并购这两种FDI进入模式的异同,并且通过对1997-2006年世界40个国家的数据进行实证分析研究,发现：短期内,绿地投资对于东道国经济的直接促进作用及其技术外溢作用都不甚明显;跨国并购在短期内可能会抑制东道国的经济增长,但是只要东道国人力资源达到一定水平,则跨国并购将会通过技术外溢的渠道促进东道国的经济增长。最后本文结合我国FDI发展和分布状况,以及各地区将社会经济现状,提出了吸引FDI进入的相应的政策建议。
Ever since 70s of the last century, FDI has been increasing extremely fast worldwide. It has become one of the most attracting activities and its volume has reached to a historical record. Traditional researches demonstrate that FDI can promote the economic growth of host countries by several means, which is one of the reasons why governments make great efforts to obtain more FDI. However, recent empirical results cast doubts on the established positive relationship between FDI and economic growth in theoretical literature. Moreover, in some circumstances, it may even hinder the growth. Consequently, it is worthwhile to explore the economic effects of FDI from a new perspective.
Current researches generally focus on the gross volume of FDI investigating growth effects on host countries, while ignoring its composition. Yet, a multinational corporation can choose freely between two modes when entering a host country, namely Greenfield investments and Cross-border Mergers and Acquisitions, which are essentially different from each other, thus may result in different economic effects. Greenfield investment is FDI via establishing new business facility, while Cross-border M&A is FDI through a form of obtaining an existing company in host country. Based on this distinction, the purpose of this paper is trying to find out the economic impacts of Greenfield investment and Cross-border M&A, respectively.
I will first start from theoretical analysis, hoping to analyze both the similarities and differences of Greenfield investment and Cross-border M&A. An empirical analysis using cross-country data for the period 1997-2006 from 40 countries suggests that gross FDI exerts an ambiguous effect on growth. In short term, the direct and indirect economic impacts of Greenfield investment are insignificant; however, Cross-border M&A has significant negative direct effects on host countries' growth, while as long as the host countries have the capability to absorb the technology they can benefit from Cross-border M&A. Finally, combining the development and distribution of FDI, as well as regional socio-economic status in China, some corresponding policy will be recommended on attracting FDI.
引文
[1]. Alfaro, Laura, Foreign Direct Investment and Growth:Does the Sector Matter?,2003 (Harvard Business School, Boston).
[2]. Alfaro, Laura; Chanda, Areendam; Kalemi-Ozcan, Sebnam and Sayek, Selin, FDI and Economic Growth:The Role of Local Financial Markets, Jounal of International Economics, 2004, Vol.64,89-112.
[3]. Alfaro, Laura; Kalemli-Ozcan, Sebnem and Volosovych,Vadym, Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation, The Review Of Economics and Statistics,2008, Vol.90,347-368.
[4]. Andersson, Thomas And Svensson, Roger, Entry Modes for Direct Investment Determined by the Composition of Firm-Specific Skills, Scandinavian Journal of Economics,1994, Vol.96, 551-560.
[5]. Barro, Robert and Xavier, Sala-I-Martin Ed., Economic Growth,1995 (Newyork:Mcgraw-Hill).
[6]. Basu, Bharati, and Yao, Jianfeng, Foreign Direct Investment and Skill Formation in China, International Economic Journal,2009, Vol.23, No.2,163-179.
[7]. Blonigen, Bruce, Firm-Specific Assets and the Link Between Exchange Rates and Foreign Direct Investment, American Economic Review,1997 Vol.87,447-465.
[8]. Borensztein, Eduardo; De Gregorio, Jose and Lee Jong-Wha, How Does Foreign Direct Investment Affect Economic Growth?, Journal of International Economics,1998, Vol.45, 115-135.
[9]. Calderon, Cesar; Loayza, Norman and Serven, Luis, Greenfield Foreign Direct Investment and Mergers and Acquisitions:Feedback and Macroeconomic Effects,2004, World Bank Policy Research Working Paper, No.3192.
[10].Carkovic, Maria and Levine, Ross Ed., Does Foreign Direct Investment Accelerate Economic Growth? 2005 (Institute For International Economics:195-220, Washington DC).
[11].Cheng, Shaoming, Structure of Firm Location Choices:An Examination of Japanese Greenfield Investment in China, Asian Economic Journal,2007, Vol.21, No.1,47-73.
[12]. Cheng, Yun-Ming, Determinants of FDI Mode Choice:Acquisition, Brownfield, and Greenfield Entry in Foreign Markets, Canadian Journal Of Administrative Science,2006, Vol.23, No.3,202-220.
[13].Choe, Jongil, Do Foreign Direct Investment and Gross Domestic Investment Promote Economic Growth?, Review of Development Economics,2003, Vol.7,44-57.
[14].Cole, Matthew A.; Elliott, Robert J.R. And Zhang, Jing, Corruption, Governance and FDI Location in China:A Province-Level Analysis, Journal of Development Studies,2009, Vol.45, No.9,1494-1512.
[15].Fleisher, Belton; Li, Haizheng and Zhao, Min Qiang, Human Capital, Economic Growth, and Regional Inequality in China,2007, (IZA, Discussion Paper No.2703).
[16]. Ford, Tinothy C.; Rork, Jonathan C. and Elmslie, Bruce T., Considering the Source:Does the Country of Origin of FDI Matter to Economic Growth?, Journal of Regional Science,2008, Vol. 48, No.2,329-357.
[17]. Fu, Xiaolan, Foreign Direct Investment, Absorptive Capacity and Regional Innovation Capabilities:Evidence from China, Oxford Development Studies,2008,Vol.36, No.1,89-110.
[18].Glenn, John, Globalization's Alternatives:Competing or Complementary Perspectives?, Government And Opposition,2008, Vol.43, No.1,79-110.
[19].Graham, Edward M. and Wada, Erika, Ed., Foreign Direct Investment in China:Effects on Growth and Economic Performance,2001 (Oxford University Press).
[20].Harzing, Anne-Wil, Acquisitions versus Greenfield Invesstment:International Strategy and Management of Entry Modes, Strategic Management Journal,2002, Vol.23,211-227.
[21].Helpman, Elhanan, Trade, FDI, and the Organization of Firms, Journal of Economic Literature,2006, Vol. XLⅣ,589-630.
[22].MULIer, Thomas, Analyzing Modes of Foreign Entry:Greenfield Investment versus Acquisition, Review of International Economics,2007, Vol.15, No.1,93-111.
[23]. Maggie Xiaoyang and Moore, Michael O., Location Decision of Heterogeneous Multinational Firms, Journal of International Economics,2010, Vol.80,188-199.
[24].Marceau, Nicolas; Mongrain, Steeve and Wilson, John D., Why Do Most Countries Set High Tax Rates on Capital?, Journal of International Economics,2010, Vol.80,249-259.
[25].Mencinger, Joze, Does Foreign Direct Investment always Enhance Economic Growth?, Kyklos,2003, Vol.56,491-508.
[26]. Mullen, John K. and williams, Martin, Foreign Direct Investment and Regional Economic Performance, Kyklos,2005, Vol.58,265-282.
[27].Nocke, Volker and Yeaple, Stephen, Cross-Border Mergers and Acquisitions vs. Greenfield Foreign Direct Investment:The Role of Firm Heterogeneity, Journal of International Economics,2007,Vol.72,336-365.
[28]. Nocke, Volker and Yeaple, Stephen, An Assignment Theory of Foreign Direct Investment the Review of Economic Studies,2008, Vol.75,529-557.
[29].Norback, Pehr-Johan and Persson, Lars, Globalization And Profitability of Cross-Border Mergers and Acquisitions, Economic Theory,2008, Vol.35,241-266.
[30]. Ruiz-Moreno, Felipe;Mas-Ruiza, Francisco J. and Nicolau-GonzALbeza, Juan L., Two-Stage Choice Process of FDI:Ownership Structure and Diversification, Mode Journal of Business Research,2007, Vol.60, Iss.7,795-805.
[31].Shapiro, Daniel; Tang, Yao, and Ma, Cathy Xuejing, Mode of Entry and the Regional Distribution of Foreign Direct Investment in China, Journal of Chinese Economic and Business Studies,2007, Vol.5, No.3,261-277.
[32].Slangen, Arjen H. L. and Hennart, Jean-Francois, Do Multinationals really Prefer to Enter Culturally Distant Countries through Greenfields rather than through Acquisitions? The Role of Parent Experience and Subsidiary Autonomy, Journal of International Business Studies,2008, Vol.39,472-490.
[33].Sumner, Andrew, Foreign Direct Investment in Developing Countries:Have We Reached a Policy 'Tipping Point'?, The World Quarterly,2008, Vol.29, No.2,239-253.
[34].Tan, Danchi, Foreign Market Entry Strategies and Post-Entry Growth:Acquisitions vs. Greenfield Investment, Journal of International Business Studies,2009, Vol.40,1046-1063.
[35].Tarsalewska, Monika, Is Foreign Direct Investment a Catalyst of Economic Growth? The Theory and Empirics, Warsaw International Economic Meeting,2008 (Poland).
[36]. United Nations Conferences of Trade and Development, Ed.,2000. World Investment Report (United Nations, New York).
[37]. United Nations Conferences of Trade and Development, Ed.,2007. World Investment Report (United Nations, New York).
[38]. United Nations Conferences of Trade and Development, Ed.,2009a. World Investment Prospects Survey (United Nations, New York).
[39]. United Nations Conferences of Trade and Development, Ed.,2009b. World Investment Report (United Nations, New York).
[40].Vadlamannati, Krishna Chaitanya and Tamazian, Artur, Growth Effects of Fdi in 80 Developing Economies:The Role of Policy Reforms and Institutional Constraints, Journal of Economic Policy Reform,2009, Vol.12, No.4,299-322.
[41]. Vu, Tam Bang; Grangnes, Byron and Noy,Ilan, Is Foreign Direct Investment Good for Growth? Evidence from Sectoral Analysis of China And Vietnam, Journal of the Asia Pacific Economy, 2008, Vol.13, No.4,542-562.
[42]. Wang, Miao, Manufacturing FDI and Economic Growth:Evidence from Asian Economies, Applied Economics,2009,V.41,991-1002.
[43].Wang, Miao and Wong, M.C. Sunny, What Drives Economic Growth? The Case of Cross-Border M&A and Greenfield Fdi Activities, KYKLOS,2009a,Vol.62, No.2,316-330.
[44].Wang, Miao and Wong, M.C. Sunny, Foreign Direct Investment and Economic Growth:The Growth Accounting Perspective, Economic Inquiry,2009b, Vol.47, No.4,701-710.
[45]. Wei, Kailei; Yao, Shujie and Liu, Aying, Foreign Direct Investment and Regional Inequality in China, Review of Development Economics,2009, Vol.13, No.4,778-791.
[46].Wijeweera, Albert; Villano, Renato and Dollery, Brian, Economic Growth and FDI Inflows:A Stochastic Frontier Analysis, Journal of Developing Areas,2010, Vol.43, No.2,143-158.
[47].Woo, Jaejoon, Productivity Growth and Technological Diffusion through Foreign Direct Investment, Economic Inquiry,2009, Vol.47, No.2,226-248.
[48].罗长远,FDI经济学：东道国的视角[J],世界经济文汇,2004,Vol.3,49-64.
[49].王林佳,绿地投资与跨国并购的比较研究[J],商场现代化,2007,Vol.506,184-185.
[50].叶军君,FDI对东道国利益的影响分析——对绿地投资和跨国并购方式的比较[D],北京：北京工商大学,2007.
[51].杨先明,袁帆,为什么FDI没有西进——从产业层面分析[J],经济学家,2009,Vol.3, 52-61.
[52].赵晋平,改革开放30年我国利用外资的成就与基本经验[J],国际贸易,2008,Vol.11,4-8.
[53].阎大颖,国际直接投资模式选择的最新理论及发展方向[J],国际经贸探索,2008,Vol.24,No.9,9-11.
[2]. Alfaro, Laura; Chanda, Areendam; Kalemi-Ozcan, Sebnam and Sayek, Selin, FDI and Economic Growth:The Role of Local Financial Markets, Jounal of International Economics, 2004, Vol.64,89-112.
[3]. Alfaro, Laura; Kalemli-Ozcan, Sebnem and Volosovych,Vadym, Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation, The Review Of Economics and Statistics,2008, Vol.90,347-368.
[4]. Andersson, Thomas And Svensson, Roger, Entry Modes for Direct Investment Determined by the Composition of Firm-Specific Skills, Scandinavian Journal of Economics,1994, Vol.96, 551-560.
[5]. Barro, Robert and Xavier, Sala-I-Martin Ed., Economic Growth,1995 (Newyork:Mcgraw-Hill).
[6]. Basu, Bharati, and Yao, Jianfeng, Foreign Direct Investment and Skill Formation in China, International Economic Journal,2009, Vol.23, No.2,163-179.
[7]. Blonigen, Bruce, Firm-Specific Assets and the Link Between Exchange Rates and Foreign Direct Investment, American Economic Review,1997 Vol.87,447-465.
[8]. Borensztein, Eduardo; De Gregorio, Jose and Lee Jong-Wha, How Does Foreign Direct Investment Affect Economic Growth?, Journal of International Economics,1998, Vol.45, 115-135.
[9]. Calderon, Cesar; Loayza, Norman and Serven, Luis, Greenfield Foreign Direct Investment and Mergers and Acquisitions:Feedback and Macroeconomic Effects,2004, World Bank Policy Research Working Paper, No.3192.
[10].Carkovic, Maria and Levine, Ross Ed., Does Foreign Direct Investment Accelerate Economic Growth? 2005 (Institute For International Economics:195-220, Washington DC).
[11].Cheng, Shaoming, Structure of Firm Location Choices:An Examination of Japanese Greenfield Investment in China, Asian Economic Journal,2007, Vol.21, No.1,47-73.
[12]. Cheng, Yun-Ming, Determinants of FDI Mode Choice:Acquisition, Brownfield, and Greenfield Entry in Foreign Markets, Canadian Journal Of Administrative Science,2006, Vol.23, No.3,202-220.
[13].Choe, Jongil, Do Foreign Direct Investment and Gross Domestic Investment Promote Economic Growth?, Review of Development Economics,2003, Vol.7,44-57.
[14].Cole, Matthew A.; Elliott, Robert J.R. And Zhang, Jing, Corruption, Governance and FDI Location in China:A Province-Level Analysis, Journal of Development Studies,2009, Vol.45, No.9,1494-1512.
[15].Fleisher, Belton; Li, Haizheng and Zhao, Min Qiang, Human Capital, Economic Growth, and Regional Inequality in China,2007, (IZA, Discussion Paper No.2703).
[16]. Ford, Tinothy C.; Rork, Jonathan C. and Elmslie, Bruce T., Considering the Source:Does the Country of Origin of FDI Matter to Economic Growth?, Journal of Regional Science,2008, Vol. 48, No.2,329-357.
[17]. Fu, Xiaolan, Foreign Direct Investment, Absorptive Capacity and Regional Innovation Capabilities:Evidence from China, Oxford Development Studies,2008,Vol.36, No.1,89-110.
[18].Glenn, John, Globalization's Alternatives:Competing or Complementary Perspectives?, Government And Opposition,2008, Vol.43, No.1,79-110.
[19].Graham, Edward M. and Wada, Erika, Ed., Foreign Direct Investment in China:Effects on Growth and Economic Performance,2001 (Oxford University Press).
[20].Harzing, Anne-Wil, Acquisitions versus Greenfield Invesstment:International Strategy and Management of Entry Modes, Strategic Management Journal,2002, Vol.23,211-227.
[21].Helpman, Elhanan, Trade, FDI, and the Organization of Firms, Journal of Economic Literature,2006, Vol. XLⅣ,589-630.
[22].MULIer, Thomas, Analyzing Modes of Foreign Entry:Greenfield Investment versus Acquisition, Review of International Economics,2007, Vol.15, No.1,93-111.
[23]. Maggie Xiaoyang and Moore, Michael O., Location Decision of Heterogeneous Multinational Firms, Journal of International Economics,2010, Vol.80,188-199.
[24].Marceau, Nicolas; Mongrain, Steeve and Wilson, John D., Why Do Most Countries Set High Tax Rates on Capital?, Journal of International Economics,2010, Vol.80,249-259.
[25].Mencinger, Joze, Does Foreign Direct Investment always Enhance Economic Growth?, Kyklos,2003, Vol.56,491-508.
[26]. Mullen, John K. and williams, Martin, Foreign Direct Investment and Regional Economic Performance, Kyklos,2005, Vol.58,265-282.
[27].Nocke, Volker and Yeaple, Stephen, Cross-Border Mergers and Acquisitions vs. Greenfield Foreign Direct Investment:The Role of Firm Heterogeneity, Journal of International Economics,2007,Vol.72,336-365.
[28]. Nocke, Volker and Yeaple, Stephen, An Assignment Theory of Foreign Direct Investment the Review of Economic Studies,2008, Vol.75,529-557.
[29].Norback, Pehr-Johan and Persson, Lars, Globalization And Profitability of Cross-Border Mergers and Acquisitions, Economic Theory,2008, Vol.35,241-266.
[30]. Ruiz-Moreno, Felipe;Mas-Ruiza, Francisco J. and Nicolau-GonzALbeza, Juan L., Two-Stage Choice Process of FDI:Ownership Structure and Diversification, Mode Journal of Business Research,2007, Vol.60, Iss.7,795-805.
[31].Shapiro, Daniel; Tang, Yao, and Ma, Cathy Xuejing, Mode of Entry and the Regional Distribution of Foreign Direct Investment in China, Journal of Chinese Economic and Business Studies,2007, Vol.5, No.3,261-277.
[32].Slangen, Arjen H. L. and Hennart, Jean-Francois, Do Multinationals really Prefer to Enter Culturally Distant Countries through Greenfields rather than through Acquisitions? The Role of Parent Experience and Subsidiary Autonomy, Journal of International Business Studies,2008, Vol.39,472-490.
[33].Sumner, Andrew, Foreign Direct Investment in Developing Countries:Have We Reached a Policy 'Tipping Point'?, The World Quarterly,2008, Vol.29, No.2,239-253.
[34].Tan, Danchi, Foreign Market Entry Strategies and Post-Entry Growth:Acquisitions vs. Greenfield Investment, Journal of International Business Studies,2009, Vol.40,1046-1063.
[35].Tarsalewska, Monika, Is Foreign Direct Investment a Catalyst of Economic Growth? The Theory and Empirics, Warsaw International Economic Meeting,2008 (Poland).
[36]. United Nations Conferences of Trade and Development, Ed.,2000. World Investment Report (United Nations, New York).
[37]. United Nations Conferences of Trade and Development, Ed.,2007. World Investment Report (United Nations, New York).
[38]. United Nations Conferences of Trade and Development, Ed.,2009a. World Investment Prospects Survey (United Nations, New York).
[39]. United Nations Conferences of Trade and Development, Ed.,2009b. World Investment Report (United Nations, New York).
[40].Vadlamannati, Krishna Chaitanya and Tamazian, Artur, Growth Effects of Fdi in 80 Developing Economies:The Role of Policy Reforms and Institutional Constraints, Journal of Economic Policy Reform,2009, Vol.12, No.4,299-322.
[41]. Vu, Tam Bang; Grangnes, Byron and Noy,Ilan, Is Foreign Direct Investment Good for Growth? Evidence from Sectoral Analysis of China And Vietnam, Journal of the Asia Pacific Economy, 2008, Vol.13, No.4,542-562.
[42]. Wang, Miao, Manufacturing FDI and Economic Growth:Evidence from Asian Economies, Applied Economics,2009,V.41,991-1002.
[43].Wang, Miao and Wong, M.C. Sunny, What Drives Economic Growth? The Case of Cross-Border M&A and Greenfield Fdi Activities, KYKLOS,2009a,Vol.62, No.2,316-330.
[44].Wang, Miao and Wong, M.C. Sunny, Foreign Direct Investment and Economic Growth:The Growth Accounting Perspective, Economic Inquiry,2009b, Vol.47, No.4,701-710.
[45]. Wei, Kailei; Yao, Shujie and Liu, Aying, Foreign Direct Investment and Regional Inequality in China, Review of Development Economics,2009, Vol.13, No.4,778-791.
[46].Wijeweera, Albert; Villano, Renato and Dollery, Brian, Economic Growth and FDI Inflows:A Stochastic Frontier Analysis, Journal of Developing Areas,2010, Vol.43, No.2,143-158.
[47].Woo, Jaejoon, Productivity Growth and Technological Diffusion through Foreign Direct Investment, Economic Inquiry,2009, Vol.47, No.2,226-248.
[48].罗长远,FDI经济学：东道国的视角[J],世界经济文汇,2004,Vol.3,49-64.
[49].王林佳,绿地投资与跨国并购的比较研究[J],商场现代化,2007,Vol.506,184-185.
[50].叶军君,FDI对东道国利益的影响分析——对绿地投资和跨国并购方式的比较[D],北京：北京工商大学,2007.
[51].杨先明,袁帆,为什么FDI没有西进——从产业层面分析[J],经济学家,2009,Vol.3, 52-61.
[52].赵晋平,改革开放30年我国利用外资的成就与基本经验[J],国际贸易,2008,Vol.11,4-8.
[53].阎大颖,国际直接投资模式选择的最新理论及发展方向[J],国际经贸探索,2008,Vol.24,No.9,9-11.