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浙江工业大学之江学院毕业设计（论文） 外文翻译

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文献一：

Research on Spillover Effect of Foreign Direct Investment

1. Introduction

In recent decades, economists have begun to identify technical progress, or more generally, knowledge creation, as the major determinant of economic growth. Until the 1970s, the analysis of economic growth was typically based on neoclassical models that explain growth with the accumulation of labor, capital, and other production factors with diminishing returns to scale. In these models, the economy converges to steady state equilibrium where the level of per capita income is determined by savings and investment, depreciation, and population growth, but where there is no permanent income growth. Any observed income growth per capita occurs because the economy is still converging towards its steady state, or because it is in transition from one steady state to another.

The policies needed to achieve growth and development in the framework of these models is therefore straightforward: increases in savings and investments and reductions in the population growth rate, shift the economy to a higher steady state income level. From the view of developing countries, however, these policies are difficult to implement. Low income and development levels are not only consequences, but also causes of low savings and high population growth rates. The importance of technical progress was also recognized in the neoclassical growth models, but the determinants of the level of technology were not discussed in detail; instead, technology was seen as an exogenous factor. Yet, it was clear that convergence in income percapita levels could not occur unless technologies converged as well.

From the 1980s and onwards, growth research has therefore increasingly focused on understanding and ontogenetic technical progress. Modern growth theory is largely built on models with constant or increasing returns to reproducible factors as a result of the accumulation of knowledge. Knowledge is, to some extent, a public good, and R&D, education, training, and other investments in knowledge creation may generate externalities that prevent diminishing returns to scale for labor and physical capital. Taking this into account, the economy may experience positive long-run growth instead of the neoclassical steady state where per capita incomes remain unchanged. Depending on the economic starting point, technical progress and growth can be based on creation of entirely new knowledge, or adaptation and transfer of existing foreign technology.

Along with international trade, the most important vehicle for international technology transfer is foreign direct investment (FDI). It is well known that multinational corporations (MNCs) undertake a major part of the world’s private R&D efforts and production, own and control most of the world’s advanced technology. When a MNC sets up a foreign affiliate, the affiliate receives some amount of the proprietary technology that constitutes the parent’s firm specific advantage and allows it to compete successfully with local firms that have superior knowledge of local markets, consumer preferences, and business practices. This leads to a geographical diffusion of technology, but not necessarily to any formal transfer of technology beyond the boundaries of the MNCs; the establishment of a foreign affiliate is, almost per definition, a decision to internalize the use of core technology.

However, MNC technology may still leak to the surrounding economy through external effects or spillovers that raise the level of human capital in the host country and create

productivity increases in local firms. In many cases, the effects operate through forward and backward linkages, as MNCs provide training and technical assistance to their local suppliers, subcontractors, and customers. The labor market is another important channel for spillovers, as almost all MNCs train operatives and managers who may subsequently take employment in local firms or establish entirely new companies.

It is therefore not surprising that attitudes towards inward FDI have changed considerably over the last couple of decades, as most countries have liberalized their policies to attract all kinds of foreign investment. Numerous governments have even introduced various forms of investment incentives to encourage foreign MNCs to invest in their jurisdiction. However, productivity and technology spillovers are not automatic consequences of FDI. Instead, FDI and human capital interact in a complex manner, where FDI inflows create a potential for spillovers of knowledge to the local labor force, at the same time as the host country’s level of human capital determines how much FDI it can attract and whether local firms are able to absorb the potential spillover benefits.

2. Foreign Direct Investment and Spillovers

The earliest discussions of spillovers in the literature on foreign direct investment date back to the 1960s. The first author who systematically introduced spillovers (or external effects) among the possible consequences of FDI was MacDougall (1960), who analyzed the general welfare effects of foreign investment. The common aim of the studies was to identify the various costs and benefits of FDI.

Productivity externalities were discussed together with several other indirect effects that influence the welfare assessment, such as those arising from the impact of FDI on government revenue, tax policies, terms of trade, and the balance of payments. The fact that spillovers included in the discussion was generally motivated by empirical evidence from case studies rather than by comprehensive theoretical arguments.

Yet, the early analyses made clear that multinationals may improve locatives efficiency by entering into industries with high entry barriers and reducing monopolistic distortions, and induce higher technical efficiency if the increased competitive pressure or some demonstration effect spurs local firms to more efficient use of existing resources. They also proposed that the presence may lead to increases in the rate of technology transfer and diffusion. More specifically, case studies showed that foreign MNCs may:

(1) Contribute to efficiency by breaking supply bottlenecks (but that the effect may become less important as the technology of the host country advances);

(2) Introduce new know-how by demonstrating new technologies and training workers who later take employment in local firms;

(3) Either break down monopolies and stimulate competition and efficiency or create a more monopolistic industry structure, depending on the strength and responses of the local firms;

(4) Transfer techniques for inventory and quality control and standardization to their local suppliers and distribution channels;

Although this diverse list gives some clues about the broad range of various spillover effects, it says little about how common or how important they are in general. Similar complaints can be made about the evidence on spillovers gauged from the numerous case studies discussing various aspects of FDI in different countries and industries. These studies often contain valuable circumstantial evidence of spillovers, but often fail to show how significant the spillover effects

are and whether the results can be generalized.

For instance, many analyses of the linkages between MNCs and their local suppliers and subcontractors have documented learning and technology transfers that may make up a basis for productivity spillovers or market access spillovers. However, these studies seldom reveal whether the MNCs are able to extract all the benefits that the new technologies or information generate among their supplier firms. Hence, there is no clear proof of spillovers, but it is reasonable to assume that spillovers are positively related to the extent of linkages.

Similarly, there are many works on the relation between MNCs entry and presence and market structure in host countries, and this is closely related to the possible effects of FDI on competition in the local markets. There are also case studies of demonstration effects, technology diffusion, and labor training in foreign MNCs. However, although these studies provide much detailed information about the various channels for spillovers, they say little about the overall significance of such spillovers.

The statistical studies of spillovers, by contrast, may reveal the overall impact of foreign presence on the productivity of local firms, but they are generally not able to say much about how the effects come about. These studies typically estimate production functions for locally owned firms, and include the foreign share of the industry as one of the explanatory variables. They then test whether foreign presence has a significant positive impact on local productivity once other firm and industry characteristics have been accounted.

Research conclude that domestic firms exhibited higher productivity in sectors with a larger foreign share, but argue that it may be wrong to conclude that spillovers have taken place if MNC affiliates systematically locate in the more productive sectors. In addition, they are also able to perform some more detailed tests of regional differences in spillovers. Examining the geographical dispersion of foreign investment, they suggest that the positive impact of FDI accrue mainly to the domestic firms located close to the MNC affiliates. However, effects seem to vary between industries.

The results on the presence of spillovers seem to be mixed; recent studies suggest that there should be a systematic pattern where various host industry and host country characteristics influence the incidence of spillovers. For instance, the foreign affiliate’s levels of technology or technology imports seem to influence the amount of spillovers to local firms. The technology imports of MNC affiliates, in turn, have been shown to vary systematically with host country characteristics. These imports seem larger in countries and industries where the educational level of the local labor force is higher, where local competition is tougher, and where the host country imposes fewer formal requirements on the affiliates’ operations.

Some recent studies have also addressed the apparent contradictions between the earlier statistical spillover studies, with the hypothesis that the host country’s level of technical development or human capital may matter as a starting point.

In fact, in some cases, large foreign presence may even be a sign of a weak local industry, where local firms have not been able to absorb any productivity spillovers at all and have therefore been forced to yield market shares to the foreign MNCs.

3. FDI Spillover and Human Capital Development

The transfer of technology from MNC parents to its affiliates and other host country firms is not only mbodied in machinery, equipment, patent rights, and expatriate managers and technicians,

but is also realized rough the training of local employees. This training affects most levels of employees, from simple manufacturing operatives through supervisors to technically advanced professionals and top-level managers. While most recipients of training are employed in the MNCs own affiliates, the beneficiaries also include employees among the MNCs suppliers, subcontractors, and customers.

Types of training ranged from on-the-job training to seminars and more formal schooling to overseas education, perhaps at the parent company, depending on the skills needed. The various skills gained through the elation with the foreign MNCs may spill over directly when the MNCs do not charge the full value of the training provided to local firms or over time, as the employees move to other firms or set up their own businesses.

While the role of MNCs in primary and secondary education is marginal, there is increasingly clear evidence hat FDI may have a noticeable impact on tertiary education in their host countries. The most important effect is perhaps on the demand side. MNCs provide attractive employment opportunities to highly skilled graduates in natural sciences, engineering, and business sciences, which may be an incentive for gifted students to complete tertiary training, and MNCs demand skilled labor, which may encourage governments to invest in higher education.

Many studies undertaken in developing countries have emphasized the spillovers of management skills. There is evidence of training and capacity development in technical areas, although the number of detailed studies appears smaller.

While training activities in manufacturing often aim to facilitate the introduction of new technologies that are embodied in machinery and equipments, the training in service sectors is more directly focused on strengthening skills and know-how embodied in employees. This means that training and human capital development are often more important in service industries. Furthermore, many services are not tradable across international borders, which mean that service MNCs to a great extent are forced to reproduce home country technologies in their foreign affiliates. As a consequence, service companies are often forced to invest more in training, and the gap between affiliate and parent company wages tends, therefore, to be smaller than that in manufacturing.

4. Conclusion

This paper has noted that the interaction of FDI and spillovers is complex and highly non-linear, and that several different outcomes are possible. FDI inflows create a potential for spillovers of knowledge to the local labor force, at the same time as the host country’s level of human capital determines how much FDI it can attract and whether local firms are able to absorb the potential spillover benefits. Hence, it is possible that host economies with relatively high levels of human capital may be able to attract large amounts of technology intensive foreign MNCs that contribute significantly to the further development of labor skills. At the same time, economies with weaker initial conditions are likely to experience smaller inflows of FDI, and those foreign firms that enter are likely to use simpler technologies that contribute only marginally to local learning and skill development.

翻译一：

外商直接投资溢出效应研究

1.引言

在最近几十年中，经济学家们已开始确定技术进步，或更普遍认为知识创造，作为经济增长原动力的一个重要决定因素，直到20世纪70年代，分析经济增长运用典型的新古典主义模型来解释经济增长的积累，劳动力、资本等生产要素与收益递减的规模。在这些模型中，经济收敛于稳态平衡，而人均收入水平取决于储蓄、投资、折旧以及人口的增长，但那里没有永久的收入增长。任何观察到的收入增长率，因为经济仍然汇流实现其稳定状态，或因为它是在转型，从一个稳定状态到另一个状态。

在这个框架内，用以实现增长和发展所需的政策，直截了当认为是增加储蓄和投资，并降低人口增长率，使经济转向更高的稳态收入水平。但是，从发展中国家的角度来说，这些政策难以落实。因为低收入和发展水平，不仅严重后果，同时也造成的低储蓄和高人口增长率。重要的技术进步，也认识到在新古典增长模型，但决定因素，技术水平，并没有详细讨论，而是技术，被视为一个外在因素。然而，很明显的收敛，在人均收入水平是不可能发生的，除非技术的融合。

从20世纪80年代起，生长发育研究，所以越来越多地注重了解和内生技术进步。现代增长理论主要是建立在模型不变或增加收益的基础上，最重现性的因素是知识的累积。知识的外部效应，在一定程度上是指，一个社会公益事业，研发，教育，培训，及其他投资在知识的创造，从而避免收益递减，以规模为劳动和有形资本。考虑到这一点，经济可能经历积极长期增长而不是新古典主义的稳定状态的人均收入保持不变。视经济为出发点，技术进步和增长的基础可以创造完全新的知识，或适应和转让现有的外国技术。

国际贸易中，作为国际间的技术转移最重要的工具，是外国直接投资（FDI）。这是人所共知的跨国公司承担的一个主要部分，世界上的私人研发工作和生产，拥有和控制世界上大多数的先进技术。当一个跨国公司建立了一个外国子公司，分公司领取一定金额的专有技术构成母公司的坚定特定优势，并允许它的竞争中脱颖而出，与当地公司有优越的了解当地市场，消费者的喜好，以及经营手法。这就引出一个地域扩散技术，但不一定任何正式的技术转让超越国界的跨国公司;建立一个外国子公司的是决定在内部使用的核心技术。

然而，跨国公司在技术，有可能仍在泄漏到周围经济的外部效应或外溢认为提高人力资本水平，在所在国和当地公司创造生产力得到了提高。在许多情况下影响经营，通过前向和后向联系，为跨国公司提供培训和技术援助，以自己的本地供应商、分包商、顾客等。劳动力市场是另一个重要渠道溢出，因为几乎所有跨国公司列车操作人员和管理人员，他们接下来可能会采取雇佣当地企业或建立完全的新公司。

2.外商直接投资与技术外溢

在过去数十年间，因为大多数国家都开放了它们的政策，以吸引各种外来投资。许多国家政府甚至推出了各种形式的投资奖励措施，鼓励外国跨国公司的投资在其管辖范围内。然

而，劳动生产率和技术溢出的是不是自动后果的外国直接投资。相反，外国直接投资和人力资本的互动，在一个复杂的方式，而外国直接投资的流入创造潜力溢出的知识，以当地劳动力，在同一时间，身为主办国的人力资本水平决定了多少外国直接投资，可以吸引和无论是本地企业能够吸收潜在的溢出效益。

最早讨论的外溢效应，在文献上对外国直接投资的日期可以追溯到19xx年。第一作者，他们系统地介绍了溢出（或外部效应） ，其中可能产生的后果，外国直接投资是高（1960） ，他分析了一般福利的影响外国投资。共同的目标是研究，是确定的各项成本和效益的外国直接投资。 生产力的外部因素进行了讨论连同其他几个间接的影响，影响到社会福利的评估，例如那些来自外国直接投资的影响对政府的财政收入，税收政策，贸易条件恶化，以及国际收支平衡。事实外溢列入讨论的是一般的动机实证研究案例研究，而不是通过全面的理论论据。

然而，早期的分析表明，跨国公司可以提高资源配置效益，进入壁垒，减少垄断性扭曲，并引发更高的技术效率，如果是增加了竞争压力，或一些示范效应马刺本地公司，以更有效地利用现有的资源。他们还建议在场，可能导致增加的速度，技术转移和扩散。更具体地说，案例研究表明，有几种可能：

（1）有助于提高效率，突破供给瓶颈（但效果可能变得不那么重要了，随着技术的东道国预付款）;

（2）引进新的技术诀窍所展示的新技术和培训工人，后来采取雇佣当地公司;

（3）无论是打破垄断，促进竞争和效率，或者创造一个更加垄断的行业结构，这取决于实力和反应当地公司;

（4）转让技术的存货和质量控制和标准化，以自己的本地供应商及分销渠道。例如，许多分析之间的联系，跨国公司及本地供应商和分包商有记载学习和技术转移可能弥补基础生产力外溢或市场准入的外溢效应。然而，这些研究很少透露是否跨国企业能够提取的各种好处，新技术或信息产生，他们之间的供货企业。因此，没有明确的证据证明溢出，但它是合理的假设溢出的正相关联系的程度。

同样，也有许多工程上的关系，跨国公司的进入和存在和市场结构的东道国，这是密切相关的可能影响外国直接投资的竞争，在当地市场销售。也有一些个案研究的示范效应，技术扩散，以及劳动培训，在国外跨国公司。然而，尽管这些研究提供了更详细的资料，对不同渠道向外溢，他们都很少提到全局性的重大意义等外溢效应。

统计研究的外溢效应，与之相反，可以揭示整体的影响，外国存在对生产力的本地公司，但他们一般都不能说太多的效应如何出笼的。这些研究通常估计生产函数，为当地的国有企业，包括外资份额的行业之一，说明变量。然后，他们测试是否有外国存在有一个显着的积极影响本地生产力一旦其他公司和行业特点，已计入。

研究的结论是，国内厂商表现出较高的生产力，在行业具有较大的外资份额，但认为它可能是错误的结论，认为溢出已经发生了，如果跨国公司子公司定位系统，在更多的生产部

门。此外，他们也可以执行一些更详细的测试，不同地区的外溢效应。研究地域分散的外国投资，他们认为积极的影响，外国直接投资累积到主要向国内公司位于接近跨国公司的附属公司。不过，效果似乎在各个产业之间。结果是对存在的外溢效应似乎被混淆;最近的研究表明，应该有一个系统的模式不同的地方所在行业和所在国特色的影响，发病的外溢效应。举例来说，外国子公司的技术水平或技术引进，似乎影响金额溢出给本地公司。该技术引进跨国公司的子公司，反过来，已显示出不同的系统，与所在国的特色。这些进口的，似乎较大，在各国和各行业如教育水平，当地劳动力较高，地方竞争是强硬，并在所在国施加较少的正式要求，对联营公司业务。

事实上，在某些情况下，外国大型的存在，甚至可能是一个迹象微弱地方工业，如果当地公司尚未能吸收任何生产率外溢所有，并已因此被迫屈服的市场份额给外国跨国公司。

3.外商直接投资技术外溢与人力资本增长

技术转让由跨国公司家长及其分支机构和其他东道国公司不仅是在机械，设备，专利权益，及外籍管理人员和技术人员，但同时也意识到培训当地员工。这次培训的影响最各级员工，从简单的生产操作工通过监督员，以技术先进的专业人士和高层管理人员。虽然大多数的人的训练都是受聘于跨国企业自己的子公司，受惠者还包括间跨国企业的供应商、分包商、顾客等。

介于对在职培训，以讲座和更正规的学校教育，海外教育中，也许在该公司的母公司，这取决于所需要的技能。各种技能，通过喜悦与外国跨国公司有可能超出直接当跨国企业并没有收取的全部价值培训给本地公司或随着时间的推移，作为雇员转往其他机构，或成立自己的企业。

而角色的跨国公司中，小学教育和中学教育是边缘性，有越来越明显的证据帽子的外国直接投资可能有显着影响的高等教育在他们所在的国家。最重要的作用是在需求方面。跨国企业提供具吸引力的就业机会，高技能的毕业生，在天然科学，工程科学，商业和科学的，这可能是一个诱因，为资优学生完成培训，以及跨国企业的需求，熟练的劳动力，这可能会鼓励各国政府投资在较高的教育中。

也有更直接的联系，外国直接投资和高等教育。除了提供奖学金和正规教育的个别员工，在所在国或其他地区，跨国公司也有活性N支持大学的发展和相关机构在几个方面。

考虑到知识是稀缺在同一时间，作为公共教育系统在发展中国家具有相对较弱，但也有可能是溢出的培训相对更重要。不过，有零星证据显示效果，在工业化国家，以及与那么也许主要是管理方面的技能。

许多研究在发展中国家强调溢出的管理技巧。有证据表明，培训和能力发展，在技术领域，虽然一些详细的研究报告，似乎变小了。

而培训活动在制造业往往旨在促进引进新的技术，则体现在机器和设备，培训服务行业，是更直接地把重点放在加强技能和诀窍，体现在雇员。这意味着，培训和人力资本发展往往是更重要的服务行业。此外，很多服务不是交易的跨越国际边界，这意味着服务的跨国公司，

以在相当程度上是被迫复制母国的技术，在其国外子公司。因此，服务公司往往被迫投入更多的训练，差距子公司和母公司工资趋向。

4.结论

这篇文章指出，互动的外国直接投资与技术外溢是复杂和高度非线形，和几个不同的结果都有可能发生。外国直接投资的流入创造潜力溢出的知识，以当地劳动力，在同一时间，身为主办国的人力资本水平决定了多少外国直接投资，可以吸引和是否本地企业能够吸收潜在的溢出效益。因此，它可能是东道国的经济与相对较高的人力资本水平，可能吸引大量的技术密集型外国跨国公司显着的贡献，以进一步发展劳动技能。在同一时间内，经济薄弱的初始条件都可能经历较小的外国直接投资流入，以及外国公司的进入，是有可能利用简单的技术，有助于只能勉强当地学习和技能发展。

文献二：

The Spillover Effect of Foreign Direct Investment:

International Experience and Enlightenment

1. Introduction

Since the 1990s, as the process of globalization and developing countries to accelerate the opening up of foreign direct investment in the spillover effect more and more by the general concern of all countries in the world. China and the Asian financial crisis has become a global attracting foreign direct investment than any other country, how best to encourage foreign direct investment in our country have a spillover effect, while foreign direct investment by reducing the negative impact, but also has been one of our government and the reality faced by the enterprises in question. international level in this area's most famous one of the researchers, as he and his colleagues in 1996, Professor Ari Kokko spillover effect on the description of the foreign direct investment that is spillover effect, as the international business enter or participate in the host country received by the local enterprises improve labor productivity. In fact, the international community on the spillover effects of foreign direct investment

In the 1960s, the study has been started, it is precisely because the nature of the problem, and involved in an open economic environment in the country's development strategy for decades to research in the field more enthusiastic, and really made a lot of progress. Foreign direct investment spillover effect on the core issue of spillover effect is the mechanism, that is, when foreign direct investment after entry into the host country, through the micro-mechanism and how the process of the host country's labor productivity of local enterprises to promote the role of produce. On this issue will undoubtedly contribute to a thorough understanding of the host country's government and enterprises to take appropriate measures in order to achieve a more effective use of foreign investment, have contributed to the purpose of spillover effects.

2. Understanding of evolution: foreign direct investment in the host country's influence and role

Looking back in history, people's attitude toward foreign direct investment has experienced from the initial breach of prudent to open and then take the initiative to attract process. In the late 1950s, foreign direct investment in a limited scale and scholars only treat it as capital flows between countries in international trade theory to be discussed to the late 1960s, with the scale of direct foreign investment and the expansion of scholars began to focus on on the market structure of the host country its impact and influence. Study results show that the mainstream, foreign direct investment by the sponsors of the national characteristics of an oligopoly market caused by the researchers are worried that foreign direct investment will be the domestic market imperfection of the spread to other countries. At the same time, prices on the international transfer of enterprises, as well as the study on foreign direct investment in the uneven development of the studies have strengthened the right of foreign direct investment resentment and thus the 1960s all countries, particularly developing countries on foreign direct investment holders reject or strictly limit policy.

1970s, the international lending strong support to the capital of the Asian emerging countries the export-oriented economy, as well as Latin American countries import substitution-based economy flourish; However, the 1980s to government borrowing at the core of

the Asian emerging mode of financing the development of the country by setbacks; and representatives to Mexico for some Latin American countries and into the debt crisis of developing countries in order to make foreign direct investment in the form of the introduction of international capital had to be re-thinking. At the same time, scholars of foreign direct investment in the in-depth study also showed some positive results. Many studies show that foreign direct investment in the host country has many spillover effects, particularly in the role of the international transfer of technology by the special attention. Thus, the host country for foreign direct investment in a major attitude change, whether passive or active to attract international capital to create opportunities for the international transfer of technology, most countries tend to start some open and the purpose of the introduction of foreign direct investment policy.

Since the 1990's, and people of foreign direct investment has had a positive perception further. Compared to other international transfer of technology, people have found that the more the latest technology and most profitable of the technology, the more likely international companies through international direct investment in the way in the host country use. The reason is that, from the point of view of international companies using such technologies that will form the legal right to remain in the control of the international enterprise. Want access to advanced technology from the point of view of the host country, for these reasons, the host country's enterprises needed advanced technology is not always able to buy on the market. Under such circumstances, the host country for foreign direct investment in local enterprises the special significance lies in the fact that when the international enterprises in the local investment and the use of advanced technologies for production activities, local enterprises can be the nearest through observation, imitation, reverse engineering and has been employed persons employed by international companies such channels as the corresponding technological and management of useful information, which can also cause the spillover of its technical information. Moreover, in addition to foreign direct investment may have spillover effects, the Harvard professor Caves also found that if foreign direct investment into the host country's monopoly market, the market will break the monopoly of the Central Plains some balance, local enterprises will be in foreign-funded enterprises competitive pressures increase efficiency. This is foreign direct investment reflects a spillover effect. In fact, the 90 countries of the 1980s, foreign policy is relatively more open, between the neighboring countries to attract foreign capital even more evident intention. It can be said that opening up and attracting foreign investment has become the strategic development of many developing countries an important part. On the above understanding of foreign direct investment This is clearly an important basis for the implementation of the policy.

3. Explore mechanisms: direct foreign investment have spillover effects

Despite the presence of foreign direct investment compared with the generally positive awareness, and most developing countries have indeed adopted preferential policies to attract foreign capital, but according to different national manufacturing data by the experience of the results of the study but is not optimistic. The Caves by the Harvard professor, New York University professor and Globerman of Stockholm University Professor Magnus Blomstrom were led by Australia, Canada and Mexico manufacturing industry studies show that foreign direct investment is in the host country had a spillover effect, but the World Bank study staff Haddad & Harrison & Aitken and the International Monetary Fund. Harri-SOll respectively Morocco and Venezuela study shows that the manufacturing sector did not have a spillover effect,

and researchers from Italy Mariotti the study found, in the professional-oriented industries (Specialist sectors) and the scale industries (Scale intensive sectors) had a spillover effect, and in science-based industries (Science-based sectors) and traditional industries (Tranditional sectors) did not have spillover effects. Based on the results of different studies, international scholars reached a consensus: that foreign direct investment spillover effect is not automatically generated. In other words, countries and opening up policy itself does not guarantee entry into the country of foreign direct investment in the country will have a spillover effect, therefore, explore in depth the spillover effects on the conditions and mechanisms, become a reality in the countries in the spillover effect can effectively guide the key.

Under the existing research results on the international spillover effects of foreign direct investment into the mechanism of the "spillover effect within the industry", "inter-industry spillover effect"

①. Industry spillover effect. Industry spillover effect is also known as "demonstration and competition effect (Demonstration and Competition effects)," spillover effect of this mechanism embodiment, when foreign direct investment has entered a host of specific industries, on the one hand, foreign-funded enterprises adopt modern business model and advanced production and management technology to foreign-funded enterprises has created opportunities for high profits, which in the same industries in the local enterprises have a demonstration effect and that local enterprises and foreign-funded enterprises to watch the final acts of imitation to enable local enterprises to improve the efficiency of the results of their labor, access to the spillover effect. On the other hand, the entry of foreign direct investment on the local market and compete in the same industry in the operation of local enterprises a competitive pressures in order to maintain the existing market and fight for survival and development opportunities, local enterprises will do their utmost to take all possible measures to enhance operational efficiency. In this competitive environment contributed to improving the efficiency of the spillover effects are also manifestations. In view of this mechanism described Riedel and Lake respectively on the European semiconductor industry conducted two case studies. Case study results indicate that the United States is the entry of multinational corporations in Europe in the industry have brought new technology, the demonstration effect of the European role in the rise of the industry significantly; Langdon in the soap industry in Kenya found in a study of the case, Kenya entered the international soap manufacturing machinery manufacturing enterprises will be introduced soap market, local enterprises original handmade soap manufacturers lost sales, local soap manufacturers also have to introduce the corresponding soap manufacturing technology, thereby increasing productivity.

In the above case study on the basis of 1992 Wang & Blomstrom the establishment of a simple theoretical model that the industry will be spillover effects of a push to a new level. Model will be the introduction of foreign advanced technology and the decision-making process of local enterprises to invest in learning the decision-making mutual contact of the two categories of enterprises in competing in the decision-making mechanism. They believe that the local enterprises, foreign-funded enterprises in the competitive pressure to invest in the learning process, and greater investment in the learning process, the technical capacity of local enterprises is stronger, more access to higher profits, thus performance for the local because the access of foreign capital enterprises won the spillover effect; At the same time, foreign-funded enterprises in which the reduction of the technological gap, which will lead to more foreign-funded

enterprises to host subsidiaries to the faster transfer of technology to enhance the corresponding competitiveness and to maintain the profits of the original space; This embodies funded enterprises as a result of the strengthening of competitiveness led to a spillover effect of foreign-funded enterprises, and is gratifying to note that the improvement of foreign-funded enterprises, in turn, access for local enterprises and further spillover effect Extension a new exhibition space. Thus, we understand, now, Wang & Blomstrom the industry spillover effect on the mechanism for a possible "spiral" development mechanism. Kokko in a 1994 against Mexico on the experience of the manufacturing sector to a certain extent, confirmed Wang & Blomstrom the conclusion of the study.

② inter-industry spillovers. Inter-industry spillovers is also known as the "downstream correlation effects." This spillover effect through the branches of multinational companies with local suppliers and customers arising from the links between. Raul 1980 India has been selected two large truck manufacturers AL (foreign investment accounted for the major share) and TELCO (joint ventures), inspected the two enterprises, as well as their 36 suppliers in the establishment, information technology, finance, purchase of raw materials and the management and distribution channels, and other aspects of. According to the case study, All summed up that may lead to "upstream" spillover effects of the overflow of complementarily, he considered that the adoption of the following methods of transnational corporations may raise local suppliers of production efficiency: First, has the potential to help vendors build production facilities Secondly, to improve the supplier's product quality and innovation capacity to provide technical assistance or information; and third, to provide or help suppliers to purchase raw materials and intermediate products; fourth, for the management of vendors and organizations providing training and assistance; Fifth, to help suppliers to find more customers. Following Raul, Linda & Pang selected Singapore's three export-oriented electronics companies and conduct a case study. Linda & Pang selected three electronics companies are the world's leading electronics companies (the United States, Europe and Japan, the multinational corporations) in Singapore, a subsidiary or a branch, and three companies in Singapore have been operating for 8-13 years, their more than 90 percent of products exported overseas. Through the management of three companies visit, Lim & Pang found that the three companies are willing to local suppliers to establish connections, and from the financial, technical, management, and other aspects of the suppliers to provide help. On the basis of this is that Lim & Pang, multinational companies selling their products in the global market, market forces so that they sought in the global scope of the long-term efficiency, and local businesses (suppliers) that the favorable conditions to a certain extent, to reduce the risk of foreign-funded enterprises and uncertainty. Therefore, they proposed that the host government to pass a stringent policy to increase the limit for the purchase of local products is not necessary, the Government needs to strengthen local enterprises and multinational corporations who export-oriented association, crossed enterprises can be passed on to the links local enterprises have spillover effects.

And the industry spillover effect similar to the study of the foreign-funded enterprises and local enterprises in the host association study also not optimistic about the situation there. A study found against Mexico in the North American Free Trade Area after the establishment of a large number of American enterprises in the industry chain will need to use cheap labor to transfer part of the Mexican border. This industry is the transfer of enterprises from the United States access to the benefits of the lower costs, but did not play in Mexico related industries to

help enhance the efficiency of the role. Seen in this light, to be effective access to the spillover effects industry, but also need more in-depth and more targeted research.

③The result of the movement of spillover effects. As caused by the movement of foreign direct investment in the spillover effect is sometimes known as labor spillover effect, it mainly for multinational corporations to its local employees will generally give multifaceted, multi-level training, once these multinational corporations to other staff leave companies or set up their own office, they learn from multinational companies in the technology will benefit local enterprises. This spillover effect on the mechanism described is Irving Gershenberg through case studies of Kenya.

翻译二：

外商直接投资的溢出效应：国际经验的借鉴与启示 1.引言

90年代以来，随着全球化进程的加速以及发展中国家的对外开放，外商直接投资的溢出效应越来越多地受到了世界各国的普遍关注。而我国在亚洲金融危机之后已经成为了全球吸引外商直接投资最多的国家，如何最大限度地激励外商直接投资在我国产生溢出效应，同时减少外商直接投资所造成的负面影响，也成为了我国政府和企业所面临的现实问题。

瑞典斯德哥尔摩大学的Magnus Blomstrom教授是目前国际上该领域最著名的研究者之一，根据他在19xx年与其同事Ari Kokko教授对溢出效应的描述，外商直接投资的溢出效应是指，由于国际企业的进入或参与，东道国本地企业所获得的劳动生产率提高。实际上，国际上关于外商直接投资溢出效应的研究在60年代就已经开始起步，正是由于这一问题本质地涉及到在一个开放的经济环境中国家的发展战略，几十

年来该领域的研究越来越热烈，并且也确实取得了很大的进展。外商直接投资溢出效应研究的核心问题是溢出效应产生的机制，即当外商直接投资进入东道国以后，是通过怎样的微观机制和过程对东道国本地企業的劳动生产率产生促进作用的。对这一问题的透彻理解无疑将有助于东道国的政府和企业采取相应的措施，以达到更有效地利用外资、促成溢出效应产生的目的。

2.认识演进：外商直接投资对东道国的影响和作用

回顾历史，人们对外商直接投资的态度经历了从最初的抵触到审慎开放，进而主动吸引的过程。50年代后期，外商直接投资的规模有限，学者们也只是把它当作国家间的资本流动在国际贸易理论中加以讨论；到了60年代后期，随着外商直接投资规模的扩大，学者们开始着力研究它对东道国市场结构的冲击和影响。主流的研究结果表明，外商直接投资是由发起国本国市场的寡头垄断特征引起的，研究者们担心外商直接投资会将这种本国市场的不完善性扩散到其他国家。与此同时，对国际企业转移价格问题的研究以及对外商直接投资的不均衡发展的研究都加强了对外商直接投资的抵触情绪，因而60年代各个国家，特别是发展中国家对外商直接投资都持有拒绝或严格限制的政策。

70年代，国际借贷资本强有力地支持了亚洲新兴国家外向型经济以及拉美国家进口替代型经济的蓬勃发展；然而，80年代以政府借贷为核心融资方式的亚洲新兴国家的发展受到了挫折；而以墨西哥为代表的一些拉美国家又陷入了债务危机；从而使得发展中国家对以外商直接投资的形式引进国际资本不得不进行重新的思考。与此同时，学者们对外商直接投资的深入研究也得出了一些积极的结果。多项研究的结果表明外商直接投资对东道国具有多方面的溢出效应，特别在国际技术转让方面的作用受到了特别的关注。由此，东道国对外商直接投资的态度发生了重大的转变，无论是被动地吸引国际资本还是主动地创造国际技术转移的机会，多数国家开始倾向于部分开放和有目的的引进外商直接投资的政策。

进入90年代以来，人们对外商直接投资有了更进一步的积极认识。相对于其他国际技术转移的方式，人们发现，越是最新的技术和最具获利性的技术，国际企业越倾向于通过国际直接投资的方式在东道国使用。原因在于，从国际企业的角度考虑，采用这种形式会把这类技术法律上的控制权留在国际企业内部。从希望获取先进技术的东道国的角度考虑，由于上述原因，东道国的企业所需要的先进技术并不一定总能从市场上购买到。在这种状况下，外商直接投资对于东道国本地企业的特殊意义在于，当国际企业在本地投资并采用先进技术进行生产活动的时候，本地企业可以就近通过观察、模仿、反向工程以及雇用曾经被国际企业雇用的人员等渠道取得相应的技术与管理的有益信息，从而也可以造成其技术信息的外溢。此外，除了外商直接投资可能造成的技术外溢效应，哈佛大学的Caves教授还发现，如果外商直接投资进入了东道国的垄断性市场，会打破市场中原有的垄断平衡，本地企业则会在外资企业的竞争压力下提高效率。这也是外商直接投资溢出效应的一种体现。事实上，90年代各国的外资政策相对80年代来说更加开放，相邻的各国之间吸引甚至争取外资的意图都更加明显。可以认为，开放和吸引外资已成为不少发展中国家发展战略的一个重要组成部分。上述对外商直接投资的认识显然是这种政策实施的重要依据。

3.机制探索：外商直接投资溢出效应的产生

尽管人们对外商直接投资存在着上述比较普遍的积极认识，并且大多数发展中国家也确实采取了吸引外资的优惠政策，但根据不同国家制造业数据所进行的经验研究的结果却并不乐观。由哈佛大学的Caves教授、纽约大学的Globerman教授以及斯德哥尔摩大学的Magnus Blomstrom教授分别主导的对澳大利亚、加拿大以及墨西哥制造业的研究都表明外商直接投资确实在东道国产生了溢出效应；但世界银行的研究人员Haddad&Harrison和国际货币基金组织的Aitken&.Harri-SOll分别对摩洛哥和委内瑞拉制造业的研究却显示溢出效应并没有产生；而由意大利的研究人员Mariotti主持的研究发现，在专业型行业（Specialist sectors）和规模型行业（Scale intensive sectors）中产生了溢出效应；而在科学型行业（Science-based sectors）和传统行业（Traditional sectors）中却没有产生溢出效应。基于上述不同的研究结果，国际上的学者们得出了一个共识：即外商直接投资的溢出效应并不是自动产生的。也就是说，各国的开放政策本身并不能够保证进入本国的外商直接投资会在本国产生溢出效应，因此，深入探索溢出效应产生的条件和机制，成为了各国在现实中能否有效引导溢出效应产生的关键。

根据现有的研究成果，国际上对外商直接投资溢出效应的发生机制归纳为“行业内溢出效应”、“行业间溢出效应”以及“由于人员流动造成的溢出效应”三种形式。

①.行业内溢出效应。行业内的溢出效应也被称为“示范与竞争效应（Demonstration and Competition effects）”，这种溢出效应的机制体现为，当外商直接投资进入了东道国的特定的行业后，一方面，由于外资企业采用的现代的商业模式和先进的生产与管理技术为外资企业创造了高额利润的机会，从而为在同一行业中的本地企业产生了示范效应；而本地企业对外资企业的观摩与模仿行为最终使本地企业达到了提高自身劳动效率的结果，获

得了溢出效应。另一方面，外商直接投资的进入和对本地市场的争夺，对在同一行业中运作的本地企业造成了竞争的压力；为了保持原有市场并且争取生存和发展的机会，本地企业会竭尽全力地采取各种可能的措施提高经营效率。这种在竞争环境下促成的效率提高也是溢出效应的表现形式。针对这种机制描述，Riedel和Lake曾经分别对欧洲半导体业进行了两项案例研究。案例研究的结果表明，美国跨国公司的进入确实为欧洲该行业带去了新的技术，这种示范效应对欧洲整个行业的崛起作用显著；Langdon在对肯尼亚肥皂业进行的案例研究中发现，由于进入肯尼亚的国际肥皂制造企业将机器制造的肥皂引入了市场，本地企业原有的手工制造的肥皂失去了销路，本地肥皂制造厂商也不得不去引进相应的肥皂制造技术，从而提高了生产效率。

在上述案例研究的基础上，19xx年Wang&Blomstrom建立了一个简单的理论模型将这种行业内溢出效应的研究推上了一个新的台阶。模型将外资企业引进先进技术的决策与本地企业对学习过程进行投资的决策相互联系，探讨了两类企业在相互竞争中的决策机制。他们认为，对于本地企业而言，在外资企业的竞争压力下不得不投资于学习过程，而学习过程的投资越大，本地企业的技术能力越强，越能够获取高额的利润，从而表现为本地企业因为外资的进入而获得了溢出效应；与此同时，由此内外资企业的技术差距的缩小，又进而会促使外资企业不得不越多越快地向东道国子公司转移技术，以提高相应的竞争能力和保持原有的利润空间；这就体现为由于内资企业竞争能力的增强导致了对外资企业的溢出效应；而可喜的是，外资企业的提高又反过来为本地企业进一步获取溢出效应拓展了新的空间。于是，我们理解，至此，Wang&Blomstrom把行业内溢出效应的机制阐述为了一种可能“螺旋式上升”的拓展机制。Kokko在19xx年的一项针对墨西哥制造业的经验研究在一定程度上证实了Wang&Blomstrom的研究结论。

然而，在取得了上述正面的研究成果的同时，我们还需要清醒的意识到，以“示范和竞争效应”为机理的溢出效应并不是唯一的结果。无论研究中还是现实中都存在着与模仿和竞争相关的反例。例如，巴西纺织业的案例研究发现，一个跨国公司在当地建立了分支机构并带来了新产品——“人造纤维”，使得本地企业生产的棉织物无人问津，最终导致了大批的本地企业破产。因而到目前为止，一个比较普遍的共识是：“示范和竞争效应”确实是溢出效应产生的有效机制；而“在怎样的条件下才能促使积极的示范效应与竞争效应的产生”仍然是困扰东道国政府和企业的一个现实问题。

②行业间溢出效应。行业间的溢出效应又被称为“上下游关联效应”。这种溢出效应是通过跨国公司的分支机构与当地供应商和客户之间的联系产生的。劳尔19xx年选取了两家印度的大型卡车制造商AL（外资占主要股份）和TELCO（合资企业），考察了两家企业以及他们的36家供应商在建立、信息技术、财务、原材料采购以及管理和分销渠道等方面的情况。根据这份案例研究，Lall总结了可能导致“上游”溢出外溢效应的互补行为，他认为跨国公司可能通过下述方式提高当地供应商的生产效率：第一，帮助有潜力的供应商建设生产设施；第二，为提高供应商的产品质量和创新能力提供技术协助或相关信息；第三，提供

或帮助供应商购买原材料和中间产品；第四，为供应商的管理和组织提供培训和帮助；第五，帮助供应商寻找更多的客户。继劳尔之后，Linda&Pang选取新加坡的3家出口导向型电子企业又进行一次案例研究。Linda&Pang选取的3家电子企业都是世界领先的电子企业（美国、欧洲和日本的跨国公司）在新加坡的子公司或分支机构，并且3家公司在新加坡都已经经营了8-13年，他们的产品中90%以上出口海外。通过对3家公司的管理层的访问，Lim&Pang发现，这3家企业都很愿意与当地的供应商建立联系，并且从财务、技术、管理等方面为供应商提供帮助。在此基础是Lim&Pang认为，跨国公司在全球市场销售产品，市场力量使他们在全球范围内寻求长期的高效率，而本地企业（供应商）的有利条件在于能够在一定程度上减少外资企业的风险和不确定性。因此，他们提出，东道国政府通过严格的政策限制来增加对于本地产品的购买是没有必要的，政府只需要加强本地企业和那些出口导向型跨国公司的关联，跨过企业就可以通过后向联系对本地企业产生溢出效应。

与行业内溢出效应的研究相类似，在外资企业与东道国本地企业发生关联的研究中也有不乐观的情况存在。一份针对墨西哥的研究发现，在北美自由贸易区成立以后，有大量的美国企业将其产业链中需要利用廉价劳动力的部分转移到了墨西哥的边界。这一产业的转移确实使美国企业从中获得了降低成本的好处，但并没有起到帮助墨西哥的相关产业提升效率的作用。由此看来，要切实有效地获取行业间的溢出效应，也还需要更加深入和更具针对性的研究。

③由于人员流动造成的溢出效应。由于人员流动引起的外商直接投资的溢出效应有时也被称为劳动力溢出效应，它主要表现为，跨国公司对其当地雇员一般都会给予多方面、多层次的培训，一旦这些员工离开跨国企业去其他公司就职或开设自己的公司，他们在跨国公司学习的技术就会受益于本地企业。对这种溢出效应机制的描述是Irving Gershenberg通过对肯尼亚的案例研究得出的。