Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/94668
|
| Title: | 廠商對外投資對國內經濟的影響：以台灣製造業為例
Home Country Effects of Foreign Direct Investment: A Case Study of Taiwan`s Manufacturing Sector |
| Authors: | 楊書菲
Yang, Shu Fei |
| Contributors: | 陳坤銘
Chen, Kun Ming
楊書菲
Yang, Shu Fei |
| Keywords: | 台灣
對外投資
配對
研發支出
生產力
效率
就業
Taiwan
Foreign direct investment (FDI)
Propensity score matching method
R&D spending
Productivity
Efficiency
Employment |
| Date: | 2008 |
| Issue Date: | 2016-05-09 11:26:40 (UTC+8) |
| Abstract: | 隨著全球化的發展，對外投資不僅在國際經貿中所扮演的角色愈來愈重要，型態也愈來愈多元，呈現出與過去大不相同的特性與風貌。這樣的發展趨勢，再度引起學者對廠商對外投資的影響效果產生興趣。過去有關對外投資影響效果的文獻，主要是以探討對外投資對地主國經濟發展的影響為主，探討對母國或母公司影響的文獻則不多，特別是開發中國家的廠商對外投資對母國影響的研究更是付之闕如。為了彌補此方面文獻之不足，本研究利用台灣製造業1987-2003年的廠商資料來探討廠商對外投資對其技術升級之影響。
廠商對外投資對母國經濟影響的相關議題在台灣一直受到持續的關注，1991年政府開放廠商赴大陸投資之後，該議題更是引發熱切的討論。部分學者擔憂廠商對外投資後將造成國內產業的空洞化；但有另一部分的學者則主張，台灣只要持續技術升級及產業升級就可避免空洞化的危機。有鑑於此，本研究利用三個經濟指標，研發支出、生產力與效率，及技能提升(skill-upgrading)來檢驗不具競爭優勢的產業或附加價值鏈外移，是否有利於台灣進行技術升級。
本研究首先建立了一個理論模型來探討廠商對外投資對其國內研發活動的影響。研究結果顯示，廠商對外投資對其國內的研發支出可能同時產生兩個相反的影響效果，即互補效果及替代效果。互補效果主要來自於廠商對外投資後的「規模擴大效果」，而替代效果的發生則會因廠商對外投資動機之不同，而有不同的來源管道。
本研究實證模型的創新之處在於利用propensity score matching的配對方式搭配difference-in-differences的估計方法來控制實證研究中常會出現的自我選擇誤差(self-selection bias)及互為因果(causality)的問題。本研究採用了四種不同的配對方式來建構對外投資廠商的配對樣本，並發現Nearest available matching within calipers的配對方式可以產生最佳的配對效果，在不犧牲太多樣本數的情況下，顯著縮小對外投資廠商在對外投資前與無對外投資廠商的特性差距。
本研究的實證結果發現，僅管對外投資廠商，特別是赴開發中國家投資的廠商可能對母國的就業造成不利的衝擊，但卻能夠顯著提高母國的研發支出、技術效率及勞工技能，顯示廠商對外投資確實有助於台灣的技術升級。研究結果認為台灣政府應重新思考產業政策及社會福利政策的制定方向，以解決這些新的經濟議題。
Foreign direct investment has played an increasingly important role in the world economy and, as a consequence, an immense amount of research has investigated its determinants and effects. However, while previous studies have focused on the impact of inward FDI on the host countries, there has been relatively little research on the impact of outward foreign direct investment (OFDI) on the home countries in general, and on developing economies (LDCs) in particular. To fill this gap in the literature, this thesis investigates the home-country effects of the OFDI activity of Taiwanese manufacturing firms. To be specific, the impact of OFDI on the investing firms’ domestic R&D spending, productivity and efficiency, employment and skill-upgrading is examined.
A theoretical model is developed to examine the relationship between OFDI and domestic R&D activity. It is shown that OFDI could induce two opposing effects on domestic R&D spending, namely, a complementary effect and a substitution effect. The complementary effect arises mainly due to the “sales-increasing effect” of overseas investment. Substitution effects might arise from different channels depending on FDI motives.
Firm-level panel data covering the period 1987-2003 are used in the empirical analysis. The novelty in this thesis is the application of a propensity score matching approach combined with the difference-in-differences method to control for the possible selection bias related to the empirical analysis. Four different matching methods are used to construct matched samples of Taiwan’s OFDI firms.
The empirical results reveal that, although Taiwanese overseas investment, especially the investment in LDCs, reduces domestic employment, it stimulates investing firms’ domestic R&D spending, technology efficiency and skill intensity. This implies that while the OFDI activity of Taiwanese firms has brought about a positive effect on their technological upgrading, which is beneficial to the industrial development and resource allocation of the economy, the recent increase in the unemployment in Taiwan could to some extent be attributed to the OFDI activity. It also suggests that the Taiwanese government might need to reconsider its industrial policy as well as social welfare policy in order to deal with these new economic issues. |
| Reference: | Acs, Z., Audretsch, D.(1987) “Innovation, market structure and firm size,” The Review of Economics and Statistics 71: 567–574.
AlAzzawi, Shireen (2004) “Innovation, productivity and foreign direct investment – induced R&D spillovers,” mimeo.
Agarwal, J.P. (1985) “Intra-LDCs foreign direct investment: a comparative analysis of third world multinationals,” The Developing Economics, 23: 235-253.
Barba-Navaretti, G. et al. (2004), Multinational Firms in the World Economy, NJ: Princeton University Press.
Barba-Navaretti, G. and Davide Castellani (2004) “Investments abroad and performance at home: evidence from Italian multinationals,” CEPR working paper No.4289.
Berman, Eli, John Bound and Zvi Griliches (1994) “Change in the demand for skilled labor within U.S. manufacturing: evidence form the annual survey of manufacturers,” The Quarterly Journal of Economics, 109: 367-397.
Bhattacharya, Mita and Harry Bloch (2004) “Determinants of innovation,” Journal of International Economics, 22: 155-162.
Bitzer, Jurgen and Holger Görg (2005) “The impact of FDI on industry performance”, Research Paper Series 2005/09, University of Nottingham.
Blomström, Magnus and Ari Kokko (1998) “Multinational corporations and spillovers,” Journal of Economic Surveys, 12: 1-28.
Blomström, Magnus and Ari Kokko (2000) “Outward investment, employment, and wages in Swedish multinationals,” Oxford review of economic policy, 16: 76-89.
Blomström, Magnis, Gunnar Fors and Robert E. Lipsey (1997) “Foreign direct investment and employment: Home country experience in the United State and Sweden,” The economic journal, 107: 1787-1797
Blundell, Richard and Monica Costa Dias (2000) “Evaluation methods for non-experimental data,” Fiscal Studies, 21: 427-268.
Borland, Jeff, Yi-Ping Tseng and Roger Wikins (2004) “Experimental and quasi-experimental methods of microeconomic program and policy evaluation,” 2004 Productivity Commission Conference.
Braconier, Henrik and Karolina Ekholm (2000) “Swedish multinationals and competition from high and low-wage locations,” Review of International Economics, 8 , 448-461.
Branstetter, Lee (2006) “Is foreign direct investment a channel of knowledge spillovers? Evidence from Japan’s FDI in the United States,” Journal of International Economics, 68:325-344.
Bryson, Alex, Richard Dorestt and Susan Purdon (2002) “The use of propensity score matching in the Evaluation of active labor market policies,” Working Paper no. 4, Policy Studies Institute and National Centre for Social Research.
Cantwell, John (1995) “The globalization of technology: what remains of the product cycle model?” Cambridge Journal of Economics, 19: 155-174
Caves, Richard E. (1996), Multinational Enterprise and Economic Analysis, 2nd ed., Cambridge, U.K.: Cambridge University Press.
Chen, Chien-Lung and Fung-Shia Hsu (2003) “Defensive foreign direct investment and endogenous R&D,” Academia Economics Papers, 31: 577-603. (in Chinese with English summary )
Chen, Homin and Tain-Jy Chen (1998) “Network linkages and location choice in foreign direct investment,” Journal of International Business Studies, 29: 445-468.
Chen, Shin-Horng (2004) “Taiwanese IT firms’ offshore R&D in China and the connection with the global innovation network,” Research Policy, 33: 337-349.
Chen, Tain-Jy (1992) “Determinants of Taiwan’s direct foreign investment: the case of a newly industrializing country,” Journal of Development Economics, 39: 397-407.
Chen, Tain-Jy and Ying-Hua Ku (2000) “The Effect of Foreign Direct Investment on Firm Growth: The Case of Taiwan’s Manufacturers,” Japan and the World Economy, 12: 153-172.
Chen, Tain-Jy and Ying-Hua Ku (2003) “The effect of 0verseas investment on fomestic rmployment,” NBER working paper no. 10156.
Cheng, Cheng-Ping, Yang Li and Chin-Wei Huang (2006) “FDI diversification and performance in Taiwan’s manufacture sector,” Journal of Management & Systems, 13: 315-331. (in Chinese with English summary )
Chuang, Yih-Chyi and Chi-Mei Lin (1999) “Foreign direct investment, R&D and Spillover Efficiency: Evidence from Taiwan’s Manufacturing Firms,” Journal of Development Studies, 35: 117-137.
Chung, Wilbur and Juan Alcacer (2002) “Knowledge seeking and location choice of foreign direct investment in the United States,” Management Science, 48: 1534-1554.
Cohen, Wesley M. and Steven Klepper (1996a) “Firm size and the nature of innovation within industries: the case of process and product R&D,” Review of Economics and Statistics, 78: 232-243.
Cohen, Wesley M. and Steven Klepper (1996b) “A reprise of size and R&D,” Economic Journal, 106: 925-951.
Cohen, Wesley M. and Daniel A. Levinthal (1989) “Innovation and learning: the two faces of R&D,” Economic Journal, 99: 569-596.
Cuervo-Cazurra, Alvaro and C. Annique Un (2007) “Regional economic integration and R&D investment,” Research Policy, 36: 227-246.
D’Agostino, Ralph B. (1998) “Tutorial in biostatistics: propensity score methods for bias reduction in the comparison of a treatment to a non-randomized control group,” Statistics in Medicine, 17: 2265-2281.
Driffield, Nigel and James H. Love (2003) “Foreign direct investment, technology sourcing and reverse spillovers,” The Manchester School, 71: 659-672.
Driffield, Nigel and James H. Love (2005) “Who gains from whom? Spillovers, competition and technology sourcing in the foreign-owned sector of UK manufacturing,” Sottish Journal of Political Economy, 52: 663-686.
Dunning, John (1998) “Location and the multinational enterprise: a neglected factor?” Journal of International Business Studies, 29: 45-66.
Dunning, John H., Roger van Hoesel and Rajneesh Narula (1996) “Explaining the `new` wave of outward FDI from developing coountries: the case of Taiwan and Korea,” Research Memoranda 009, Maastricht: MERIT, Maastricht Economic Research Institute on Innovation and Technology.
Färe, Rolf, Shawna Grosskopf , Mary Norris, and Zhongyang Zhang (1994) “Productivity growth, technical progress, and efficiency change in industrialized countries,” American Economic Review, 84: 66–83.
Ferrett, Ben (2004) “Foreign direct investment and productivity growth: A Survey of Theory,” Research Paper Series 2004/15, University of Nottingham.
Foster, Lucia, John C. Haltiwanger, and C.J. Krizan (1998) “Aggregate Productivity Growth: Lessons from Microeconomic Evidence,” NBER working paper no. 6803.
Grubaugh, Stephen G. (1987) “Determinants of Direct Foreign Investment,” Review of Economics and Statistics, 69: 149-152.
Hakanson, Lars (1995) “Learning through Acquisitions: Management and Integration of Foreign R&D Laboratories,” International Studies of Management and Organization, 25: 121-157.
Hansson, Pär (2000) “Relative Demand for Skills in Swedish Manufacturing: Technology or Trade?” Review of International Economics, 8: 533-555.
Hansson, Pär (2005) “Skill Upgrading and Production Transfer within Swedish Multinationals,” Scand. Journal of Economics, 107: 673-692.
Head, Keith and John Ries (2002) “Offshore Production and Skill Upgrading by Japanese Manufacturing Firms,” Journal of International Economics, 58: 81-105.
Heckman, James J., H. Ichimura, and P.E. Todd (1997) “Matching as an Econometric Evaluation Estimator: Evidence from Evaluating a Job Training Programme,” Review of Economic Studies, 64: 605-654.
Heckman, James J., H. Ichimura, and P.E. Todd (1998) “Matching as an Econometric Evaluation Estimator,” Review of Economic Studies, 65: 261-294.
Helpman, E., M. Melitz, and S. Yeaple (2004) “Exports versus FDI with Heterogeneous Firms,” American Economic Review, 94: 300-316.
Hirschey, Mark (1981) “R&D Intensity and Multinational Involvement,” Economics Letters, 7: 87-93.
Hitt, M. A., R. E. Hoskisson and H. Kim (1997) “International Diversification: Effects on Innovation and Firm Performance in Product-Diversified Firms,” Academy of Management Journal, 40: 767-798.
Hymer, S. H. (1960) The International Operation of National Firms: A Study of Direct Foreign Investment, Ph.D Thesis, MIT Press, Cambridge, MA.
Iwasa, Tomoko and Hiroyuki Odagiri (2002) “The Role of Overseas R&D Activities in Technological Knowledge Sourcing: An Empirical Study of Japanese R&D Investment,” Discussion Paper No. 23, Japan: National Institute of Science and Technology Policy.
Kojima, K. (1973) “A Macroeconomic Approach to Foreign Direct Investment,” Hitotsubashi Journal of Economic, 14: 1-21.
Kokko, Ari (2006) “The Home Country Effects of FDI in Developed Economies,” Working Paper No. 225.
Konings, Jozef and Alan Patrick Murphy (2001) “Do Multinational Enterprises Substitute Parent Jobs for Foreign Ones? Evidence from Firm Level Panel Data,” CEPR discussion paper no.3402.
Konings, Jozef and Alan Patrick Murphy (2003) “Do Multinational Enterprises Relocate Employment to Low Wage Regions? Evidence from European Multinationals”, LICOS center for transition economics discussion paper no.131.
Kuemmerle, Walter (1999) “The Drivers of Foreign Direct Investment into Research and Development: An Empirical Investigation,” Journal of International Business Studies, 30: 1-24.
Lall, Sanjaya and N. S. Siddharthan (1982) “The Monopolistic Advantages of Multinationals: Lessons from Foreign Investment in the U.S.,” The Economic Journal, 92: 668-683.
Lee, Chang-Yang (2003) “A Simple Theory and Evidence on the Determinants of Firm R&D,” Economics of Innovation and New Technology, 12: 385-395.
Lee, Cassey (2004) “The Determinants of Innovation in the Malaysian manufacturing Sector,” ASEAN Economic Bulletin, 21: 319-329.
Li, Yang and Jin-Li Hu (2004) “R&D, FDI, and Efficiencies of Small and Medium-sized Firms, mimeo.
Lin, Chu-chia and Chi-horng Hwang (2006) “Direct Foreign Investment and Structure Change of Labor Demand: The Evidence of Taiwan,” Journal of Sciences and Philosophy, 18: 171-214. (in Chinese with English summary )
Lin, Huilin and Ryh-Song Yeh (2005) “The Interdependence between FDI and R&D: An Application of Endogenous Switching Model to Taiwan’s Electronics Industry,” Applied Economics, 37: 1789-1799.
Lipsey, Robert E., Eric D. Ramstetter and Magnus Blomström (2000) “Outward FDI and Parent Exports and Employment: Japan, The United Stated, and Sweden,” NBER Working Paper No. 7623.
Lipsey, Robert E. (2002) “Home and Host Country Effects of FDI,” NBER working paper no. 9293.
Makino, Shige, Chung-Ming Lau and Phy-Song Yeh (2002) “Asset-Exploitation Versus Asset-Seeking: Implications for Location Choice of Foreign Direct Investment from Newly Industrialized Economies,” Journal of International Business Studies, 33: 403-421.
Mansfield, E., A. Romeo and S. Wagner (1979) “Foreign Trade and U.S. Research and Development,” Review of Economics and Statistics, 61: 49-57.
Mariotti, Sergio, Marco Mutinelli and Lucia Piscitello (2003) “Home country employment and foreign direct investment: evidence from the Italian case,” Cambridge Journal of Economics, 27, 419-431
Nakajima, Takanobu, A. Nakamura, E. Nakamuura and M. Nakamura (2007) “Technical Change in a Bubble Economy: Japanese Manufacturing Firms in the 1990s,” Empirica, 34: 237-271.
Ozawa, T. (1979) “International Investment and Industrial Structure: New Theoretical Implication from Japanese Experience,” Oxford Economic Papers, 31: 72-92.
Piga, Claudio A. and Marco Vivarelli (2004) “Internal and External R&D: A Sample Selection Approach,” Oxford Bulletin of Economics and Statistics, 66: 457-482
Petit, Maria-L., and F. Sanna-Randaccio (1998) “Technological Innovation and International Expansion: a Two-way Link?” Journal of Economics, 68: 1-26.
Petit, Maria-L., and F. Sanna-Randaccio (2000) “Endogenous R&D and Foreign Direct Investment in International Oligopolies,” International Journal of Industrial Organization, 18: 339-367.
Riker, David A. and S. Lael Brainard (1997a) “Are U.S Multinationals Exporting U.S Jobs?” NBER working paper No. 5958.
Riker, David A. and S. Lael Brainard (1997b) “U.S Multinationals Exporting and Competition from Low Wage Countries,” NBER working paper No. 5959.
Rosenbaum, Paul R. and Donald B. Rubin (1985) “Constructing a Control Group Using Multivariate Matched Sampling Methods That Incorporate the Propensity Score,” The American Statistician, 39: 33-38.
Rosenbaum, Paul R. and Donald B. Rubin (1983) “The Central Role of the Propensity Score in Observational Studies for Causal Effects,” Biometrika, 70: 41-55.
Slaughter, Matthew (2000) “Production Transfer within Multinational Enterprises and American Wages,” Journal of International Economics, 50: 449-472
Terpstra, Vern and Chwo-Ming Yu (1988) “Determinants of foreign investment of US advertising agencies”, Journal of International Business Studies, 19: 33-46.
Tomiura, Eiichi (2005) “Technological Capability and FDI in Asia: Firm-level Relationships among Japanese Manufacturers,” Asian Economic Journal, 19: 273-289.
Tsai,Yi-Cheng and Jiunn-Rong Chiou (2007) “Foreign Direct Investment and Research and Development,” Academia Economics Papers, 35: 53-82. (in Chinese with English summary )
van Pottelsberghe de la Potterie, Bruno and Frank Lichtenberg (2001) “Does Foreign Direct Investment Transfer Technology across Borders?” Review of Economics and Statistics, 83: 490-497.
Vahter, Priit and Jean Masso (2005) “Home versus Host Country Effects of FDI: Searching for New Evidence of Productivity Spillovers,” Working paper.
Veugelers, R. and Bruno Cassiman (1999) “Make and buy in innovation strategies: evidence from Belgian manufacturing firms,” Research Policy, 28: 63-80.
Veugelers, Reinhilde (1997) “Internal R&D expenditures and external technology sourcing,” Research Policy, 26: 303-315.
Yu, Chwo-Ming J. and Kiyohiko Ito (1988) “Oligopolistic Reaction and Foreign Direct Investment: The Case of the U.S. Tire and Textiles Industries,” Journal of International Business Studies, 19: 4491-459.
UNCTAD (2006) World Investment Report 2006. FDI from Developing and Transition Economies: Implications for Development, New York and Geneva.
UNCTAD (2007) World Investment Report 2007. Transnational Corporations, Extractive Industries and Development, New York and Geneva. |
| Description: | 博士
國立政治大學
國際經營與貿易學系
92351505 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0923515052 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| index.html | 0Kb | HTML2 | 295 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
