CAJ | 학술논문

文章采用中国服务业13个分行业2004—2011年的面板数据，考察了双向FDI的生产率（TFP）效应。结果表明，内向FDI、国内研发、资本劳动比以及不变价工资对中国服务业生产率具有显著的促进作用，而外向FDI与行业结构未表现出显著的正向溢出效应。此外，文章还发现服务业利用外资与对外投资之间存在微弱的相互促进关系，且内向FDI与外向FDI的生产率效应存在明显的行业差异；与针对中国总体FDI的研究文献相比，文章并未发现人力资本在平均意义上对服务业生产率产生提升作用，且对双向FDI生产率效应的影响存在显著的门槛特征，可能原因在于中国服务业仍以传统的低端服务业为主，而大批高学历劳动者的进入导致了人力资本的低效率。
문장채용중국복무업13개분행업2004—2011년적면판수거，고찰료쌍향FDI적생산솔（TFP）효응。결과표명，내향FDI、국내연발、자본노동비이급불변개공자대중국복무업생산솔구유현저적촉진작용，이외향FDI여행업결구미표현출현저적정향일출효응。차외，문장환발현복무업이용외자여대외투자지간존재미약적상호촉진관계，차내향FDI여외향FDI적생산솔효응존재명현적행업차이；여침대중국총체FDI적연구문헌상비，문장병미발현인력자본재평균의의상대복무업생산솔산생제승작용，차대쌍향FDI생산솔효응적영향존재현저적문함특정，가능원인재우중국복무업잉이전통적저단복무업위주，이대비고학력노동자적진입도치료인력자본적저효솔。
Based on the panel data of 13 service sub-sectors from 2004 to 2011, this paper empirically investigates the productivity effects of bidirec- tional FDI. It arrives at the following conclusions： firstly, inward FDI, do- mestic R＆D, capital-labor ratio and wages at constant prices play the signif- icantly positive role in the productivity of service industry, but outward FDI and industry structure have no significantly positive spillover effects; sec- ondly, it also indicates that there exists the weak mutually positive relation- ship between inward and outward FDI, and the productivity effects of in- ward and outward FDI vary with the industry; thirdly, compared to the lit- erature regarding to Chinese overall FDI, it does not show that human cap- ital can promote services productivity in the average sense, but its influence on the productivity effect of bidirectional FDI has significant threshold char- acteristics, and the possible reason lies in the traditional low-end service in- dustry in China, and the low efficiency of human capital resulting from the entry of a large number of highly educated workers.