CAJ | 학술논문

利用中国制造业1998-2007的面板数据，本文试图从外资溢出效应角度实证分析跨国公司在行业方面渗透的最佳水平。本文主要发现中国制造业外资存在水平与内资企业绩效之间呈非线性的而不是已有研究所发现的线性函数关系。当某一行业中外资竞争程度接近三分之二左右时，内资企业的绩效开始下降，表明负效应开始显著增加。进一步研究发现这种非线性关系在低技术行业尤其显著；而在高技术行业，外资存在与内资企业绩效之间则呈现常规的线性关系。本文提出外商直接投资存在闯值效应，外资技术溢出阈值效应对东道国科学地制定利用外资的政策具有重要理论意义和现实意义。
이용중국제조업1998-2007적면판수거，본문시도종외자일출효응각도실증분석과국공사재행업방면삼투적최가수평。본문주요발현중국제조업외자존재수평여내자기업적효지간정비선성적이불시이유연구소발현적선성함수관계。당모일행업중외자경쟁정도접근삼분지이좌우시，내자기업적적효개시하강，표명부효응개시현저증가。진일보연구발현저충비선성관계재저기술행업우기현저；이재고기술행업，외자존재여내자기업적효지간칙정현상규적선성관계。본문제출외상직접투자존재틈치효응，외자기술일출역치효응대동도국과학지제정이용외자적정책구유중요이론의의화현실의의。
Using data for Chinese manufacturing industry for 1998--2007, this paper at- tempts to search for the most appropriate sectoral level of foreign penetration in light of spiUover benefits arising from foreign presence. Our key result supports a nonlinear func- tional form. Foreign penetration rates in excess of just about two third of industrial capital are associated with declining spillover benefits, indicating the dominance of negative spill- overs. The nonlinear relationship is found to be particularly strong in low-technology indus- tries, contrasting a standard linear relationship in high-technology sectors. The finding ot the complexity of spillover effects not only challenges the laissez-faire view of ＇the more inward FDI, the better＇ and also has important policy implications.