CAJ | 학술논문

行业间外资溢出效应研究成果完善了FDI溢出效应的研究，但是众多学者对于究竟是后向关联效应还是前向关联效应抑或两者共同产生溢出效应存在疑问。本文从外资进入过程的视角出发进一步分析外资溢出效应，研究发现外资进入速度除了可以调节行业内外资溢出效应以外也可以调节行业问外资溢出效应，总体来说行业间外资进入速度负向调节内资企业绩效。下游外资企业资本进入速度对于内资企业绩效的调节作用不显著，而上游外资企业资本进入速度负向调节内资企业绩效。研究进一步厘清了行业间溢出效应作用机理，为外资溢出效应领域的研究开拓了方向。
행업간외자일출효응연구성과완선료FDI일출효응적연구，단시음다학자대우구경시후향관련효응환시전향관련효응억혹량자공동산생일출효응존재의문。본문종외자진입과정적시각출발진일보분석외자일출효응，연구발현외자진입속도제료가이조절행업내외자일출효응이외야가이조절행업문외자일출효응，총체래설행업간외자진입속도부향조절내자기업적효。하유외자기업자본진입속도대우내자기업적효적조절작용불현저，이상유외자기업자본진입속도부향조절내자기업적효。연구진일보전청료행업간일출효응작용궤리，위외자일출효응영역적연구개탁료방향。
Studies on inter-industry spillover effects of foreign direct invest- ment （FDI） have fulfilled the research of FDI spillovers, but scholars diverge on whether the inter-industry spillover effects are forward linkage effects or back- ward linkage effects or contain both. From the perspective of foreign capital en- try process, this research makes a further quest of FDI spillover effects, finding that the entry pace of foreign capital has an effect on domestic foreign capital spillover effects both in the industry and between industries. It is found that gen- erally speaking, inter-industry foreign capital entry pace has a negative influence on performance of domestic enterprises. This influence of downstream foreign owned firms on the performance of domestic firms is less significant than that of upstream foreign owned firms. By constructing models on how foreign capital entry pace affect domestic firms in different industries, this paper deepens and ex- tends the research of FDI spillovers.