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本文讨论了地区合约实施效率对外资区位选择的影响。理论模型分析表明,由于外资企业采购当地专用性中间品过程中合约不能完全实施,导致外资企业的生产和利润产生扭曲,专用性中间品密集使用的外资企业为了最大化自己的利润,更倾向选择在合约实施效率高的地区投资。本文利用中国19个制造业地区外资净流入数据所做的经验研究表明,在控制了相关的变量后,地区合约实施效率与产业专用性中间品使用密集度显著地影响了外资区位选择,专用性中间品密集使用的外资产业更多分布在合约实施效率高的地区;而与港澳台外资相比,上述效应在非港澳台外资的区位选择中更为显著。本文的研究表明,包括合约实施效率在内的制度环境改善是地区外资产业结构调整和完善的重要前提。
This article discusses the impact of the efficiency of regional contracts on the location of foreign investment. Theoretical model analysis shows that due to the fact that foreign-funded enterprises can not fully implement contracts in the procurement of local special intermediate products, resulting in distorted production and profits of foreign-funded enterprises, foreign-invested enterprises that use intensively specialized intermediate goods tend to choose more in order to maximize their profits Invest in areas where contractual efficiency is high. The empirical research based on the net inflow data of foreign investment in 19 manufacturing regions in China shows that after controlling for the relevant variables, the efficiency of regional contract enforcement and the intensity of industry-specific intermediate use significantly affect the choice of location of foreign capital, The intensive use of intermediary products in the foreign-funded industries is more concentrated in areas where contracting is more efficient. Compared with Hong Kong, Maucao, and Taiwan, the above-mentioned effects are more pronounced in the selection of non-Hong Kong, The research in this paper shows that the improvement of institutional environment, including the efficiency of contract implementation, is an important precondition for the adjustment and perfection of the industrial structure of foreign capital in the region.