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本文通过分析中国制造业企业层面2000-2007年面板数据表明,行业内外资的水平溢出效应显著为负,这显示行业内外资进入造成的竞争效应大于技术溢出效应;但行业间外资的垂直溢出效应显著为正,这表明国内企业通过前后产业链获得了外资生产率溢出效应。我们进一步论证,企业融资能力是决定企业获得外资溢出效应的一个重要因素。融资能力强的企业将在对外商直接投资开放过程中占据有利地位,本文也据此提出了政策建议。
This paper analyzes the panel data of China’s manufacturing enterprises from 2000 to 2007 and shows that the horizontal spillover effect of domestic and foreign capital is significantly negative, which shows that the competition effect caused by domestic and foreign capital entry is greater than the technology spillover effect. However, the vertical spillover effect of FDI among industries This shows that the domestic enterprises have obtained the spillover effect of foreign-capital productivity through the industrial chain. We further demonstrate that the ability of corporate finance is an important factor that determines the spillover effect of foreign investment. The enterprises with strong financing ability will occupy a favorable position in the opening up of foreign direct investment. This article also put forward policy suggestions accordingly.