FDI and Technology Spillover Evidence f rom China

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1、JournalofComparativeEconomics30,579–602(2002)doi:10.1006/jcec.2002.1789ForeignDirectInvestmentandTechnologySpillover:EvidencefromChina1ZhiqiangLiuStateUniversityofNewYorkatBuffalo,Buffalo,NewYork14260-1520E-mail:zqliu@buffalo.eduReceivedApril29,2002Liu,Zhiqiang—

2、ForeignDirectInvestmentandTechnologySpillover:EvidencefromChinaWeinvestigateempiricallywhetherforeigndirectinvestmentgeneratesexternalitiesintheformoftechnologytransfer.Usingdataon29manufacturingindustriesovertheperiodfrom1993to1998intheShenzhenSpecialEconomicZo

3、neofChina,wefindthatforeigndirectinvestmenthaslargeandsignificantspillovereffectsinthatitraisesboththelevelandgrowthrateofproductivityofmanufacturingindustries,anddomesticsectorsarethemainbeneficiaries.Wealsofindthatsomedomesticsectorsbenefitmorethanothersfromtheexte

4、rnaleffectsofforeigndirectinvestment.Theresultsarerobusttoanumberofalternativemodelspecifications.J.Comp.Econ.,September2002,30(3),pp.579–602.StateUniversityofNewYorkatBuffalo,Buffalo,NewYork14260-1520.C2002AssociationforComparativeEconomicStudies.PublishedbyEls

5、evierScience(USA).Allrightsreserved.KeyWords:Foreigndirectinvestment;technologytransfer;productivity;China.JournalofEconomicLiteratureClassificationNumbers:F2,O1,O3.1.INTRODUCTIONToattractforeigndirectinvestment(FDI),governmentsoflessdevelopedcoun-tries(LDCs)have

6、beencompetingwitheachothertoprovideforeigninvestorswithspecialincentives,suchastaxholidaysandsubsidiesforinfrastructure.InChina,dependingonsectors,foreign-investedfirmsareexemptfrompayingincometaxfortwoyearsfromthefirstprofit-makingyearandalloweda50%taxreductionthe

7、reafterforthreeyears.TherationalebehindthispreferentialtreatmentofFDI1Thisarticleisarevisedversionofapaperpresentedattheconference“GreaterChinaandtheWorldEconomy,”July17–18,2000,CityUniversityofHongKong,HongKong.IthankIsaacEhrlich,MichaelGort,AlbertHu,ShuanglinL

8、in,ShunfengSong,Kar-yiuWong,twoanonymousreferees,andseminarparticipantsattheStateUniversityofNewYorkatBuffaloandEastAsianInstitute,NationalUniversityofSingaporeforthe