出口和外国直接投资作为替代战略【外文翻译】

《出口和外国直接投资作为替代战略【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、外文翻译原文EXPORTINGANDFDIASALTERNATIVESTRATEGIESMaterialSource：OXFORDREVIEWOFECONOMICPOLICY，VOL.20，Author：KeithHead，JohnRiesExportsandoverseasproductionarealternativemodesforservingforeigncustomers.Empiricalstudiesusuallyfindthatforeignmarketsareservedthroughbothmodesandthatcountriesrece

2、ivinghighlevelsofexportsalsohostlargeamountsofforeigndirectinvestment(FDI).ThispaperevaluatesseveralpossiblewaystoreconcilethefactsaboutFDIandexportswiththestandardtheoryofmultinationalcorporations.WearguethatcoexistenceandcorrelationofFDIandexportsareconsistentwithmodelswherethetwom

3、odesaresubstitutes.Thissubstitutiverelationshipfindscollaborativeevidenceintheresultsofseveralpapers.Nevertheless，asignificantbodyofevidencesuggeststhatFDIsometimescomplementsexportsthroughthemechanismofstimulatingexportsofintermediategoodsforusebyoverseasaffiliates.I.INTRODUCTIONMul

4、tinationalcorporations(MNCs)recurrentlyfacethesamequestion：shouldwesupplyproductXtocustomersincountryjusingourexistingfactoryincountryiorshouldweinvestinafacilitythatcanmanufacturelocallyincountryj?Togiveconcreteexamples，bothauthorsofthispaperdrivecarsmanufacturedbyJapanesefirms.Onec

5、arwasproducedatSubaru’smainplantinGunma，Japan，whiletheotherwasproducedinGeorgetown，Kentucky.Theseexamplesmakeitclearthat，atthelevelofanindividualproduct，exportingandforeigndirectinvestment(FDI)arealternativestrategiesforreachinganoverseascustomer.Muchempiricalworkhasstruggledtofindst

6、atisticalevidencetosupportthisproposition.ThispaperoutlinesalternativetheoriesoftheMNCtoidentifytheeconomicmechanismslinkingFDIandexports.WethenreviewthelargeliteratureonwhetherexportingandFDIaresubstitutesorcomplements.Withfewexceptions，moststudiesfindapositiverelationshipbetweenexp

7、ortsandFDI.Someauthorsinterpret20thisasevidenceof‘complementarity’betweenthetwovariables.Othersquestiontheeconometrics，arguingthatthepositiverelationshipcouldbespurious.Wearguethattheempiricalevidencedoesnotcontradictthetheoreticalpredictionofsubstitutionattheproductlevel.Indeed，subs

8、titutionisfo