Evaluating the Impact of Outward Foreign Direct Investment in China on Taiwanese Manufacturing Firms

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研究生：	蕭惠慈 Siu Wai Chi Angelina
論文名稱：	Evaluating the Impact of Outward Foreign Direct Investment in China on Taiwanese Manufacturing Firms 台灣進入中國投資對本地廠商之影響
指導教授：	李宜 Lee, Yi
口試委員:
學位類別：	碩士 Master
系所名稱：	科技管理學院 - 經濟學系 Department of Economics
論文出版年：	2010
畢業學年度：	98
語文別：	英文
論文頁數：	62
中文關鍵詞：	對外直接投資、傾向分數配對法、差異中之差異法、生產力
外文關鍵詞：	FDI, Propensity Score Matching, Difference-in-difference, TFP
相關次數：	點閱：4 下載：0
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This thesis examines the impact of outward FDI in China on the productivity of Taiwanese manufacturing firms over the period 2001-2006. Using the combination of propensity score matching as well as difference-in-difference, no significant productivity improvement/reduction have been found once firms start FDI. Literature provides some evidence that firms may upgrade their domestic production activities through reallocating high-skilled intensive production processes to parent firms and moving low-skilled intensive production stages to their foreign affiliates. Therefore, effects of FDI on firms’ R&D activities and employment are also evaluated. The estimation results from propensity score matching and difference-in-difference indicate that firms investing in China are more likely to raise R&D investments and domestic employment relative to non-FDI firms. These findings suggest that Taiwanese firms engaging in FDI in China seem to aim at reducing production cost rather than acquiring advanced techniques. After moving low-skilled intensive production processes to mainland China, firms tend to invest more in R&D domestically. In addition, the productivity of firms is likely to be enhanced after some adjustment of restructuring. Furthermore, this investing activity generates positive effects on local employment rather than exporting jobs. Interestingly, estimation results suggest that R&D activities are very important to the improvement of firm productivity.

本篇論文之研究目的為探討台灣廠商進入中國投資後，會否提昇本地廠商之生產力。此文之研究年期為2001年至2006年，資料來源則是臺灣經濟新報（TEJ）資料。實證模型採用傾向分數配對法（Propensity Score Matching）和差異中之差異法（Difference-in-difference），研究結果顯示台灣之製造業廠商並沒因進入中國投資後而立刻加速他們生產力（TFP）之增長，生產力成長效果在投資3年後才顯現。研究對外直接投資（FDI）的文獻中，有不少證據指向公司可以透過國際分工：把一些低技術性之製程移到發展中國家生產；然而把高技術性之工作程序留在母公司完成，公司便可籍此提昇自己之競爭能力。因此，本論文亦研究台灣廠商進入中國投資後對母公司之研發（R&D）活動及僱用員工數之影響。研究結果顯示：相對於非對外投資公司，對外投資公司有較高的研發投資金額和僱用員工數人數增長。這隱含投資到中國的廠商似乎比較在意獲取大陸之低勞動成本，透過國際分工帶動母公司之就業及研發活動。最後，本文同時分析對外投資以及公司研發活動對公司生產力之影響，研究結果顯示，研發活動是提升公司生產力的主要來源。

Contents
I. INTRODUCTION    8
II. LITERATURE REVIEW    14
II.I FOREIGN DIRECT INVESTMENT (FDI) AND MULTINATIONAL ENTERPRISES (MNES)    14
II.II POSITIVE EFFECT VERSUS NEGATIVE EFFECT    14
II.III DOES IT MATTER WHERE OUTWARD FDI GO?    17
II.IV HOW OUTWARD FDI AFFECTS HOME COUNTRY?    17
II.V MNES VERSUS NATIONAL FIRMS    20
II.VI ESTIMATION BACKGROUND    21
III. THE DATA    23
III.I THE TEJ DATA    23
III.II DESCRIPTIVE STATISTICS    23
IV. CHINESE MARKET ENTRY AND PRODUCTIVITY GAINS    26
V. METHODOLOGY    29
V.I PROBIT MODEL    31
V.II MATCHING METHOD    32
V. III AVERAGE TREATMENT EFFECT ON THE TREATED (ATT)    33
V.IV DIFFERENCE-IN-DIFFERENCE (DID):    34
V.V COMPARISON    34
V.V-I Productivity Level Difference    35
V.V-II Year-to-year Productivity Growth Rate    35
V.V-III Productivity Growth Rate with respect to the pre-FDI Level    36
V.V-IV Cumulative Productivity Effect    37
VI. EMPIRICAL RESULTS    38
VI.I CHECKING MATCHING QUALITY    38
VI.II SELF-SELECTION    40
VI.III DO FDI ACTIVITIES GENERATE POSITIVE EFFECTS ON PRODUCTIVITY?    41
VI.IV PRODUCTIVITY RAISED BY R&D ACTIVITIES RATHER THAN OUTWARD FDI?    49
VII. CONCLUSION    55
REFERENCES    58


List of Tables

TABLE 1: AVERAGE SALARY IN THE MANUFACTURE INDUSTRY………..…………..…..10
TABLE 2: USING HIGH INCOME COUNTRY AS ESTIMATION BACKGROUND…….........16
TABLE 3: THE CHARACTERISTICS OF TAIWAN’S MANUFACTURING FIRMS    …...…25
TABLE 4: DEFINATION OF VARIABLES……………………………………………………....…31
TABLE 5: MEAN DIFFERENCE BETWEEN NEW ENTRANTS AND NATIONAL FIRMS BEFORE YEAR T………………………………………………………………….....…39
TABLE 6: PROBABILITY OF ENGAGING IN FDI……………………………………………....40
TABLE 7: ESTIMATED OUTWARD FDI EFFECTS ON PRODUCTIVITY……...……...…….46
TABLE 8: ESTIMATED OUTWARD FDI EFFECTS ON EMPLOYMENT…………………….47
TABLE 9: ESTIMATED OUTWARD FDI EFFECTS ON R&D INTENSITY…………………..48
TABLE 10: EMPIRICAL RESULTS OF THE DETERMINANTS OF PRODUCTIVITY GROWTH…………………………………………………………………………...…...51
TABLE 11: HAUSMAN TEST OF FIXED EFFECT AGAINST RANDOM EFFECT…………..52

List of Figures
FIGURE 1: THE APPROVED OUTWARD FDI OF TAIWAN.…………………………….………9
FIGURE 2: PRODUCTIVITY TRAJECTORY FOR DIFFERENT GROUPS...……………...…26

                                

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