外國(guó)直接投資在中國(guó)的分布外文翻譯

1、<p><b>　　中文1882字</b></p><p>　　The Distribution of Foreign Direct Investment in China</p><p>　　Harry G. Broadman and Xiaolun Sun</p><p>　　Labour cost. Foreign invest

2、ors generally aim to take advantage of host countries’ cheaper factor inputs (relative to their home countries), and the cost of labour is often considered important in this regard. In other words, foreign investors disp

3、lay sensitivity to inter-country variations in labour costs in making their location decisions. However, the sensitivity of FDI location decisions to intra-country labour cost differentials is unlikely to be as pronounce

4、d. Indeed, even though the decisi</p><p>　　Human capital. A host region’s labour supply influences foreign investors’ location decisions not only in terms of input costs, but also through the quality of the

5、skills of the labour force——especially if the price mechanism is repressed, as is the case in China’s labour markets. All other things being equal, locales with highly skilled workers——most easily measured by education l

6、evels——would be expected to compete more favourably than others in their FDI attractiveness. In this study, adult il</p><p>　　Infrastructure. There is no dispute that the extent of an area’s infrastructure d

7、evelopment is important in an investor’s location choice. Infrastructure, of course, covers many dimensions, ranging from highways to railroads to telecommunication systems to even institutional development (e.g., extens

8、iveness of business-related services such as accounting, legal services, etc.). Owing to the difficulty of capturing all these various dimensions in an easily calculable variable, for this study we s</p><p>

9、　　Geographical location. As in other countries, another factor that is likely to be an important determinant of the geographical distribution of FDI in China is whether a province has a coastal location and thus is in cl

10、ose proximity to major shipping ports. In China, coastal location may also be important because of the government’s FDI policy regime——namely that fiscal incentives for foreign investors, such as lower income tax rates a

11、nd reduced tariffs for imports used in the production of expor</p><p>　　All the reported coefficient estimates in Model II bear the expected sign and are statistically significant at the 10 per cent or above

12、 confidence level (except the intercept). More than 80 per cent of the variation in provincial FDI stocks in China can be explained linearly by the variations in the four independent variables. For a cross-section analys

13、is such as this one, an adjusted R-square of 82 per cent is considered high.</p><p>　　The total GNP level is one of the most important factors in foreign investors’ location choice in China. The coefficient

14、estimate for this variable results in the highest statistical significance among our explanatory variables. A one per cent increase in the market size of a host province brings about nearly one percentage point more FDI

15、into the region. This outcome is consistent with previous cross-country studies on FDI destination.</p><p>　　The results also confirm our expectation that FDI in China goes to where there is greater developm

16、ent of basic infrastructure; the extensiveness of transportation facilities is shown to have a significantly positive effect on the location of FDI. A one per cent increase in transportation route density is associated w

17、ith a 0.46 per cent increase in provincial FDI accumulation.</p><p>　　Adult literacy has a small, nonetheless significant, positive effect on the destination of FDI in china. As we noted above, when the cost

18、 of labour is relatively insignificant (as is the case in China where wage rates vary little from region to region), the quality of the labour force is expected to have a foreign investor’s FDI location decision. A one p

19、er cent decrease in the adult illiteracy ratio is shown to be associated with a 0.05 percentage point increase in FDI.</p><p>　　As expected, a province’s geographical location makes a significant difference

20、in its FDI accumulation potential. The coastal regions have shown a clear advantage over inland provinces in their ability to attract FDI. The dummy variable that puts the 29 provinces and autonomous regions into two bro

21、ad categories is shown to be highly sensitive to the pattern of Chinese FDI distribution. Our results imply that coastal provinces have a 1.3 percentage point edge over their inland counterparts. It is</p><p&g

22、t;　　We thus conclude that to a large extent the destination of FDI within China is determined by market size, the extent of infrastructure development, the basic education level among adults, vicinity to import and expor

23、t markets as well as capital sources, and special investment policies. </p><p><b>　　勞動(dòng)力成本。</b></p><p>　　外國(guó)投資者一般的目標(biāo)是利用東道國(guó)成本更低的因素投入（與他們的母國(guó)相比），而在這方面勞務(wù)成本通常被視為重要的一種因素。換句話說(shuō)，外國(guó)投資者在跨國(guó)決定投資區(qū)位時(shí)

24、，對(duì)于勞動(dòng)成本的變化很敏感。然而，F(xiàn)DI在國(guó)家內(nèi)的區(qū)位決定對(duì)勞動(dòng)成本的變化表現(xiàn)得不是很敏感。確實(shí)，雖然在中國(guó)投資的決定很大程度上是被中國(guó)現(xiàn)行的低工資率影響著，一旦決定在中國(guó)投資，也沒(méi)有必要非得找到最便宜的勞動(dòng)力地區(qū)投資，因?yàn)楣べY差異的意義并不十分明顯。事實(shí)上，由于中國(guó)的中央宏觀調(diào)控傾向于使工資率平均化，很有可能觀察到不同地區(qū)的工資率（包括獎(jiǎng)金和各種福利）差異并不像其他國(guó)家那么大。因此，工資率更高的省可能被認(rèn)為在吸引外商直接投資方面不是很

25、有利，我們的預(yù)期是這個(gè)變量在省際FDI積聚中不會(huì)帶來(lái)一個(gè)強(qiáng)大的負(fù)面影響。對(duì)勞動(dòng)力成本的測(cè)量我們使用的變量是雇員和勞動(dòng)者的年度平均省際工資。</p><p><b>　　人力資本。</b></p><p>　　東道國(guó)地區(qū)的勞動(dòng)力供給不僅在投入成本方面對(duì)外國(guó)投資者的位置產(chǎn)生影響，而且也通過(guò)勞動(dòng)力技巧的質(zhì)量施加影響——特別是當(dāng)價(jià)格機(jī)制被抑制，而中國(guó)的勞動(dòng)力市場(chǎng)通常就是這樣。

26、所有其他的事情都是公平的，具有高度熟練工人的場(chǎng)所——最容易用教育水平來(lái)測(cè)量——預(yù)計(jì)會(huì)比其他場(chǎng)所在吸引外國(guó)直接投資方面有更大優(yōu)勢(shì)。在這項(xiàng)研究中，成人文盲代表了一個(gè)省的勞動(dòng)者接受基礎(chǔ)教育的程度。數(shù)據(jù)取自中國(guó)1990年的第四屆全國(guó)人口普查，當(dāng)時(shí)人口被歸類為文盲和半文盲。這兩種分類被除以省的人口‘小于6歲’和‘大于6歲’以便獲得文盲率。</p><p><b>　　基礎(chǔ)設(shè)施。</b></p&g

27、t;<p>　　毫無(wú)爭(zhēng)議，一個(gè)區(qū)域的基礎(chǔ)設(shè)施建設(shè)在投資者的區(qū)位選擇中是非常重要的?；A(chǔ)設(shè)施，當(dāng)然，包括了許多方面，從高速公路到地鐵，到遠(yuǎn)程通信系統(tǒng)，甚至到制度建設(shè)（比如：各種延伸的商業(yè)性服務(wù)比如會(huì)計(jì)，法律服務(wù)等）。由于所有這些各種各樣的維度很難鎖定在一個(gè)可計(jì)算的變量?jī)?nèi)，在這項(xiàng)研究中我們決定用該省運(yùn)輸路線的總長(zhǎng)度作為衡量一個(gè)省份的基礎(chǔ)設(shè)施建設(shè)的指標(biāo)，計(jì)算1992年省級(jí)規(guī)范的使用中的鐵路（i），內(nèi)陸運(yùn)河（ii），已建成的高速公

28、路（iii）的總長(zhǎng)度。實(shí)際上，這個(gè)變量測(cè)量了一個(gè)省運(yùn)輸路線的密度。我們預(yù)期這個(gè)變量和FDI的積累具有正相關(guān)。</p><p><b>　　地理位置。</b></p><p>　　和其他國(guó)家一樣，另一個(gè)有可能是決定外商對(duì)華直接投資地理分布的重要因素是一個(gè)省份是否有沿海位置，也就是是否靠近主要的裝運(yùn)港。在中國(guó)，沿海的位置可能也很重要，因?yàn)檎耐鈬?guó)直接投資的政策制度——也

29、就是對(duì)外國(guó)投資者的財(cái)政激勵(lì)，比如更低的所得稅率和更低的進(jìn)口關(guān)稅，已經(jīng)傾向于對(duì)沿海的各大城市有利。盡管如此，實(shí)驗(yàn)數(shù)據(jù)表明（上文已經(jīng)提及），此類激勵(lì)只有少量影響了一些國(guó)家的FDI決策，將有助于評(píng)估他們?cè)谥袊?guó)環(huán)境中的影響。但在我們的情況下考慮到對(duì)另一個(gè)解釋變量的無(wú)效性是不可能的：經(jīng)濟(jì)特區(qū)（或其他相似的稅收優(yōu)惠單位）不在GNP，文盲率，勞動(dòng)力成本和基礎(chǔ)設(shè)施建設(shè)的測(cè)量范圍內(nèi)；因此我們的分析范圍是省。因此我們使用了一個(gè)虛擬變量來(lái)反映沿海位置；在這個(gè)

30、變量上有12個(gè)沿海省份標(biāo)記為1，而其他的則為0。這個(gè)變量被預(yù)期和FDI的積累具有正相關(guān)。</p><p>　　報(bào)告中所有的系數(shù)在模型II中都達(dá)到了預(yù)期的效果，表現(xiàn)出了10個(gè)百分點(diǎn)的統(tǒng)計(jì)學(xué)意義，甚至有些表現(xiàn)在信任水平之上（除了截距）。超過(guò)80%的變量可以被四個(gè)獨(dú)立變量中的變量線性表示。對(duì)一個(gè)跨部門的分析，調(diào)整過(guò)的R2 達(dá)到了82%，被認(rèn)為是不錯(cuò)的結(jié)果。</p><p>　　國(guó)門生產(chǎn)總值水平是

31、外商在華直接投資區(qū)位選擇最重要的因素。估計(jì)變量系數(shù)在我們的解釋變量中具有最高的統(tǒng)計(jì)顯著性。東道國(guó)一省市場(chǎng)規(guī)模每增加一個(gè)百分點(diǎn)，這個(gè)區(qū)域的FDI隨之增加將近一個(gè)百分點(diǎn)。這個(gè)結(jié)果與之前對(duì)FDI區(qū)位選擇進(jìn)行的全國(guó)性的研究結(jié)果一致。</p><p>　　結(jié)果也證實(shí)了我們對(duì)FDI會(huì)流向中國(guó)有更好基礎(chǔ)設(shè)施建設(shè)地區(qū)的假設(shè)；結(jié)果表明運(yùn)輸設(shè)施對(duì)FDI的定位有一個(gè)顯著的正面的影響。運(yùn)輸路線密度每增加一個(gè)百分點(diǎn)，會(huì)對(duì)FDI的積累產(chǎn)生0

32、.46個(gè)百分點(diǎn)的影響。</p><p>　　成人教育對(duì)在中國(guó)FDI的區(qū)位有一個(gè)雖然小但很重要的正面影響。正如我們上問(wèn)提到的，當(dāng)勞動(dòng)力成本無(wú)關(guān)緊要時(shí)（通常在中國(guó)不同地區(qū)的工資率差異很?。?，勞動(dòng)力的質(zhì)量有望決定外國(guó)投資者的FDI區(qū)位。數(shù)據(jù)顯示文盲率下降一個(gè)百分點(diǎn)，F(xiàn)DI會(huì)增加0.05個(gè)百分點(diǎn)。</p><p>　　正如預(yù)期的，一個(gè)省份的地理位置對(duì)FDI的積聚潛力有著顯著的影響。吸引FDI能力上

33、，沿海區(qū)域已經(jīng)明確地表現(xiàn)出優(yōu)于內(nèi)陸省份的有利條件。把29個(gè)省、自治區(qū)分為兩大類的虛擬變量對(duì)中國(guó)FDI分布格局具有高度敏感。我們的結(jié)果意味著沿海省份比內(nèi)陸省份多出1.3個(gè)百分點(diǎn)的優(yōu)勢(shì)。接近主要裝運(yùn)港和被允許特殊投資激勵(lì)等聯(lián)合效果使得沿海區(qū)域有別于其他區(qū)域。</p><p>　　因此我們推斷在很大程度上，中國(guó)的FDI區(qū)位選擇由市場(chǎng)規(guī)模，基礎(chǔ)設(shè)施發(fā)展程度，成人基礎(chǔ)教育水平，臨近進(jìn)出口市場(chǎng)和資本資源，特惠投資政策等因素決