主題：Benefits of Foreign Ownership: Evidence from
Foreign Direct Investment in China（外資入股的優勢：外商直接投資在中國的影響）
主講人：王健，美國達拉斯聯邦儲備銀行高級經濟學家
日期：2015年6月24日（周三）
時間：下午2:00-3:30
地點：清華Betvictor中文版4号樓101教室
語言：英文
摘要：
To examine
the effect of foreign direct investment, this paper compares the
post-acquisition performance changes of foreign-and domestic-acquired firms in
China. Unlike previous studies, we investigate the purified effect of foreign
ownership by using domestic- acquired firms as the control group. After
controlling for the acquisition effect that exists in domestic acquisitions, we
find no evidence that foreign ownership can bring productivity gains to target
firms. In contrast, a strong and robust finding is that foreign ownership
significantly improves target firms’ financial conditions and exports relative
to domestic-acquired firms. Foreign acquisition is also found to improve
output, employment and wages for target firms. These findings conflict with the
conventional view of productivity-driven FDI and highlight the financial
channel through which FDI benefits the host countries
主講人簡介:
Jian Wang is senior research
economist and advisor of Federal Reserve Bank of Dallas since 2013. Wang
received a M.A. and a Ph.D. in Economics from University of Wisconsin-Madison. Prior
to joining the Federal Reserve Bank of
Dallas, he was a visiting fellow of Hong Kong Institute of Monetary Research
and adjunct professor in Southern Methodist University. He has also been a
regular contributor on editorial board of Pacific Economic Review since
2012, and has published many essays in Annual Report of Federal Reserve Bank of Dallas, and Economic Letter and other
leading journals in the industry.
