外商直接投资在中国东部地区的实证研究外文翻译.docVIP

外文翻译 原文 An Empirical Study of Foreign Direct Investment Location in Eastern China Material Source: The Chinese Economy, vol. 41, no. 6, November–December 2008, pp. 75–98. Author: Xing Li, Keqiang Hou, and M.W. Luke Chan Abstract: This paper examines the determinants of foreign direct investment (FDI) for the Eastern Region of China as a whole by excluding the two lesser jurisdictions and concentrating on the Big Five jurisdictions from 1993 to 2005. Robust estimates and a better understanding of FDI in Eastern China are obtained by employing robust Ordinary Least Squares (OLS), the random effect model, and the fixed-effect model separately on each case. Without any outliers and serial correlation in residuals, the Big Five case gives us the most reliable estimates of determinants of FDI in Eastern China. Market size and labor quality are found to have a positive, significant, and quantitatively large effect on FDI in Eastern China, whereas education and infrastructure have a statistically non-significant positive direct effect on FDI. As for the level of local physical investment, we found a small crowding-out effect on FDI in the Big Five case. Foreign direct investment (FDI) in China has been subjected to many years of discussion and study. This is a direct result of the level and impact of such investments on China’s overall development. The economic growth in China since 1979 and the beginning of its open-door policy have been keenly observed and studied. The economic growth phenomenon witnessed in the past two decades is something never before seen in human history. Many factors have triggered and propelled such growth, including new technology from developed countries, the influx of modern management, and, of course, foreign direct investment. In analyzing the impact of FDI on the growth and development of the Chinese economy, China’s different economic regions will be divided to isolate and identify the regional differences where such investment added to the