2016 12 FDI * : FDI, : FDI,,,, FDI, FDI :FDI,,, ( FDI 1,2009), FDI, (,2011) :FDI,,2010), (Cheng & Kwan,2000;,2001;,,2004;,2009), FDI,,,, (Shleifer& Vishny,1994),,, (Harrison & McMilan, 2010), ; FDI ( (,2004) 2003);FDI, (,2009;, (Boubakrietal,2008; *, :211189, :sqhuang0704@163.com;, (2015ZDAXM004), (14SZB024) 2016, 39
,2011), FDI, ;(2) (FDI) (Shleifer & Vishny,1994), (Bou- bakrietal,2008),, ;(3) (,2004),, (, 2004;,2008;,2011), (,, 2008),, (,2015),,, (Djankov & Murrel,2002;,2013;,2013) FDI,, (, (,2007), 2007), (,2013), (Montinolaetal,1995),,,,,, (,2009), FDI,, (,2005) A,, (FDI), FDI, (,2004) :,FDI,, ( :(1),2007), ;, FDI FDI (,2007;,2010), (Cheng & Kwan,2000;,,2001;,2009), FDI 40
, (Aitken & Harrison,1999) FDI, (3),, (Agosin & Mayer,2000),FDI,, (,2011;,2013),,FDI 1: FDI : (1a);,, (1b),, FDI,, (,2011),, :,FDI,,,,,, ;,,, FDI,, 2 2: FDI, FDI (2a);,,, (2b), FDI (PoliticalConnection) (Faccio,2006), (,1995;Alenetal,2005),, (,2011) :(1) (,2003), (,2010), (,2009), (Adhikarietal,2006;Fanetal, (,2013) 1 2016 12, 2008), (Faccio,2006;,,2009) (2010), (,2013) (2),,, (,2014),,, 41
+β 3Size+ β 4Lev+ β 5Donation (,2013), +β 6Roa+ β 7Top1+ β 8State FDI +β 9Deficits+ β Location +,, FDI β Year+ε (1), Subsidy,, ; FDI,,, (Kornai,1986) GDP,, :Roa,, (,2009) ;Lev,, 3 ;Size, 3: FDI, (3a);, 1 ;Political (3b) ( ), A 474 2008-2013, 1, 0;Employee, ; ; 0, ;Top1 ; State,, 267 1602, 1, 0; Deficits, 1020, 582, (1) Location( ) Year 1 :(1) FDI A 2 (1), ;(2) FDI Deficits, (2) Subsidy = 0 + 1FDI+ 2FDI Deficits CSMAR ;(3) FDI + 3Deficits+ 4Political + 5Size+ 6Lev+ 7Donation ;(4) ( ) + 8Roa+ 9Top1+ 10State ;(5), + Location+ Year+ε (2011)1998 2009 (2), FDI Deficits 2010-2013 2 ( ) 1, (2013) (1) (1) Subsidy =β 0 + β 1FDI+ β 2Political 42 ;Donation, ( ),, (2) 2,
FDI Deficits 3 (1) 1 FDI Political, (3) Subsidy =χ 0 + χ 1FDI+ χ 2FDI Political +χ 3Political+ χ 4Size+ χ 5Lev +χ 6Donation+ χ 7Roa+ χ 8Top1 +χ 9State+ χ Location + χ Year+ε (3) ( ) 1, Subsidy 16.232,Subsidy 20.658, 9.729, 1.606, FDI 2.601%, GDP 2.601% 8.166%, 0.068%, 1.484,, FDI Political Political 0.796, FDI Political,, Deficits 0.921, (1) 5.745, 0.066,, 0.850, (3) 3, FDI Political 1 1 2016 12 Subsidy 16.232 1.606 9.729 20.658 FDI 2.601 1.484 0.068 8.166 Wpay 11.040 0.580 7.582 14.943 Employee 1.697 2.557 0.012 93.069 Nps 5.349 8.434-81.171 67.517 Size 22.066 1.040 19.023 26.647 Lev 0.503 0.168 0.047 0.916 Roa 0.038 0.053-0.326 0.400 Top1 36.257 15.210 5.020 85.230 State 0.637 0.481 0 1 Donation 10.372 5.416 0 18.154 Market 9.256 2.789 2.550 16.380 Deficits 0.921 0.850 0.066 5.745 Political 0.796 0.403 0 1, 0.160(T 4.420), 1%, ( ) FDI (1-a) ;,FDI 2, -0.121(T,FDI -2.450), 1% Subsidy 0.068(T 2.300), FDI, 5%,,, FDI,, (2011),, (1b), (1a) FDI,, FDI 43
, Political,,, (,2013),, Roa, (, ) Size (2014),, Top1,, (2013), Donation, 2 FDI Const -1.348 * -1.690-1.463-1.530-2.568 * -1.700 Political 0.099 1.240-0.064-0.660 0.411 *** 2.850 Size 0.790 *** 20.370 0.808 *** 17.290 0.831 *** 11.390 Lev 0.230 0.990 0.218 0.800 0.274 0.640 Donation 0.035 *** 5.430 0.043 *** 5.580 0.011 0.960 Roa 2.292 *** 3.400 2.416 *** 2.700 2.189 ** 2.130 Top1-0.014 *** -5.960-0.019 *** -6.650-0.005-1.310 State 0.058 0.840 Deficits 0.050 0.690 0.007 0.080 0.194 1.490 FDI 0.068 ** 2.300 0.160 *** 4.420-0.121 ** -2.450 F 60.880 46.090 23.880 AdjR 2 0.374 0.399 0.371 Obs. 1602 1020 582 :*** ** * 1% 5% 10% ( ) Wpay,FDI 0.074 ( )FDI : 4, FDI 3 4 FDI FDI Wpay Em- ( ) ployee, FDI Wpay -0.390 3, FDI (T -5.560), 1% (T 6.200), 1% Wpay Employ-, FDI ee, (, ), FDI Wpay,,,FDI 0.089(T 6.530) 0.045, FDI, FDI (T 1.960), 1% 5% ( 1a), FDI 44
Wpay Employee FDI,,FDI Wpay -0.581(T -5.350),, 2016 12, 1%,, FDI, 1b (Shleifer & Vishny,1994) 3 FDI Wpay Const 8.921 *** 27.860 8.251 *** 23.530 11.180 *** 16.140 Size 0.077 *** 5.120 0.109 *** 6.640-0.015-0.470 Lev 0.003 0.030-0.045-0.450 0.090 0.460 Roa 1.807 *** 6.720 1.967 *** 6.130 1.429 *** 3.000 Top1 0.005 *** 5.850 0.007 *** 6.450-0.0003-0.180 State 0.213 *** 7.580 Political -0.036-1.130-0.053-1.520 0.080 1.190 Market 0.00008 0.010 0.007 0.700-0.006-0.330 FDI 0.074 *** 6.200 0.089 *** 6.530 0.045 ** 1.960 F 31.410 31.790 4.970 AdjR 2 0.222 0.298 0.087 Obs. 1602 1020 582 4 FDI Const 5.102 *** 3.470 0.388 0.180 9.542 *** 8.330 Size -0.114 * -1.660 0.131 1.280-0.353 *** -6.670 Lev -1.908 *** -4.500-2.668 *** -4.360-1.011 *** -3.090 Roa -2.752 ** -2.230-0.909-0.460-3.996 *** -5.020 Top1-0.007 * -1.620-0.011 * -1.640-0.00006-0.020 State 0.310 ** 2.400 Political -0.132-0.900-0.116-0.550-0.315 *** -2.840 Market 0.039 0.980 0.047 0.760 0.070 ** 2.490 FDI 0.049 0.890 0.211 ** 2.530-0.143 *** -3.760 Wpay -1.459 *** -12.420-2.041 *** -10.160-0.796 *** -11.380 FDI Wpay -0.390 *** -5.560-0.581 *** -5.350 0.012 0.230 F 21.690 16.700 20.950 AdjR 2 0.180 0.198 0.355 Obs. 1602 1020 582 45
5 FDI Nps Const -0.281 *** -5.190-0.217 *** -3.430-0.365 *** -3.380 Size 0.020 *** 7.950 0.014 *** 4.770 0.027 *** 5.560 Lev -0.227 *** -15.580-0.171 *** -9.990-0.341 *** -12.530 Top1 0.00004 0.280 0.0003 * 1.740-0.0002-0.940 State -0.025 *** -5.250 Market 0.001 0.720 0.002 0.890-0.001-0.390 FDI -0.003-1.270-0.004 * -1.770 0.002 0.490 F 27.310 12.020 16.540 AdjR 2 0.176 0.115 0.243 Obs. 1602 1020 582 ( )FDI :,, 5, FDI white Nps,,,,, Subsi- dy, ;,, FDI,FDI, -0.004(T -1.770), 10% To- ; binq, FDI,,FDI ( 1b) (loan)( ( ),,, Subsidy 1, 0, Logistic,, ) FDI (debt), FDI FDI ( ) FDI, 6 FDI, 2008 2008 6,, FDI Subsidy,, ( 0.100,T 2.210),, ( -0.176,, 2008 T -2.750), 1, FDI Deficits, Subsidy, -0.130(T FDI, -2.730), 1%, 46
2016 12 6 FDI Const -0.941-1.200-0.833-0.880-2.580 * -1.730 Political 0.097 1.210-0.061-0.630 0.391 *** 2.700 Size 0.783 *** 20.190 0.801 *** 17.130 0.827 *** 11.330 Lev 0.272 1.179 0.257 0.940 0.314 0.740 Donation 0.035 *** 5.460 0.043 *** 5.560 0.012 1.000 Roa 2.301 *** 3.420 2.440 *** 2.730 2.180 ** 2.130 Top1-0.014 *** -6.160-0.020 *** -6.810-0.005-1.360 State 0.073 1.050 FDI 0.006 0.160 0.100 ** 2.210-0.176 *** -2.750 Deficits -0.175 * -1.610-0.205-1.580-0.013-0.070 FDI Deficits -0.130 *** -2.730-0.120 ** -2.170-0.122-1.360 F 57.970 43.660 22.530 AdjR 2 0.377 0.401 0.372 Obs. 1602 1020 582 7 FDI Const -1.132-1.430-1.218-1.290-2.640 * -1.760 Size 0.793 *** 20.51 0.817 *** 17.530 0.836 *** 11.540 Lev 0.220 0.950 0.212 0.780 0.216 0.510 Donation 0.035 *** 5.440 0.044 *** 5.640 0.009 0.770 Roa 2.347 *** 3.490 2.510 *** 2.810 2.195 ** 2.150 Top1-0.014 *** -6.170-0.021 *** -7.070-0.004-0.920 Deficits 0.041 0.570-0.003-0.030 0.158 1.220 State 0.067 0.960 FDI 0.053 * 1.800 0.148 *** 4.080-0.156 *** -3.070 Political 0.107 *** 1.340-0.059-0.620 0.417 *** 2.910 FDI Political 0.195 *** 3.360 0.219 *** 3.170 0.318 *** 2.930 F 58.330 44.220 23.22 AdjR 2 0.378 0.404 0.380 Obs 1602 1020 582 ( ) FDI,, (2a) 7, Subsidy, FDI ( 0.148,T Deficits Subsidy, 4.080), ( -0.120(T -2.170), 5% -0.156,T -3.070), 1, FDI Political FDI Deficits Subsidy, 0.195(T, (2b) 3.360), 1%, 47
FDI,, (3a),,,, FDI Political Subsidy,,, 0.219(T 3.170), 1%, FDI,, FDI,, FDI,, FDI Political, 0.318(T 2.930), 1% :, 1 FDI FDI, GDP FDI, 2 (2012) (2014), FDI Political :,,2010: FDI, 2, (3b),2003:, 9,2009:, :, 9 FDI,2014:,, 2,2011: :, 2 FDI,,2004:,, 1,,2013:,, 2, FDI,2014: :, 6,,2008: FDI, FDI, 5,,2004:, 2 FDI,2004: :, 8,,2013:, 1 FDI,2013:, 4,,2010:, 9 48
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