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引用次数: 0
摘要
外资企业的利润既可以汇回原籍国，也可以在东道国进行再投资。本文利用双边国家级外国直接投资收益流数据，以实证研究的方式探讨了在特定国家进行再投资的决定因素。本文对 2005-2020 年期间经合组织国家对的面板数据进行了回归估计，并考虑了来源国和东道国的固定效应。宏观经济条件、制度因素、代理问题、税收和全球经济因素被视为解释变量。在 2SLS 检验中，使用滞后的独立变量作为工具。主要发现是地理距离和世界 GDP 增长率降低了再投资率，而共同的法律渊源则提高了再投资率。
Profits accruing to foreign-owned firms can either be repatriated to the origin country or reinvested in the host country. Using bilateral country-level FDI earnings flow data, this paper empirically investigates what determines how much is reinvested in a given country. Panel data regressions are estimated on OECD country pairs for the time period 2005-2020 with origin and host country fixed effects. Macroeconomic conditions, institutional factors, agency problems, taxation, and global economic factors are considered as explanatory variables. Lagged independent variables are used as instruments in a 2SLS specification. The main finding is that geographical distance and the world GDP growth rate reduce reinvestment rates, while a shared legal origin increases them.
期刊介绍：
The topics covered in Open Economies Review include, but are not limited to, models and applications of (1) trade flows, (2) commercial policy, (3) adjustment mechanism to external imbalances, (4) exchange rate movements, (5) alternative monetary regimes, (6) real and financial integration, (7) monetary union, (8) economic development and (9) external debt. Open Economies Review welcomes original manuscripts, both theoretical and empirical, dealing with international economic issues or national economic issues that have transnational relevance. Furthermore, Open Economies Review solicits contributions bearing on specific events on important branches of the literature. Open Economies Review is open to any and all contributions, without preferences for any particular viewpoint or school of thought. Open Economies Review encourages interdisciplinary communication and interaction among researchers in the vast area of international and transnational economics. Authors will be expected to meet the scientific standards prevailing in their respective fields, and empirical findings must be reproducible. Regardless of degree of complexity and specificity, authors are expected to write an introduction, setting forth the nature of their research and the significance of their findings, in a manner accessible to researchers in other disciplines. Officially cited as: Open Econ Rev
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