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首页> 外文期刊>Review of international economics >Shouldn't Physical Capital Also Matter for Multinational Enterprise Activity?
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Shouldn't Physical Capital Also Matter for Multinational Enterprise Activity?

机译：实物资本是否也应与跨国企业活动息息相关？

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The foreign direct investment (FDI) literature has generally failed to find strong systematic evidence of "vertical" motivations in bilateral aggregate FDI and foreign affiliate sales (FAS) data, despite recent evidence of vertical FDI in firm-level data. Moreover, a Bayesian analysis of the empirical determinants of FDI (and FAS) flows reveals that the parent country's physical capital per worker has a strong positive effect on FDI alongside typical gravity-equation variables; however, this variable is ignored in the knowledge-capital (KC) model and most empirical work. We address these two puzzles by introducing relative factor endowment differences into the three-factor, three-country knowledge and physical capital extension of the 2×2×2 KC model. Using a numerical version of our model, we show that horizontal and vertical multinational enterprises' (MNEs') headquarters surface in different parts of the Edgeworth box relating the parent country's skilled labor share relative to its physical capital share (of the parent's and host's endowments). The key economic insight is that horizontal MNE headquarters will be relatively more abundant than vertical MNE headquarters in countries that are abundant in physical capital relative to skilled labor, because of the multi-plant (single-plant) structure of horizontal (vertical) MNEs-assuming plants (headquarters) use physical capital (skilled labor) relatively intensively in their setups. The theoretical relationships suggest augmenting empirical FAS gravity equations with (polynomials of) the parent's skilled labor share alongside the parent's physical capital share to explain in aggregate bilateral data the coexistence of horizontal and vertical FAS. The theoretical and empirical results shed light on the positive effect of parent's physical capital share on FAS flows, but also suggest that MNE headquarters may be prominent in parent countries with relatively high and low skilled labor shares-once physical capital is accounted for-a result not suggested by the two-factor KC model.
机译：尽管最近在企业层面的数据中有垂直FDI的证据，但外国直接投资（FDI）文献通常未能在双边FDI和外国联属销售（FAS）数据中找到“垂直”动机的有力系统证据。此外，对外国直接投资（和FAS）流动的经验决定因素的贝叶斯分析表明，除了典型的引力方程变量，母国的人均劳动者物质资本对外国直接投资有很强的积极影响。但是，该变量在知识资本（KC）模型和大多数经验工作中均被忽略。通过将相对要素end赋差异引入2×2×2 KC模型的三要素，三国知识和物质资本扩展，我们解决了这两个难题。使用我们模型的数字版本，我们显示了水平和垂直跨国企业（MNEs）的总部位于Edgeworth框的不同部分，该区域将母国的熟练劳动力份额与其实际资本份额（母公司和东道国s赋的份额）相关）。关键的经济洞察力是，由于水平（垂直）跨国企业的多工厂（单工厂）结构，在相对于熟练劳动力而言实物资本丰富的国家中，水平跨国公司总部将比垂直跨国公司总部相对更为丰富。假设工厂（总部）在其设置中相对密集地使用物质资本（熟练劳动力）。理论关系建议用父母的熟练劳动力份额（的多项式）和父母的实物资本份额来扩充经验FAS重力方程式，以在总体双边数据中解释水平和垂直FAS的共存。理论和经验结果揭示了母公司的实物资本份额对FAS流量的积极影响，但也表明，跨国公司总部可能在熟练劳动力份额相对较高和较低的母国中占主导地位（一旦占了实物资本）两因素KC模型没有建议。

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  • 来源
    《Review of international economics》 |2013年第5期|945-965|共21页
  • 作者

    Jeffrey H. Bergstrand; Peter Egger;

  • 作者单位

    Department of Finance, Mendoza College of Business and Kellogg Institute for International Studies, University of Notre Dame and CESifo, Notre Dame, IN 46556, USA;

    Department of Economics, ETH University, CESifo, and Ifo Institute, Weinbergstrasse 35, 8092 Zurich, Switzerland;

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