分析吸引外來直接投資的政策意涵

Abstract

本論文由兩篇分析關於吸引更多外來直接投資政策意涵的文章所組成。第一篇文章在考慮外國廠商可以自由決定是否進入國內市場以及以何種方式銷售其產品時，分析本國政府採取補貼政策來吸引更多外來直接投資會對總體變數產生何種影響。我們發現如果廠商的生產力有差異時，本國政策提供小額的補貼計劃就可以引起國內消費的增長並且為國內帶來短期福利水準改善。然而，這樣的補貼會產生新問題並導致財富再分配效應，從而導致國內長期福利水準的惡化。此外，我們還發現如果對所有在本國境內從事生產的廠商進行補貼，則會促使國內的福利改善。 第二篇文章探討在三國隨機動態一般均衡的模型下，兩國競爭第三國的外來直接投資的後果。我們發現如果公共設施的投資是通過勞動收入稅上調，進口關稅或政府消費減少來籌集資金，那麼公共投資的增加會吸引更多的外來直接投資。而隨著公共設施的累積，國內生產力也會提高，並且導致實際匯率升值以及貿易條件惡化。另一種有效吸引外來直接投資的方式是降低企業稅率。但是，如果公共設施隨著公司稅率的降低而降低，則減稅就失去效果。最後，無論本國政府採用何種政策來吸引外來直接投資，國內永久性放鬆管制都會改善社會福利。

This dissertation consists two essays about the policy implications of attracting more foreign direct investment (FDI). The first subject analyzes the macroeconomic-impacts of subsidies to attract multinational corporations when firms are determining whether to enter or how to serve foreign markets. We show that a small FDI subsidy scheme induces consumption gains and delivers short-term welfare improvement for the FDI host country if firms differ in their productivity. However, the subsidy would generates a new problem and result in the wealth reallocation effect, leading to welfare deterioration for the host country in the long run. Moreover, we find that a subsidy program would induce a welfare improvement for the host country if it is offered to all domestic producers instead of foreign producers only in the host country. The second subject explores the consequences of FDI competition between two countries under a three-country DSGE model. We find that an increase in the public investment in physical infrastructure attracts more FDI if that infrastructure investment is financed via labor income tax hikes, import tariffs, or government consumption reductions. Increasing public infrastructure also increase domestic production and generally results in a real exchange rate appreciation as well as a terms of trade deterioration. To reduce the corporate tax rate is another effective way to draw FDI. However, corporate tax reductions do not work if the public infrastructure decreases along with the reduction of the corporate tax rate. Finally, permanent deregulations in the host country improve social welfare regardless of the policies the host government employs to attract FDI.