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基于东道国是否存在FDI政策竞争和企业创新,本文探讨了低效率跨国公司的海外投资方式、东道国的外资政策,以及对社会福利和东道国企业技术创新的影响。研究发现:第一,在没有政策竞争情况下,跨国公司既可能在一国并购低成本企业,又可能在另一国投资建厂;跨国并购会损害东道国的国民福利,但是在另一国投资建厂却会改善东道国的福利。第二,在存在政策竞争情况下,跨国公司仍会在跨国并购与投资建厂之间进行权衡;跨国公司投资必将提升东道国的福利乃至全球总福利;东道国既可能会采取投资补贴又可能会采取投资征税来引进外资。第三,若企业的研发效率较低(高),引进外资(接受进口)更能增强本土企业的创新动力。
Based on whether the host country has FDI policy competition and enterprise innovation, this paper discusses the overseas investment methods of inefficient transnational corporations, the host country’s foreign investment policy, and the impact on social welfare and host country enterprise technology innovation. The study finds that: First, in the absence of policy competition, multinational corporations may not only acquire low-cost companies in one country, but may also invest and build factories in another country; cross-border mergers and acquisitions will harm the national welfare of the host country, but they will invest in another country. Building a factory will improve the welfare of the host country. Second, in the presence of policy competition, multinational companies will still make trade-offs between cross-border mergers and acquisitions and investment in construction; multinational investment will inevitably increase the welfare of the host country and even global welfare; the host country may adopt investment subsidies and may Take investment taxation to attract foreign investment. Third, if the company’s R&D efficiency is relatively low (high), the introduction of foreign capital (accepted imports) can enhance the innovation power of local companies.