Outward Investments and Productivity: Evidence from European Regions

对外投资与生产力：来自欧洲区域的证据.本文运用国际投资计画的崭新数据 集，建立欧盟二百六十二个区域的对外外商直接投资（FDIs）之计量。此一计量，得以让2007年至2011年期间的生产 力成长的回归估计，作为FDIs数量的函数。在对外投资的区域中，製造业活动中的对外FDIs数量，与生产力的成长呈 现负相关，但对于销售、分派和行销的投资，则与在地生产力的成长相关。此一现象，特别是受到对非欧盟地点的投 资所驱动。此一证据证实了对外投资导致掏空的恐惧。

Using a novel data set on international investment projects, this paper builds measures of outward foreign direct investments (FDIs) for 262 regions of the European Union. This allows as estimation to be made of regressions of productivity growth over the 2007–11 period as a function of the number of FDIs. The number of outward FDIs in manufacturing activities is negatively associated with productivity growth in the home region, but investments in sales, distribution and marketing are associated with a boost in local productivity. This is driven especially by investments towards non-European Union locations. This evidence qualifies the fear of hollowing-out as a consequence of outward investments.