外商直接投资，技术寻求和逆向技术溢出效应外文翻译 外文翻译原文FOREIGN DIRECT INVESTMENT, TECHNOLOGY SOURCING AND REVERSE SPILLOVERS Material Source: The Manchester School Vol 71 No. 6 December 2003Author: NIGEL DRIFFIELD Business School, University of Birmingham And JAMES H. LOVE? Aston Business School, Aston University Recent theoretical work points to the possibility of foreign direct investment motivated not by ownership advantages which may be exploited by a multinational enterprise but by the desire to access the superior technology of a host nation through direct investment. To be successful, technology sourcing foreign direct investment hinges crucially on the existence of domestic-to-foreign technological externalities within the host country. We test empirically for the existence of such reverse spillover effects for a panel of UK manufacturing industries. The results demonstrate that technology generated by the domestic sector spills over to foreign multinational enterprises, but that this effect is restricted to relatively research and development intensive sectors. There is also evidence that these spillover effects are affected by the spatial concentration of industry, and that learning-by-doing effects are restricted to sectors in which technology sourcing is unlikely to be a motivating influence. 1 Introduction Traditional models of foreign direct investment FDI have been heavily influenced by a framework which suggests that where a company has some ownershipi.e. competitive advantage over its rivals and where, for reasons of property rights protection, licensing is unsafe, a company will set up production facilities in a foreign country through FDI Dunning, 1988. Since much of the discussion of ownership advantages is couched in terms of technology and/or management expertise, there is a strong a priori assumption that this technology exploiting FDI will be an important method by which technology is transferred internationally. Indeed, there is a growing literature concerned with the extent to which FDI contributes to technological advance in host countries. Much of this analysis is based on estimations of externalities from inward FDI, with the evidence generally pointing towards positive effects of FDI on domestic productivity Blomstr?m and Kokko, 1998. However, the literature is increasingly turning to the possibility that FDI may be influenced by multinational firms desire not to exploit an existing ownership advantage abroad but to acquire technology from the host country, i.e. that technology sourcing may be the motive for FDI. Kogut and Chang 1991 and Neven and Siotis 1996 point out that this possibility has exercised the minds of policy-makers in the USA and the EU, with concerns that host economies technological base may be undermined by technology sourcing by Japanese and US corporations respectively. These studies examine the effects of host versus home country research and development R&D expenditure differentials on FDI flows between Japan and the USA and the USA and the EU respectively. Both studies find a positive relationship between these measures, and interpret this as evidence of technology sourcing. The literature on the internationalization of R&D also contains an increasing amount of evidence that technology sourcing may be a motive for FDI Cantwell, 1995; Cantwell and Janne, 1999; Pearce, 1999.This literature stresses a range of reasons for FDI in R&D, much of which is concerned with the relative technological strengths of the capital exporting i.e. home firm or country versus that of the host. For example, Kuemmerle 1999 distinguishes between home-base exploiting FDI andhome-base augmenting FDI. The former is undertaken in order to exploit firm-specific advantages abroad, while the latter is FDI undertaken to access unique resources and capture externalities created locally. And in an analysis of inward and outward FDI in 13 industrialized countries, van Pottelsberghe de la Potterie and Lichtenberg 2001 find positive spillover effects from outward FDI arising from accessing the R&D capital stock of host countries, leading them to conclude that FDI flows are predominantly technology sourcing in nature Recent theoretical work represents an important step forward in this area, with Fosfuri and Motta 1999 and Siotis 1999 both presenting formal models of the FDI decision which embody the possibility of technology sourcing. They show that a firm may choose to enter a market by FDI in order to access positive spillover effects arising from close locational proximity to a technological leader in the host country. Because of the externalities associated with technology, these spillovers decrease the production costs of the investing firm both in its subsidiary operations and in its home production base. Siotis 1999 also shows that the presence of spillovers may induce firms to invest abroad even where exporting costs are zero. Th