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1、外文翻譯原文EXPORTINGANDFDIASALTERNATIVESTRATEGIESMaterialSource：OXFORDREVIEWOFECONOMICPOLICY，VOL.20，Author：KeithHead，JohnRiesExportsandoverseasproductionarealternativemodesforservingforeigncustomers.Empiricalstudiesusuallyfindthatforeignmarketsareservedthroughbothmodesandthatcountriesrece
2、ivinghighlevelsofexportsalsohostlargeamountsofforeigndirectinvestment(FDI).ThispaperevaluatesseveralpossiblewaystoreconcilethefactsaboutFDIandexportswiththestandardtheoryofmultinationalcorporations.WearguethatcoexistenceandcorrelationofFDIandexportsareconsistentwithmodelswherethetwom
3、odesaresubstitutes.Thissubstitutiverelationshipfindscollaborativeevidenceintheresultsofseveralpapers.Nevertheless，asignificantbodyofevidencesuggeststhatFDIsometimescomplementsexportsthroughthemechanismofstimulatingexportsofintermediategoodsforusebyoverseasaffiliates.I.INTRODUCTIONMul
4、tinationalcorporations(MNCs)recurrentlyfacethesamequestion：shouldwesupplyproductXtocustomersincountryjusingourexistingfactoryincountryiorshouldweinvestinafacilitythatcanmanufacturelocallyincountryj?Togiveconcreteexamples，bothauthorsofthispaperdrivecarsmanufacturedbyJapanesefirms.Onec
5、arwasproducedatSubaru’smainplantinGunma，Japan，whiletheotherwasproducedinGeorgetown，Kentucky.Theseexamplesmakeitclearthat，atthelevelofanindividualproduct，exportingandforeigndirectinvestment(FDI)arealternativestrategiesforreachinganoverseascustomer.Muchempiricalworkhasstruggledtofindst
6、atisticalevidencetosupportthisproposition.ThispaperoutlinesalternativetheoriesoftheMNCtoidentifytheeconomicmechanismslinkingFDIandexports.WethenreviewthelargeliteratureonwhetherexportingandFDIaresubstitutesorcomplements.Withfewexceptions，moststudiesfindapositiverelationshipbetweenexp
7、ortsandFDI.Someauthorsinterpret20thisasevidenceof‘complementarity’betweenthetwovariables.Othersquestiontheeconometrics，arguingthatthepositiverelationshipcouldbespurious.Wearguethattheempiricalevidencedoesnotcontradictthetheoreticalpredictionofsubstitutionattheproductlevel.Indeed，subs
8、titutionisfo
