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1、外文翻譯之一Toshareornottoshare:Doeslocalparticipationmatterforspilloversfromforeigndirectinvestment?Author(s)：BeataSmarzynskaJavorcikandMarianaSpatareanuNationality：U.S.Source：“Toshareornottoshare:Doeslocalparticipationmatterforspilloversfromforeigndirectinvestment?”JournalofDevelopmentEconomics,Arti
2、cleinpress1.IntroductionAlthoughdomesticequityownershiprequirementsusedtobeextensivelyutilizedbygovernmentsindevelopingcountries,2theirincidencehassharplydeclinedinrecentyears(UNCTAD,2003).Increasinglycompetitiveenvironmentforforeigndirectinvestment(FDI)andtheneedtocomplywithinternationalcommitm
3、entshaveputpressureongovernmentstorelaxrestrictionsonforeignentrants.Oneoftheoriginalmotivationsfortheexistenceofownershipsharingconditionswasthebeliefthatlocalparticipationinforeigninvestmentprojectsrevealstheirproprietarytechnologyandthusbenefitsdomesticfirmsbyfacilitatingtechnologydiffusion(s
4、eeBeamish,1988andBlomstr?mandSj?holm,1999).Aswritingacontractspecifyingallaspectsoftherightstouseintangibleassetsisdifficult,ifnotimpossible,jointdomesticandforeignownershipofaninvestmentprojectismorelikelytoleadtoknowledgedissipation.Alocalpartnermayusetheknowledgeacquiredfromtheforeigninvestor
5、initsotheroperationsnotinvolvingtheforeignshareholdersorbeinginchargeofhiringpolicies,asisoftenthecase,thelocalpartnermayhavelessincentivetolimitemployeeturnover.3Thisproblemisreducedwhenthemultinationalisthesoleownerofitsaffiliate.4Asaconsequence,multinationalsmaybemorelikelytotransfersophistic
6、atedtechnologiesandmanagementtechniquestotheirwhollyownedsubsidiariesthantopartiallyownedaffiliates.5III-10Thisinturnhasimplicationsforknowledgespilloverstolocalproducersinahostcountry.LesssophisticatedtechnologiesbeingtransferredtojointlyownedFDIprojectsmaybeeasiertoabsorbbylocalcompetitors,whi
7、chcombinedwithabetteraccesstoknowledgethroughtheactionsofthelocalshareholdermayleadtogreaterintra-industry(orhorizontal)knowledgespilloversbeingassociatedwiththesharedownershipstructurethanwithwhollyownedforeignaffiliates.Mo
