Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard?
基于捷克和俄罗斯1992-2000年工业企业面板数据，研究发现私有化未显著提升国内企业效率，国内企业未追赶外资企业效率标准，且俄罗斯企业效率差距更大。
Economic development implies that the efficiency of firms in developing countries is \napproaching that of firms in advanced economies. We examine the extent of this \nconvergence in the Czech Republic and Russia, economies that represent alternative models \nof implementing development policies, often referred to as the Washington Consensus, that \nhave promoted privatization, competition and foreign investment. We also test hypotheses \npositing that only firms near the efficiency frontier benefit from these policies and catch up. \nUsing 1992-2000 panel data on virtually all industrial firms in each country, we find that \nprivatization to domestic owners did not markedly improve the efficiency of firms; domestic \nfirms are not catching up to the (world) efficiency standard given by foreign-owned firms; and \nthe distance of the Russian firms to the efficiency frontier is much larger than that of the \nCzech firms and continued to grow for most firms beyond 1997 while remaining constant in \nthe Czech Republic. Domestic firms closer to the frontier are not more likely to catch up than \nfirms further from the frontier although foreign firms do exhibit this behavior. Foreign-owned \nfirms are increasingly displacing domestic firms in the top deciles of the overall distribution of \nefficiency, due in part to slower ?learning? by domestic firms, higher efficiency of foreign \nstartups, and foreigners? acquisitions of more efficient domestic firms. The Washington \nConsensus policies have not enabled domestic firms in either country to start catching up to \nthe world standard.