Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela
利用委内瑞拉工厂面板数据，发现外资参股仅对小企业有正向生产率效应，但外资对国内本土企业生产率有负向溢出，净影响很小，收益全被合资企业获得。
Governments often promote inward foreign investment to encourage technology “spillovers” from foreign to domestic firms. Using panel data on Venezuelan plants, we find that foreign equity participation is positively correlated with plant productivity (the “own-plant” effect), but this relationship is only robust for small enterprises. We then test for spillovers from joint ventures to plants with no foreign investment. Foreign investment negatively affects the productivity of domestically owned plants. The net impact of foreign investment, taking into account these two offsetting effects, is quite small. The gains from foreign investment appear to be entirely captured by joint ventures..