Quantifying Productivity Gains from Foreign Investment
利用全球企业层面数据，通过区分金融与产业投资者的外资差异并控制不可观测因素，量化了外资对企业生产率的直接效应和溢出效应，发现其对国家层面生产率增长的总体影响很小。
We quantify the causal effect of foreign investment on total factor productivity (TFP) using a new global firm-level database. Our identification strategy relies on exploiting the difference in the amount of foreign investment by financial and industrial investors and simultaneously controlling for unobservable firm and country-sector-year factors. Using our well identified firm level estimates for the direct effect of foreign ownership on acquired firms and for the spillover effects on domestic firms, we calculate the aggregate impact of foreign investment on country-level productivity growth and find it to be very small.