Product Market Competition and FDI Decisions
研究了国内行业竞争是否影响企业进行外商直接投资（FDI）的倾向和区位选择，发现竞争越激烈，企业越不愿进行FDI，但该效应因企业成本、效率、增长机会和现金储备而异。
Abstract I examine whether competition from domestic industry rivals affects firms’ proclivity to undertake foreign direct investment (FDI) and their country location choices. I find that competition affects foreign production decisions and the geography of international investments. While firms enduring stiffer competition are significantly less likely to undertake FDI, this effect is heterogeneous across firms. Competition deters FDI more strongly when costs are heavier, whereas it has weaker effects when efficiency is higher, growth opportunities are valuable, and cash reserves are higher. FDI location models suggest that when going abroad, firms facing stronger competition are more likely to pursue economies of productivity and taxation.