Good and useless FDI: The growth effects of greenfield investment and mergers and acquisitions

被引：33
|
作者：
Harms, Philipp [1 ,2 ]
Meon, Pierre-Guillaume [3 ]
机构：
[1] Johannes Gutenberg Univ Mainz, Jakob Welder Weg 4, D-55128 Mainz, Germany
[2] Study Ctr Gerzensee, Gerzensee, Switzerland
[3] Univ Libre Bruxelles, Solvay Brussels Sch Econ & Management, Brussels, Belgium
来源：
REVIEW OF INTERNATIONAL ECONOMICS | 2018年 / 26卷 / 01期
关键词：
FOREIGN DIRECT-INVESTMENT; EXCHANGE-RATE REGIMES; CROSS-BORDER MERGERS; FINANCIAL GLOBALIZATION; PRODUCTIVITY GROWTH; MNC SUBSIDIARIES; ECONOMIC-GROWTH; DOMESTIC FIRMS; SPILLOVERS; OWNERSHIP;
D O I：
10.1111/roie.12302
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We explore the effect of foreign direct investment (FDI) on economic growth, distinguishing between mergers and acquisitions (M&As) and greenfield investment. A simple model underlines that, unlike greenfield investment, M&As partly represent a rent accruing to previous owners, and do not necessarily contribute to expanding the host country's capital stock. Greenfield FDI should therefore have a stronger impact on growth than M&A sales. This hypothesis is supported by our empirical results that are based on a panel of up to 127 industrialized, emerging, and developing countries over 1990 to 2010.
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页码：37 / 59
页数：23
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