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Total factor productivity or labor productivity? Firm heterogeneity and location choice of multinationals

机译:全要素生产率还是劳动生产率?跨国公司的公司异质性和区位选择

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This study considers total factor productivity and labor productivity as different proxies for firm heterogeneity, although they are often used interchangeably in the literature. I argue that the productivity measures are related to the foreign integration strategies adopted by the multinationals and should reflect a different productivity sorting. Using a panel data of Taiwanese multinationals, the empirical results show that the number of their investing locations increases with labor productivity but decreases with total factor productivity. The MNEs with higher total factor productivity were more likely to invest in countries with higher prices or wages. Empirical results also show that China is the top choice for the MNEs with either increasing total factor productivity or labor productivity. If their labor productivity is further increased, they would consider to invest in the U.S. or Hong Kong and Singapore.
机译:这项研究将全要素生产率和劳动生产率视为企业异质性的不同代理,尽管它们在文献中经常互换使用。我认为生产率措施与跨国公司采用的外国一体化战略有关,应该反映出不同的生产率排序。使用台湾跨国公司的面板数据,经验结果表明,他们投资地点的数量随着劳动生产率的增加而增加,而随着全要素生产率的下降。具有较高全要素生产率的跨国企业更有可能在价格或工资较高的国家进行投资。实证结果还表明,无论是提高全要素生产率还是提高劳动生产率,中国都是跨国公司的首选。如果他们的劳动生产率进一步提高,他们将考虑在美国或香港和新加坡投资。

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