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首页> 外文期刊>Review of Economics and Statistics >FOREIGN INVESTMENT, CORPORATE OWNERSHIP, AND DEVELOPMENT: ARE FIRMS IN EMERGING MARKETS CATCHING UP TO THE WORLD STANDARD?
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FOREIGN INVESTMENT, CORPORATE OWNERSHIP, AND DEVELOPMENT: ARE FIRMS IN EMERGING MARKETS CATCHING UP TO THE WORLD STANDARD?

机译：外国投资，企业所有权和发展：新兴市场的企业是否正在追赶世界标准？

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摘要

Economic development implies that the efficiency of firms in developing countries starts approaching that of firms from advanced economies. Various development policies have been pursued to achieve this convergence. We test for this convergence in two economies that represent alternative models of implementing market-oriented development policies: the Czech Republic and Russia. Using 1992-2000 panel data on virtually all medium and large industrial firms in each country and accounting for endogeneity of ownership, we find that foreign ownership markedly improved the efficiency of firms, whereas domestic private ownership did not; domestic firms are not catching up to the (world) efficiency standard given by foreign-owned firms. This is due in part to a slower growth of efficiency in domestic firms over time. However, foreigners' acquisitions of more efficient domestic firms are also contributing to the gap. Domestic firms closer to the frontier are not more likely to catch up than firms farther from the frontier, although foreign firms do exhibit this behavior. The distance of Russian firms to the efficiency frontier is much larger than that of Czech firms. Nevertheless, after nearly a decade of reforms, neither model of development has resulted in convergence of domestic firms to the world standard.
机译：经济发展意味着发展中国家公司的效率开始接近发达经济体公司的效率。为了实现这种融合，已经采取了各种发展政策。我们在两个经济体（捷克共和国和俄罗斯）中测试了这种趋同性，这两个经济体是实施市场导向型发展政策的替代模式。使用几乎每个国家的所有中型和大型工业公司的1992-2000年面板数据并考虑所有权的内生性，我们发现外国所有权显着提高了公司的效率，而国内私有所有权却没有；国内公司没有赶上外国公司所制定的（世界）效率标准。这部分是由于国内公司的效率随着时间的推移而增长缓慢。但是，外国人对更有效率的国内公司的收购也助长了这种差距。尽管外国公司确实表现出这种行为，但距离边界较近的国内公司追赶的可能性并不大。俄罗斯企业到效率前沿的距离比捷克企业大得多。然而，经过近十年的改革，这两种发展模式都未能使国内公司与世界标准接轨。

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