【3月18日】國(guó)際經(jīng)濟(jì)與貿(mào)易學(xué)院雙周論壇講座通知

【主題】Quantifying Adaption Costs in Sequential FDI Location Choices: Evidence from German Firms

【報(bào)告人】朱愛勇，2014年獲得德國(guó)曼漢姆大學(xué)經(jīng)濟(jì)學(xué)博士，現(xiàn)任武漢大學(xué)經(jīng)濟(jì)與貿(mào)易學(xué)院經(jīng)濟(jì)系助理教授，研究興趣包括產(chǎn)業(yè)組織實(shí)證研究、應(yīng)用微觀經(jīng)濟(jì)學(xué)和國(guó)際貿(mào)易，研究成果發(fā)表于Urban Studies, The Annals of Regional Science, China and World Economy等國(guó)際期刊。

【時(shí)間】3月18日（星期三）下午3:30-5:00

【地點(diǎn)】國(guó)際經(jīng)濟(jì)與貿(mào)易學(xué)院會(huì)議室（中財(cái)大廈1032室）

【論文摘要】When engaging in foreign direct investment (FDI) for the first time, multinational firms often incur large costs. They have to adapt to different business practices, ethical norms and regulations in a new country. Therefore, prior investment experience in a location can influence firms’ FDI decisions in subsequent periods, since firms do not need to pay the adaptation costs if they invest in the same location again. In this context, I develop a structural dynamic model of how firms make sequential decisions of where to invest. Using data on German firms’ FDI from 2002 to 2009, I estimate the model allowing for country-specific adaptation costs and firms’ heterogeneous preference towards location attributes. Estimation results suggest that adaptation costs are statistically and economically significant, ranging from 1.7%?34.3% of the average expected discounted profit of a firm. If adaptation costs were subsidized completely, I find that firms’ FDI location choices would change dramatically. In addition, the average expected discounted profit would increase by 20.6%, not only due to the reduction of adaptation costs, but more importantly, due to a better matching between firms and locations.