| In 2007,the United Nations Conference on Trade and Development(UNCTAD)took tourism and foreign direct investment as the engine of economic development.Under the background of economic globalization and the rapid development of world outbound tourism,the relationship between the two is also attracting more and more attention from scholars.The United States is the preferred host country for foreign investment and the main destination of outbound tourists in the world.However,the majority of scholars focus on the 50 states and the District of Columbia as research area to study the influence factors of the spatial distribution of FDI in the United States.Few scholars analyze the influencing factors of the home country's direct investment in the United States from the perspective of the investing country,let alone take tourism as one of the influencing factors.International tourism is a transnational flow of tourists as well as a transnational flow of consumption,which will stimulate the destination tourism market.Under the inbound tourists' stimulus,the tourism enterprises will concentrate in this region to find market.The multinational companies' search for the overseas market is an important reason for their external capital export.The international tourism itself is a part of international service trade,international trade and direct investment are complementary or alternative.That is to say,there is a relationship between tourism and foreign direct investment.The development of international tourism brings about the improvement of the degree of cultural identity,shortens the geographical distance between countries,and promotes the possibility of economic cooperation among countries,so international tourism will lead to the direct investment.In this paper,the ArcGIS spatial analysis method is used to analysis the distribution of foreign direct investment(FDI)origin countries,and 26 major investment origin countries are selected.The 26 major investment countries are divided into three echelons by using the order change index.The distribution of inbound tourist countries in the United States is further analyzed,and the degree of preference of 26 countries to the United States is analyzed by using the tourist preference Index.The 26 major countries' FDI to the United States,flows and stock data from 2000 to 2016 were selected as the dependent variables.Ten indicators including the number of the tourists of the home country are selected as independent variables.Using the generalized moment estimation method in the dynamic panel model,this paper makes an econometric analysis of 17 years' data to study whether there is statistically significant effect of international tourism on foreign direct investment(FDI).The corresponding driving coefficient is obtained by estimating the coefficients of the model.Under such a benchmark model,the regression analysis of the model is carried out from two special periods of time and three echelons of foreign direct investment in the United States.To compare the impact period of 9-11 events,the financial crisis up to now,and the differences between different investment echelons in terms of the driving effect of tourism to foreign direct investment.In order to further distinguish whether tourism only has an impact on foreign direct investment in tourism-related industries,based on the dependent variables of China's direct investment in tourism industry and in the whole industry to the United States,this paper analyzes the extent of the driving effect of Chinese outbound tourism on both of them.The main conclusions are as follows:(1)Inbound tourism of the United States played a significant role in promoting inward foreign direct investment.During the period from 2000 to 2016,tourism played a more important role in driving the stock of foreign direct investment than in the flow of foreign direct investment.The former is ten times that of the latter.An increase in the number of inbound tourism by one percentage point can help the United States to absorb the more number of foreign direct investment by 2.05 percentage point.That is to say,for every one percent more people entering the United States,Foreign direct investment(FDI)flows into the United States will increase 2.05 millions of dollar.The delayed phase of FDI has a significant impact on FDI increase in the current period,that is,FDI home countries attach importance to the pre-stage demonstration effect.Each increase of 1 percentage point in pre-investment will stimulate the current investment to increase by 0.01 percentage points.The higher the national competitiveness,the more number of foreign direct investment will be invested to the united states.And the higher the tax rate of the investing country,the stronger the economic attraction effect of the foreign direct investment of the United States.Trade factors are negatively correlated with foreign direct investment.The less barriers investment countries encounter in trade,the more smooth trade,the higher preferential policies,the less direct investment to the United States.When there is a comparative disadvantage in the government efficiency of the investing country,the attraction of the host country to the direct investment will be stronger,and migration will promote the economic development of the long-term foreign direct investment accumulation.(2)In the two different periods,period of 9-11 incident and period from the financial crisis to now,in the latter stage,tourism played a more important role in the absorption of FDI.What' s more,tourism in the period from the financial crisis to now,has higher driving effect to inward FDI than the overall level from 2000 to 2016.After 2008,although immigration factor has little effect on the annual flow of foreign direct investment,it has a significant positive effect on the long-term accumulated investment.Trade factor shows inverse changes on coefficients in two stages.During the period of terrorist events,it shows the promoting effect of FDI,that is to say,there is complementary relationship between investment and trade,in this period.Since 2008,trade and FDI show a negative correlation,indicating that this stage is in the phase of alternative relations between trade and investment.The two stages are in the phases of complementary relationship and substitution relationship of trade and investment,respectively.(3)In the three different echelons countries,tourism factors' coefficient results are basically positive from model estimation.In the first echelon countries,the effect of tourism on FDI is significantly positive correlation,but the effect on the stock of fdis is not statistically significant.The reason is that the effect of tourists on the current flow is greater than that on the cumulative investment.In contrast,in the third echelon countries,tourism contributes less to the US inward foreign direct investment flows than it's stock.(4)As far as China is concerned,by using the method of co-integration test,the result appears to be that there is a long-term and stable equilibrium relationship between China' s outbound tourism and foreign direct investment to the United States.Tourism is the Granger reason of foreign direct investment.Tourism has the promotion effect of the whole industry FDI,and the promotion effect is much higher than that tourism industry related FDI.The spillover effect of tourism on non-tourism industry is significant.The analysis results reveal that enhanced inbound foreign tourism exhibits spillovers of inward FDI beyond tourism-related sectors.Hence,although policies related to FDI promotion and tourism enhancement are often planned,executed,and evaluated independently under different government jurisdictions,coordination is recommended,because these policies interact with each other in efforts to attain economic development goals. |
PDF Full Text Request