The Influence Of Negative Lists On The Entry Of FDI And Its Performance

In recent years,Negative Lists have been increasingly applied to Bilateral Investment Treaty(BIT)and Free Trade Agreement(FTA).While pushing forward the Sino-U.S.BIT negotiations,China is also actively exploring the establishment of Pre-entry National Treatment and Negative List Investment Management Models in the Free Trade Zone.In this background,an in-depth study of the implementation of the Negative List Model in other countries can provide better experience for the implementation of China' s foreign investment management negative list model.As the first country to use the Negative List Management Model,the United States has important research value in its implementation experience.This article takes the US FTA negative list text and US 2000-2015 NAICS three-digit industry data as the research object.Quantitatively characterize the limiting strength of negative list industries and outside the negative list of industries.And then form the inter-phase industry panel data.Analyzes the influence of the intensity of negative list restrictions on the FDI inflows and its performance.The study finds that:(1)Negative List significantly restricts FDI in the negative list industry.At the same time,the indirect restrictions on related industries will also affect the entry of the non-negative list of industries.Moreover,the negative list has raised the threshold for entry of companies,which has inhibited the average size of foreign-funded enterprises in the negative list industry sector.(2)The signing of the negative list model of FTA promotes FDI inflow.However,the higher barriers to entry in the industry,the smaller the promotion effect.FDI from FTA member countries is more inclined to flow into the negative list industry,especially the financial services industry.(3)The Negative List significantly inhibits the foreign investment performance of the negative list industry.However,it has not had a significant impact on foreign investment performance of non-negative list industries.Moreover,signing the FTA has promoted the improvement of foreign investment performance.