We examine to what extent domestic firms reap differential productivity gains from the presence of manufacturing affiliates of multinational firms in the home country (FDI spillovers), in the context of simultaneous participation in international trade through exporting and importing. FDI spillovers can occur within the industry (horizontal) and across industries due to client (forward) or supplier (backward) linkages of multinational firms, but the mechanisms underlying spillover effects may be attenuated if local firms are less reliant on inputs, clients, and competition in the domestic market. Fixed effects panel analyses on a sample of 4594 domestic Belgian firms during 2000–2007 reveal positive effects from horizontal, backward, and forward FDI spillovers on the productivity levels of domestic firms, as long as these firms do not engage in international trade. Horizontal spillovers from FDI are weaker for firms engaging in trade, while forward FDI spillovers do not benefit importing firms. Two-way traders benefit least from FDI spillovers. Forward and backward spillovers, are enhanced by human capital levels in local firms, while horizontal spillovers are reduced. The findings are broadly consistent with the notion that trade engagement and inward FDI can be substitutes in their effects on domestic firms’ productivity.

我们考察了在通过出口和进口同时参与国际贸易的背景下，国内公司在多大程度上从跨国公司在本国的制造子公司的存在中获得了不同的生产率收益（FDI溢出）。由于跨国公司的客户（前向）或供应商（后方）的联系，FDI溢出可能发生在行业内（水平）和跨行业，但是，如果本地公司较少依赖投入，客户和外商，则溢出效应的潜在机制可能会减弱。国内市场竞争。固定效应小组对2000-2007年间4594家比利时国内公司的样本进行的分析显示，水平，向后和向前外国直接投资溢出对国内公司的生产率水平产生了积极影响，只要这些公司不从事国际贸易。对于从事贸易的公司而言，外国直接投资的水平溢出效应较弱，而远期外国直接投资的溢出却不利于进口公司。双向交易者从FDI溢出中受益最少。本地公司的人力资本水平提高了向前和向后的溢出，同时减少了水平的溢出。研究结果与贸易参与和外国直接投资可以替代其对国内企业生产率的影响这一观点基本一致。