In the age of globalisation, international trade and foreign direct investment (FDI) have become integral elements of cross-country production sharing. In this paper, we empirically assess the impact of FDI, as well as capital dynamics and structure on the formation of global value chains (GVC) at country and sectoral levels based on a sample of European countries over the period 2000–2014. We find a strong impact of FDI and capital accumulation on GVC participation: inward FDI is especially conducive to the formation of backward GVC linkages, while outward FDI facilitates forward GVC participation, especially in high-tech manufacturing sectors. A particularly robust positive impact of FDI and capital accumulation on GVC integration is identified in the textile and clothing industry. While capital accumulation in general intensifies cross-border production sharing for most sectors, ICT capital is especially instrumental for backward GVC integration of electrical equipment, transport equipment and chemicals sectors.

中文翻译：

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外国直接投资、资本形成及其结构对全球价值链的影响

在全球化时代，国际贸易和外国直接投资 (FDI) 已成为跨国生产共享的组成部分。在本文中，我们基于 2000 年至 2014 年期间的欧洲国家样本，实证评估了外国直接投资以及资本动态和结构对国家和部门层面全球价值链 (GVC) 形成的影响。我们发现 FDI 和资本积累对 GVC 参与有很强的影响：FDI 流入特别有利于形成 GVC 后向联系，而 FDI 外向促进 GVC 前向参与，尤其是在高科技制造业。在纺织和服装行业，FDI 和资本积累对全球价值链整合产生了特别强劲的积极影响。