voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2020-5-69-85voprecotest-2456Research ArticleИНВЕСТИЦИОННАЯ ПОЛИТИКАINVESTMENT POLICYВлияние прямых иностранных инвестиций на внутренние инвестиции в российской экономикеInfluence of foreign direct investment on domestic investment in the Russian economyhttps://orcid.org/0000-0002-5989-8463ДрапкинИ. М.DrapkinI. M.

Драпкин Игорь Михайлович, д. э. н., профессор кафедры международной экономики и менеджмента

Екатеринбург

Igor M. Drapkin

Еkaterinburg

i.m.drapkin@mail.ruhttps://orcid.org/0000-0002-5989-8463ЛукьяновС. А.LukyanovS. A.

Лукьянов Сергей Александрович, д. э. н., профессор РАН, заведующий кафедрой экономической теории и мировой экономики ГУУ, проф. кафедры международной экономики и менеджмента УрФУ

ЕкатеринбургМосква 

ЕkaterinburgMoscow

s.lukyanov@mail.ruhttps://orcid.org/0000-0003-1687-635XБоковаА. А.BokovaA. A.

Бокова Анна Александровна, магистр экономики

Екатеринбург

Еkaterinburg

anna96bokova@gmail.comУральский федеральный университет имени первого Президента России Б. Н. ЕльцинаРоссияUral Federal UniversityRussian FederationУральский федеральный университет имени первого Президента России Б. Н. Ельцина; Государственный университет управленияРоссияUral Federal University; State University of ManagementRussian Federation202012052020056985Copyright © Voprosy Ekonomiki, NP, 20202020Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2456

В статье эмпирически оцениваются эффекты, связанные с влиянием прямых иностранных инвестиций (ПИИ) на национальные инвестиции в российской экономике, с использованием базы данных о фирмах за 2008—2017 гг. Полученные результаты свидетельствуют о наличии в российской экономике эффектов вытеснения внутренних инвестиций иностранными. На уровне региона статистически значимые эффекты вытеснения национальных инвестиций выявлены для государственных, более крупных, а также менее эффективных компаний. На отраслевом уровне отрицательные эффекты вытеснения наблюдаются в случае, когда доля ПИИ в отрасли превышает 25%. Выявлены эффекты вытеснения национальных инвестиций в первую очередь для частных, а также группы более эффективных национальных компаний. Не обнаружено в явном виде свидетельств адаптации национальных компаний к присутствию иностранных фирм в отрасли. В качестве рекомендаций для государственной политики предлагается стимулировать инвестиционные проекты с участием иностранных компаний, при которых не возникает прямой конкуренции с национальными компаниями, а также создаются условия для взаимодействия иностранных и национальных компаний по межотраслевым цепочкам.

The paper is devoted to the empirical estimation of the effects of foreign direct investment (FDI) on domestic investment in the Russian economy. The results suggest that there are crowding-out effects of FDI on the Russian economy. Using the firm-level database for 2008—2017, we analyze the presence of foreign companies in the Russian economy on the region, industry and industry in region levels. On the regional level the statistically significant effects of crowding out domestic investment are identified for state-owned, large as well as less effective companies. On the industry level the negative effects of crowding out are observed in case when FDI share in the industry exceeds 25. Estimating the effect of FDI presence on the industry in the region level, we reveal crowding out effects mainly for private and more effective national companies. Analyzing the effects in case of different levels of FDI in the economy, we do not find support for the hypothesis of adaptation of national companies for foreign companies’ presence in the economy. The paper suggests that the government policy in FDI regulation should focus on mitigation of the effects of pushing national companies off the market, and also creating conditions for cooperation of foreign and domestic companies.

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The authors declare that there are no conflicts of interest present.