This paper empirically examines whether and how inward foreign direct investment (FDI) affected industrial productivity in Korea during the 2000-2016 period, based on dynamic panel data of inflow FDI on an arrival basis from 427 manufacturing industries. The paper adds to the literature by analyzing whether both technology spillovers and industrial restructuring from inward FDI can differ according to industrial characteristics such as capital intensity, imported intermediate inputs, and tariffs. The empirical results show that the overall effects of inward FDI on total factor productivity (TFP) were statistically insignificant in general. However, the positive effects of inward FDI on productivity became statistically significant for industries with lower tariffs. Capital intensity were not involved in the relationship between inward FDI and productivity. Thus, the paper highlights that the results in previous studies with inward FDI on a notification basis were overestimated and inward FDI policies in Korea should focus on channels such as trade liberalization and the redistribution of production factors rather than capital accumulation.

中文翻译：

---

外商直接投资会影响韩国各行业的生产力吗？

本文基于来自 427 个制造业的流入 FDI 的动态面板数据，实证检验了 2000-2016 年期间外来直接投资 (FDI) 是否以及如何影响韩国的工业生产力。本文通过分析流入 FDI 的技术溢出和产业结构调整是否会因资本密集度、进口中间投入品和关税等产业特征而有所不同，从而补充了文献。实证结果表明，流入 FDI 对全要素生产率 (TFP) 的总体影响总体上不显着。然而，对于关税较低的行业，流入 FDI 对生产率的积极影响在统计上变得显着。资本密集度与流入 FDI 与生产率之间的关系无关。因此，本文强调，以往关于通知基础上的 FDI 流入的研究结果被高估了，韩国的 FDI 流入政策应侧重于贸易自由化和生产要素再分配等渠道，而不是资本积累。