美国合作伙伴建立的合资企业。我们在这方面的分析，揭示了当前美国对未经授权的技术转让现象的抱怨的根源。

How do these external effects compare tothose from wholly-foreign owned FDI? Our estimates indicate that the extent ofthe knowledge spillovers from these two sources are approximately equal, with each accounting for around 10 percent of the productivity growth of Chinese firms over the period of our sample. These are large effects, but the question must be asked whether China’s joint venture policy leads to a more efficient outcome than what would arise from a more open environment. If the burdens imposed by the IJV requirement act as a deterrent for FDI, it could be the case that China’s economy would benefit from a more liberalized investment regime.

与外商独资的FDI相比，外部效应如何?我们的估计表明，来自这两种渠道的知识溢出程度大致相当，在我们的样本期内，每一种都占中国企业生产率增长的10%左右。这些影响是巨大的，但必须要问的是，中国的合资政策是否会带来扩大开放更有效的结果。如果合资要求所施加的负担对外商直接投资起到威慑作用，那么中国经济可能会从更加自由化的投资体制中受益。（译者注：引申的意思是说，如果现在外企和外国政府都指责这种合资政策，中国放弃这种要求，扩大开放，或许受益更明显。一方面，第三只腿——“外部效应”仍然存在；另一方面，扩大开放，还会强化这种“外部效应”。）

Broader Implications and the U.S.–China Trade Dispute