国际投资的价值分配格局分析

不同时期国际投资各具特点，国际投资领域的价值分配格局也在变化，发达国家虽然在分配格局中仍居主导地位，但随着发展中国家经济发展水平的提高，不公平的分配格局开始改变，发展中国家通过吸引外资和对外投资，有助于提高其在国际经济中的比较利益。     

试论国际直接投资形成的诸因素

六十年代至八十年代的今天,国际直接投资发展极为迅速,其在国际经济中的地位也愈来愈重要.由发达国家单一地从事国际直接投资的格局已被打破,越来越多的发展中国家在吸引外资的同时,也开始从事对外直接投资的活动,一些社会主义国家也逐步进入了这一领域.随着我国的对外开放,我们不仅要吸收国际直接投资,还要开展对外直接投资.因此,准确地把握国际直接投资的发展规律有着重要的意义.     

欧美TTIP战略对中国的影响

在全球经济发展不景气的条件下,欧美国家经济发展滞后,新兴发展中国家,尤其是以中国为代表的发展中国家在国际经济格局中的地位越来越重要,美欧抢先打造TTIP战略,想绕开WTO制定新的贸易规则,协调美欧经济地缘关系,抑制新兴国家崛起,通过新的贸易投资规则来掌握世界贸易主导权,维护自己的利益。     

国际直接投资的若干新特征

一、发达国家之间的资本双向渗透仍占主流,流向发展中国家的资本很不平衡90年代中期以来,国际直接投资的重点仍然偏向发达国家。无论是从对外直接投资看,还是从吸收外国直接投资看,发达国家都占据主导地位和绝对的比重。美国仍然是世界上最大的对外直接投资和吸收外资的国家,其对整个国际投资乃至世界经济格局的变动具有举足轻重的影响。由于国际直接投资重心偏向发达国家,流向发展中国家的资本相对较少,且在区域分布上也不平衡。据统计,1997年发展中国家吸收国外直接投资占世界直接投资流入额的比重为37.1%,其中亚洲国家占20.6%,拉美和加勒比地区占14.7%,而非洲仅占1.6%,欧洲发展中国家仅占0.2%。 1998年由于受亚洲金融危机的影响,发展中国家吸收国外直接投资占世界     

论短期国际资本流动对国际直接投资的影响

本文通过对20世纪90年代金融危机分析,从投资环境、投资政策、区域经济合作等方面阐述了短期国际资本流动对国际直接投资的影响,认为国际游资投机冲击对国际直接投资,尤其是对发展中国家吸引外国直接投资产生的负面影响是短期的,从中长期来看,则将促进发展中国家重新调整投资政策,改善投资环境,增加对国际直接投资的吸引力。     

论国际投资自由化与东道国外资管辖权的平衡

国际投资自由化是世界经济发展的一个重要趋势.无论发达国家还是发展中国家,都在致力于推动国际投资自由化的发展,但同时国际投资自由化削弱了东道国的外资管辖权,从而损害了东道国,特别是广大发展中国家的利益.因此我们应在二者之间寻求一个平衡点.     

国际税收规则变革的理论探讨与应对建议北大核心CSSCI

当下,国际税收规则变革背后的理论演变呈现出明显的滞后性。价值创造地征税原则因无法从根本上解决日益严峻的国际税收竞争和利润转移问题,而呈现出难以适应国际税收规则变革的需要。本文基于国际税收规则变革的理论演变,重新审视现行国际税收规则变革中的难点和困境,辨明国际税收规则理论的重构路径,提出国际税收规则变革中的应对建议:基于数据要素征税原则维护税权公平分配,基于地域特殊优势理论平衡发展中国家和发达国家之间的税收利益分配关系。     

中国企业境外投资的动因

当前国际经济格局正在发生着深刻的变革,以国际生产和跨国经营为特点的世界经济全球化已成为明显趋势.面对这一趋势,中国作为世界上最大的发展中国家,越来越多中国企业选择跨出国门,积极参与对境外直接投资和海外经营.本文主要分析现阶段中国企业境外投资的动因.     

进一步规范现金分红,促进证券市场健康发展

股利政策是现代上市公司重要的财务管理政策之一,现金股利与股票股利是公司进行股利分配最主要的两种形式.正确的股利分配政策关系到公司股东的经济利益,也关系到公司未来的发展,影响到人们的投资理念,同时更关系到股票市场的健康发展.文章通过分析上市公司的现金股利分配现象,对其对股票市场造成的影响进行了剖析,并提出了相应的政策建议,希望进一步规范上市公司的现金分红,倡导价值投资观念,促进我国资本市场的健康发展.     

论发展中国家进入国际资本市场之趋势

战后卅年间,国际资本向发展中国家的流动呈现了三个重要变化:1.资本输出主体从国家转向私人;2.资本输出以借贷资本为主;3.愈来愈多的发展中国家直接进入国际资本市场。这些变化在七十年代构成发展中国家直接进入国际资本市场融资的重要趋势。趋势背后的需求因素是:发展中国家对国际借贷资本逐渐从短期贸易需求转向长期发展型需求、投资需求和替代需求。趋势背后的供给因素是:国际资本市场机制的集中和扩张作用通过巨额国际游资向发展中国家寻求出路。而生产国际化是趋势形成的国际经济基础。     

The new multinationals: Developing-country firms in international markets

Driven by a variety of factors, including deficiencies in domestic demand, developing-country firms are increasing their direct foreign investment in, and sales of technology to, other developing countries. The recipients usually gain various benefits that they would not in similar deals with OECD multinationals. But any increase in such international flows depends heavily on the strategic choices of OECD corporations (ie which markets they move out of) and on the pattern of government incentives and controls in the countries of origin and destination.     

The influence of management perception of environmental variables on the choice of international transfer-pricing methods

In this paper, we provide an empirical study of the association between the management's perception of the importance of environmental variables and their choice of international transfer-pricing methods in the context of a developing economy. Given the sizable investment flowing to developing countries and the amount of economic exchange that occurs through foreign investment in these countries, we believe this is a significant issue. For this study, we collected the data from field interviews with the management of large foreign investment enterprises (FIEs) in China. These FIEs include mainly investors from the United States, Japan, and Europe. Our evidence indicates that the more important management perceives the interests of local partners and the maintenance of a good relationship with host government to be, the more likely that the FIE will use a market-based transfer-pricing method. On the other hand, the more important the management perceives foreign exchange controls in transfer-pricing decisions, the more likely the FIE will choose a cost-based method. Finally, there is a moderate agreement between U.S. and non-U.S. FIEs on the relative importance of the environmental variables.     

营业准入制度的国别效应分析

营业准入制度的国别效应是指国际资本、跨国投资、国际产业分工和全球贸易对不同国家或地区营业准入制度设计、调整和变化的反应程度.以国际资本的流动为例,从静态来分析,表现为营业准入限制国的资本挤出效应和营业准入开放国的资本集聚效应;从动态来分析,则表现为营业准入限制国因制度调整而创造的投资洼地效应和营业准入开放国因制度供给过剩而产生的资本溢出效应.对欠发达国家和营业准入限制国来说,适度地对其营业准入制度进行有效的调整,选择自由、开放型营业准入制度,可以解决营业准入方面的制度不公和制度供给不足问题,进而以营业准入制度优势来换取国家竞争优势.     

Exploring international differences in inflation dynamics

Standard closed-economy DSGE models have difficulty replicating the persistence of inflation. We use a multicountry dataset to establish some empirical regularities on persistence and volatility of aggregate consumer prices for 135 countries since 1993. We find both persistence and volatility to be low (high) in developed (developing) countries relative to the full sample average. This pattern is also observed in low (high) inflation countries. We then employ a two-country DSGE framework to investigate the extent to which structural open economy features, such as incomplete exchange rate pass-through, the existence of nontraded goods, and international financial market incompleteness, can help in replicating the persistence and volatility of consumer prices. Our simulation results indicate that the model can replicate the degree of inflation persistence seen in the data for both developed and developing countries, but cannot generate the low levels of volatility observed in developed economies.     

中国的创新经济与产权交易市场

中国经济在未来10年的发展模式,同产权交易市场的变革相关,研究如何将产权交易市场改造成为多层次资本市场体系的一部分,是促进投资发展的重要手段,也是中国经济形成创新发展模式的关键。     

Why should the portfolios of mandatory,private pension funds be captive? (The foreign investment question)

A model of portfolio optimization, which takes account of the difference between the private and social cost of foreign investment, is used to analyze the relationship between capital shortages and the international diversification of mandatory, private pension funds in developing and transition countries. The socially optimal rate of foreign portfolio investment may be positive, even when access to international capital markets is limited. I propose replacing investment limits with a tax on foreign investments, equal to the difference between their social and private cost. The use of international pension swap is seen to be formally equivalent to the imposition of such a tax.     

MACROECONOMIC ADJUSTMENT TO CAPITAL INFLOWS: LESSONS FROM RECENT LATIN AMERICAN AND EAST ASIAN EXPERIENCE

Capital inflows to some developing countries have increasedsharply in recent years. Impelled by better economic prospectsin those countries, lower international interest rates, anda slowdown of economic activity in the capital-exporting countries,the inflows have furnished financing much needed to increasethe use of existing capacity and to stimulate investment. Butcapital inflows can bring with them their own problems. Typicalmacroeconomic repercussions have been appreciation of the realexchange rate, expansion of nontradables at the expense of tradables,larger trade deficits, and, in regimes with a fixed exchangerate, higher inflation and an accumulation of foreign reserves. Should government intervene to limit some of these side effects—andif so, how? The question is especially pressing in the wakeof the Mexican crisis of December 1994. This article looks foranswers in the experience of four Latin American and five EastAsian countries between 1986 and 1993, examining the effectsof the capital inflows on the economy and comparing the differentways in which these countries responded to the problem of "toomuch" capital.      

金融自由化实践的国际比较

金融自由化对发展中国家是一把"双刃剑",它在为发展中国家带来了好处的同时,也引发了很多负效应.原因在于发展中国家对金融自由化普遍缺乏足够的准备而仓促实施改革,国内金融制度与监管体系不健全,而金融市场过度开放又导致国际短期资本大量涌入.与发展中国家不同的是,发达国家的金融自由化改革却取得了较好的成效.与之相比,发展中国家目前处于两难的选择困境:如果不继续进行自由化,则在国际经济舞台上会更被动;如果进行自由化,却又由于前期的改革失败而无法准确把握好今后的战略措施.对此,发展中国家惟一正确的选择应当是结合国情,坚决地顺着金融自由化的方向走下去,不改革是没有出路的.     

在国际金融危机中发展和壮大中国县域经济的思考

由美国次贷危机引发的国际金融危机，对世界各国尤其是发展中国家带来了严重冲击。面对全球性金融危机的冲击，中国县域经济如何发展和壮大，这是摆在我们面前需要研究的重大课题。为此，要发展和壮大中国县域经济，就要正确处理好六大关系。一是要正确处理好县域经济与解放思想的关系；二是要正确处理好县域经济与国际金融危机的关系；三是要正确处理好县域经济与科学发展的关系；四是要正确处理好县域经济与农村金融的关系，五是要正确处理好县域经济与政府职能的关系；六是要正确处理好县域经济与机制创新的关系。这对发展和壮大县域经济，促进中国区域经济的协调发展，都具有积极意义。     

The cyclical properties of disaggregated capital flows

We analyze the second-moment properties of the components of international capital flows and their relationship to business cycle variables (output, investment, and the real interest rate) in 22 industrial and emerging countries. Total inward flows are procyclical with respect to all three macro variables. Net outward flows are countercyclical with respect to output and investment in most industrial and emerging countries. Disaggregated inward flows positively comove with output in industrial countries and with investment and the real interest rate in the G7 economies. Inward foreign direct investment is the only non-procyclical type of inward capital flows (with respect to output) in the developing economies. Formal statistical tests based on nonparametric bootstrap techniques detect significant variance increases in all G7 countries' disaggregated capital flows over exogenous and endogenously estimated breaks.