中国吸引外资政策的再选择

外资的流入,对东道国可以产生许多积极效应,如弥补投资缺口、带来先进生产技术、促进对外贸易增长、引入市场竞争机制等。随着越来越多的国家认识到这一点,无论是发达国家,还是发展中国家,都在吸引外资方面展开了激烈的竞争,外资政策选择自然成为各国竞争的一个重要内容。     

我国东中西部吸引外资条件的差异比较

改革开放以来,中国在吸引外资方面取得了举世瞩目的成就.然而,外资在我国地理上的分布严重失衡,85%以上的外资集中在东部沿海地区.为了促进中西部地区吸引外资,国家出台了一系列的优惠政策和措施,但是收效甚微.本文首先回顾了国际市场折衷理论,分析了跨国公司的投资动机;然后从影响外商投资动机的主要因素出发,对我国东中西部地区吸引外资的条件逐一对比;最后,针对中西部地区吸引外资的不利因素,笔者提出了若干政策建议.     

功能性优惠:吸引外资新概念

<正> 自1979年我国第一部外资法——《中外合资经营企业法》颁布以来,我国的吸引外资工作取得了前所未有的成果。据统计,1978～1995年,我国累计批准外商投资项目25.8万个,协议利用外资3957亿美元,实际使用外资1354亿美元。据联合国贸发会1995年世界投资报告,1994年国外直接投资总额为2350亿美元,其中840亿美元投向发展中国家,而中国吸收外国直接投资高达340亿美元,约占其40％。1995年我国协议利用外资91O亿美元,实际使用外资381亿美元,已成为世界上吸引外资仅次于美国而排列第二的国家。     

构建我国可持续发展的吸引外资机制

随着我国改革开放的不断深入,外商直接投资在促进我国经济增长的同时,也逐步显现出负效应。而我国目前的引资政策也一定程度加剧了外资负效应的发展,因而不利于我国经济的可持续发展。因此,有必要从科学发展观的角度出发,构建我国可持续发展的吸引外资机制。     

中国股票市场吸引外资的几个问题

中国股票市场吸引外资的几个问题孙健中，吕益民以＇９５年８月发生的日资对＂北旅＂法人股的收购和美资对＂赣江铃＂Ｂ股的收购为标志，首开了我国企业利用国内股市直接吸引外资的先河，意味着中国证券市场正在走向国际化。众多外资看好中国的股市和上市公司，将进一步加...     

零和博弈——外资优惠政策的国际竞争

20世纪80年代以来,大多数国家特别是发展中国家逐步改变了过去对外资的排斥甚至敌视态度,转而采取允许和吸引外资流入的做法.一方面不断取消对外资流入的歧视或限制政策,另一方面又采取各种优惠或鼓励政策来吸引外资流入.世界各国实行外资优惠政策的根本目的在于充分享有外资所产生的各种正(积极)效应.对于东道国来说,外资进入带来的正效应分为两种:一种是直接效应,另一种是外部效应.外资的直接正效应主要表现在以下几个方面:     

吴仪安抚140位跨国公司高管中国吸引外资政策不变

中国吸引外资的政策不会变,也不会动摇。——对于正在遭受种种有关中国改变外资政策传闻的困扰的跨国公司高管来说,吴仪的话让他们吃了定心丸。     

外资法不稳定性对我国吸引外资的影响

法律的不稳定性对一国吸引外资具有相当的负面影响,不少发展中国家为此在本国的外资法中规定了稳定性保证的内容.我国应当借鉴这些国家的做法,在今后外资立法的过程中采取相应的对策.     

试论利用国家基金吸引外资

由于90年代国际经济、金融形势发生重大变化，国际资本供求失衡，国际银行陷入困境，使流入发展中国家的直接投资减少，利用国家基金便成为一种新的吸引外资的较佳选择。本文从投资者、筹资者两方面分析了国家基金的功能，并阐述了我国利用国家基金的现状，对存在的问题提出了对策意见。     

美国吸引外资的环境与政策

外国在美投资概况 据联合国贸发会议(UNCTAD)发表的报告统计,美国是目前全球最大的外资吸收国。自1992年以来,在美国的外国直接投资(FDI)连年成倍增长,使美国成为全球投资者首选的投资场所。1995年,流入美国的外资达690亿美元,1996年达790亿美元,在所有发达国家吸收的外资总额中占30％。外资在美增长的主要原因包括北美自由贸易协议(NAFTA)的签署与执行,美国国内经济的健康强劲增长等。     

中国FDI激增对东南亚FDI的影响:基于1986-2001年板面数据的分析

近几年来,针对中国对外直接投资流入量激增这一现象,有些学者认为其挤占了东南亚经济体的投资。本文采用固定因素估计量,运用FDI区位决定因素模型来测算中国FDI与东南亚经济体FDI之间的关系。结果表明,1986-2001年间中国是提高而不是分流了其邻国的FDI。     

FDI,Growth and the Asian Financial Crisis: The Experience of Selected Asian Countries

This paper studies the trends in foreign direct investment (FDI) flows into selected South‐East Asian and East Asian economies after the Asian crisis. Empirical evidence indicates that South‐East and East Asian economies are recovering from the Asian crisis with strong output growth driven largely by export growth. However, output growth in the post‐crisis period is also accompanied by rising unemployment rates, growing government deficits, and declining FDI inflows into the South‐East Asian region. The declining FDI inflows into South‐East Asia after the crisis is of concern, as our empirical results show that FDI is important for output growth in the region. Our results also suggest that there might have been structural changes in the regional economies that could have led to a downward shift in the output growth of Asian economies in the post‐crisis period. This raises the issue of the sustainability of their output growth in the post‐crisis period.     

Determinants of FDI inflows to Arab economies

The paper studies location determinants of foreign direct investment (FDI) to 16 Arab economies over the period from 1984 to 2012, by employing Arellano–Bover/Blundell–Bond linear dynamic panel data estimation. We find that market size, trade openness, preferential trade agreements and financial development have significant positive impact on FDI inflows to Arab economies. FDI in Arab economies appears to be resource seeking since the total oil supply variable is positive and significant. The paper finds that better institutions and educated labour force may play a key role in attracting FDI inflows. We suggest that Arab economies should sequence their economic policy measures with the institutional ones, beginning with a focus on privatization and trade liberalization, and subsequently shift to improvement in economic growth.     

Exchange Rates and Competition for FDI in Asia

This paper argues that relative exchange rates between the host countries of foreign direct investment affect their competition for FDI. Specifically, if the host country currency appreciates against the source country's currency more than that of its rival, FDI inflows of the host country will decrease, while FDI inflows increase in the rival country. Using the data of Japanese FDI in nine Asian manufacturing sectors from 1981 to 2002, the paper examines the hypothesis in the context of the competition between China and ASEAN‐4 (Indonesia, Malaysia, the Philippines and Thailand). Empirical results show that the relative exchange rate is a statistically significant factor that determines the relative inflows of Japanese FDI for manufacturing as a whole, and for such sub‐sectors as textiles, food, electronics, transportation equipment, and others. Exchange rate policies of China and ASEAN‐4 played a critical role in dynamically reshaping the geographic distribution of Japanese FDI in Asia.     

Does good governance matter for FDI inflows? Evidence from Asian economies

This paper examines the effects of the six components of good governance on foreign direct investment (FDI) inflows in 15 Asian economies for the period 1996–2007 using a fixed effect model for panel data with heteroskedasticity corrected standard errors. The study also employs the feasible general least square (FGLS) and Prais-Winstein panel estimation methods in order to check the consistency of the results with the fixed effect model. The empirical results reveal that of the six components of good governance, political stability and absence of violence, government effectiveness, rule of law, and control of corruption are the key determinants of FDI inflows, as they exhibit consistent results under different models. However, the study finds no significant evidence with voice and accountability and regulatory quality in FDI inflows. The study reveals that human capital, infrastructure, lending rate, and GDP growth rate also have a significant influence on FDI inflows. We conclude that a country which can enhance its governance environment in general is likely to attract more foreign direct investment despite offsetting deficiencies in other dimensions of good governance such as voice and accountability and regulatory quality.     

Foreign Direct Investment Inflows,Economic Growth,and Trade Balances: The Experience of the New Members of the European Union

The study examines the role of foreign direct investment (FDI) on economic growth and trade balances of 10 emerging economies in Europe before they joined the European Union. This article uses the Granger causality test to investigate the link between FDI inflows and economic growth for the countries under study. The findings show that gross domestic product growth has a unilateral Granger-cause on FDI inflows for 9 of 10 emerging European economies. However, the results did not show FDI inflows Granger-causing the changes in economic growth of any of the 10 countries. Furthermore, FDI inflows had no or negative effects on trade balances of the majority of the emerging European nations. The policy implications of this study are that host governments in emerging economies must carefully evaluate spillover effects of FDI inflows on their economies before offering significant incentive packages to lure multinational enterprises into their countries.     

Does the Quality of Investment Protection Affect FDI Flows to Developing Countries? Evidence from Latin America

Studies on the impact of international investment agreements (IIAs), including bilateral investment treaties (BITs), on foreign direct investment (FDI) inflows have been inconclusive. This paper contributes to the debate about the effectiveness of IIAs using an original database that differentiates between investment agreements according to the quality of investor protection, and which covers a wide variety of trade and investment agreements signed and ratified in the Americas. We find evidence that in the least likely case of south–south FDI flows, high‐quality international investment treaties have a demonstrable effect on foreign direct investment inflows. Moreover, international investment agreements appear to be most effective in a context of deeper economic integration. That is, they work better when they provide higher quality protection to investors and when they are combined with other preferential economic integration agreements, such as trade agreements.     

Causes of Financial FDI Inflows into Sub‐Saharan Africa (SSA): Evidence from Ghana

The main aim of this article is to examine the factors that influence the inflow of financial foreign direct investment (FDI) into SSA and to understand foreign investors’ perceptions of the role of institutional factors in facilitating financial FDI inflows and the extent to which the postreform business environment has been successful in attracting financial FDI inflows into SSA. An in‐depth qualitative study was adopted for the research. Using two financial multinational corporations as case studies, the environmental factors that influenced their decision to choose Ghana as an investment destination are examined, as well as the institutional and regulatory factors that affect their current operations and future investment decisions. © 2014 Wiley Periodicals, Inc.     

Resource-based FDI and expropriation in developing economies

Globally, foreign direct investment (FDI) assets are expropriated more in resource extraction industries compared to other sectors. Despite the higher apparent risk of expropriation in resources, countries more likely to expropriate also have a larger share of FDI in the resource sector. An incomplete markets model of FDI is developed to account for this puzzle. The type of government regime is stochastic, with low penalty regimes facing a relatively low, exogenous cost of expropriating FDI, and country risk is measured by the variation in these costs across different regimes. The key innovation of the model is that the government, before the regime type is known, is able to charge different prices to domestic and foreign investors for mineral rights. Granting cheap access increases FDI and reduces the country's share of resource rents, increasing the temptation to expropriate in a relatively low penalty regime. In very high-risk countries, subsidizing resource FDI increases the total value of output by raising investment, and the net gains from expropriating in a low penalty regime outweigh the rents foregone under a high penalty one. However, a stochastic resource output price results in relatively low-risk countries restricting FDI inflows to the resource sector instead — “windfall profits” in this sector raise incentives to expropriate when prices are high, yet minimization of the ex ante risk of expropriation is preferred owing to the relatively high penalty for expropriating. These results imply a higher average share of resource-based FDI in countries most likely to expropriate, while resources account for a high share of expropriated assets compared to the sector's global share of FDI. We show that the model is able to reconcile observed patterns of foreign investment and expropriation for a sample of 38 developing and emerging economies.     

FDI,Productivity and Financial Development

This paper examines the effect of foreign direct investment (FDI) on growth by focusing on the complementarities between FDI inflows and financial markets. In our earlier work, we found that FDI is beneficial for growth only if the host country has well‐developed financial institutions. In this paper, we investigate whether this effect operates through factor accumulation and/or improvements in total factor productivity (TFP). Factor accumulation – physical and human capital – does not seem to be the main channel through which countries benefit from FDI. Instead, we find that countries with well‐developed financial markets gain significantly from FDI via TFP improvements. These results are consistent with the recent findings in the growth literature that shows the important role of TFP over factors in explaining cross‐country income differences.