东道国ESP系统与东道国外商直接投资特征研究--以中国为例

国际直接投资地域结构的时空差异性对忽视东道国因素的传统国际投资理论提出了挑战。文章研究了东道国因素对国际生产资本地域运动的影响，提出了国际直接投资是东道国因素与投资主体三优势综合作用的结果，东道国环境、体制、政策系统的状态特征决定了东道国外资特征等观点，并实证研究了中国改革开放进程与外商对华投资规模和结构的内在互动性。     

外商直接投资对东道国产业结构的影响——基于我国的实证分析

“十一五”期间,产业结构调整仍然是我国国民经济和社会发展的关键点之一。在开放条件下,一国的产业结构调整更应融入世界产业结构调整的框架内进行。其中,国际直接投资则是影响一国产业结构升级和发展的重要因素。然而,目前的西方国际直接投资理论对东道国产业结构影响的研究相对较少。因此,探讨外商直接投资(对于东道国而言,外商直接投资就是所谓的国际直接投资)对东道国产业结构的双重作用,具有重要的意义。一、外商直接投资对东道国产业结构的积极影响1.促进东道国产业结构的升级。如果东道国在封闭的环境中,任产业结构自然演进,那将是…     

东道国吸引外国直接投资理论探析

传统的西方直接投资理论都是立足于投资国,而对于东道国吸收外国直接投资的行为缺乏分析。由于国际直接投资活动是涉及到投资方与引资方两个主体的交易行为,因此,抛开引资方(即东道国)来谈国际直接投资必然是片面的。当今世界,东道国的状况如何对国际直接投资的影响越来越重要,很有必要研究东道国利用外资的行为。为此,试图从西方对外直接投资理论推导出东道国吸引外国投资行为的理论。     

外商直接投资与东道国出口贸易关系的理论探讨

外商直接投资与对外贸易关系的理论研究可分为三个阶段,国际贸易与国际直接投资相对独立的传统理论阶段,投资与贸易存在替代、互补关系的近期研究阶段,投资与贸易存在新型关系的理论新进展阶段。根据上述理论内容,若将行业限定于制造业,并仅考虑东道国的FDI流入与其出口贸易的联系机制,则从理论角度而言,双方存在相互促进、相辅相成的关系,这对我国外资引导政策的制定具有一定的启示意义。     

外商直接投资间接就业效应的传导机制

外商直接投资对我国经济产生了巨大的影响,其中就包括外商直接投资对我国就业数量影响的问题。外商直接投资除了直接雇佣东道国的劳动力就业外,还通过对东道国国内投资、产业链上游企业或下游企业、产业结构、技术水平、市场竞争等方面的影响,间接地促进或抑制东道国国内企业的劳动力吸纳能力。外商直接投资主要通过国内投资、技术转移、国际贸易等传导机制间接影响东道国国内就业。     

东道国产业结构政策与外国直接投资的产业结构效应

随着经济全球化的发展,东道国的政治经济制度对外国直接投资的拉动力则越来越大。东道国的产业结构政策作为一种制度因素,对外国直接投资的绩效产生很大的影响。文章将国际上存在的产业结构政策概括为市场主导型、政府主导性以及计划型三种模式,分别探讨了东道国的三种产业结构政策对外国直接投资的产业结构效应的不同影响。     

浅析对华外商直接投资的决定因素

外国直接投资(FDI)对东道国和母国的经济都产生了重要的影响,成为推动全球经济增长的主要力量。近年来,流入中国的外商直接投资一直保持增长态势。从东道国——中国的角度出发,从经济因素、自然禀赋、法规政策三个方面来分析流入中国的外商直接投资的决定因素。     

东道国腐败会阻碍外商直接投资流入吗?

制度基础观认为东道国制度环境会影响跨国公司投资者对风险和收益的判断,削弱跨国公司全球网络整体竞争优势,不利于跨国公司决策者国际化战略布局的制定和调整.为了考察东道国制度环境中腐败因素对外商直接投资流入的影响,本文采用2001—2014年中国实际利用外资额和因腐败等职务犯罪被立案侦查人数的省级动态面板数据进行经验检验.结果表明,东道国腐败对中国外商直接投资流入存在显著的摩擦效应.其中,东部地区腐败程度对外商直接投资的阻碍大于中西部地区,且明显高于全国平均水平.按照不同时段重新检验后发现,现阶段(2007—2014年)中国腐败频数和腐败强度较前期(2001—2006年)明显下降,由于国家党风廉政建设不断推进,腐败对外商直接投资流入的润滑剂作用难以为继.     

跨国并购与东道国经济增长关系的研究

随着经济一体化,国际直接投资兴盛,各国政府积极引进外资,FDI势必会对东道国的经济增长造成影响,但不同的进入模式即跨国并购和绿地投资的影响程度是不同的.传统观念认为,跨国并购仅造成所有权的转移,对东道国经济无明显正向作用.因此,本文选取了包括发达国家和发展中国家在内的37个国家进行实证分析,研究跨国并购对不同发展程度地区的经济增长是否存在影响.结果显示,跨国并购对发达国家和发展中国家有正向作用,随着发展中国家制度和市场的不断完善,其软环境优势不断释放,加之依靠原本的自然资源和人力资源等优势,跨国并购将会进一步促进发展中国家的经济增长.     

中国ODI技术进步效应的影响因素研究——基于东道国的分析视角

笔者从东道国的视角,研究影响对外直接投资技术进步效应的相关因子并构建理论模型,根据中国对外直接投资的区域分布以及东道国的研发资本存量,选取相关数据分析比较东道国的相关因素对我国对外直接投资技术进步效应的影响程度。研究表明,东道国的技术创新能力是影响我国对外直接投资技术进步效应的首要因素,但东道国通过专利溢出的研发资本存量并不是主要的影响因子。     

中国吸引FDI区位因素实证分析

近年来,随着国际资本流动的愈加频繁迅速,流向中国的外商直接投资越来越多,而FDI在中国经济增长中发挥着发动机的作用。东道国吸引FDI流入的因素有很多,如资源优势、宽松稳定的社会环境等。采用中国1983-2006年的Panel Data数据,在计量方法上采用的是加入虚拟变量的普通最小二乘法并结合格兰杰因果检验,发现FDI累计投资额、市场规模及制度因素促进了FDI的流入,而人力资本、市场开放度对FDI的流入无积极影响。并给出相关的政策建议。     

双边投资协定对发展中国家吸引FDI的影响——基于面板数据的实证研究

由于国际直接投资有利于促进东道国的经济发展,发展中国家越来越多地通过签署双边投资协定(BIT)来吸引FDI,但BIT在吸引FDI方面的有效性值得检验。本文基于47个发展中国家的双边投资协定和国际直接投资数据,利用STATA10.0计量软件,采用面板数据模型分析了BIT对发展中国家吸引FDI的影响,同时,为了更全面研究BIT对吸引FDI的影响,还考察了BIT与制度质量、单边投资自由化之间的关系,结果显示BIT有利于发展中国家FDI流入的增长,且与制度质量、单边投资自由化之间存在替代关系。     

Foreign direct investment and vertical integration of production by Japanese multinationals in Thailand

We test the vertical model of foreign direct investment (FDI) empirically using firm level information on Japanese multinational activity in Thailand. These data allow us to investigate the effects of both home country (Japan) and host country (Thailand) characteristics on the inter-industry pattern of FDI. For 85 manufacturing industries over the period from 1985 to 1995, we find a positive influence of industry variation in skill intensity and market size in the host country and a negative effect of transport costs on the amount of FDI. These results provide strong direct econometric evidence of vertical integration of production across the countries. Journal of Comparative Economics 32 (4) (2004) 805–821.     

Trade cost reduction and foreign direct investment

While the “proximity-concentration” theory suggests a positive relationship between trade cost and foreign direct investment (FDI), there is ample evidence showing a negative relationship between them. We show that the possibility of exporting back to the home country from a host country, which is often referred as “home-country export platform FDI”, may generate a negative relationship between trade cost and FDI. Market demand and product market competition may play important roles in this respect.     

FDI对国内投资与经济增长的冲击效应分析——基于VAR模型的分析

20世纪80年代以来,外商直接投资已成为发展中国家获得外部资源的主要渠道,已成为中国经济发展的一个重要经济增长点。文章通过协整检验发现,FDI流入分别对经济增长与国内投资产生正向、负向作用,除中部地区外,这一趋势还将在今后一段时间持续。接着,通过邹检验发现,在外商直接投资的外部冲击下,中国及东、中、西部的国内投资及经济增长分别在1992年,1989年,1990年,1998年发生结构性变化。再次,通过Granger因果检验与脉冲响应函数分析发现：中国及各地区国内投资在外商直接投资的投资下呈现较为一致的变化态势,但中国各地区经济增长在外商直接投资的冲击下呈现各异的变化特征。     

FDI Attractiveness in Greece

This paper investigates the foreign direct investment (FDI) attractiveness for Greece as a host country compared with the rest of the EU countries. The main objective of this work is to identify the factors that improved or worsened Greece’s attractiveness during the last few years. An econometric model and a comparative index of FDI attractiveness have been constructed in order to identify the differences in the attractiveness of the countries. The results obtained prove that during the last few years Greece’s attractiveness as a host country for FDI has not only improved, but it also has a downward trend. The factors identified as crucial for the low FDI attractiveness in Greece are inefficient public governance, high taxation, inefficient infrastructure, and general macroeconomic conditions.

中国对外开放进入新阶段:更均衡合理地融入全球经济

经过10多年较大规模吸收外资,我国在全球跨国投资流动中的地位正在发生变化。第一,作为FDI东道国的相对地位下降,表现为外资占国内固定资本形成总额的比重下降,在各东道国中按外资比重衡量的排名下降。第二,对外投资迅速增长,未来五年投资总额可能超过800亿美元,成为发展中国家中最大的投资母国之一。第三,利用国外资金和技术的方式多样化,表现为非FDI方式使用外资增多,以购并方式吸收外资和对外投资增多,服务业吸收外资增多,以我为主组合利用全球技术资源的能力增强等。这些变化使跨境资金流动与国内经济的互动关系更加复杂。面对新形势研究开放问题,要综合考虑商品和要素流动的需求,考虑作为外资东道国和投资母国的利益需求,更均衡合理地融入全球经济。     

Analyzing the effects of the Regional Comprehensive Economic Partnership on FDI in a CGE framework with firm heterogeneity

The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) that is currently under negotiation among China and 15 other Asian countries. It is one of several potential mega-regional FTAs in the Asia-Pacific region. In this paper we investigate the potential effect of RCEP on foreign direct investment (FDI) with a focus on China using an innovative computable general equilibrium (CGE) model. The model is built on the theory of firm heterogeneity extended to FDI. The framework is able to capture FDI increases along both the intensive and extensive margins. Liberalization under RCEP is simulated as impacting on FDI both directly through FDI liberalization and indirectly through trade liberalization. Our simulation results suggest that RCEP would encourage significant increases in FDI to China through both these pathways. While competition from imports drives out the least productive foreign owned firms, export expansion of firms using FDI will lead to an overall increase in foreign investment. In addition, the facilitation of trade in intermediate goods tends to promote vertical FDI. The direct FDI effect from investment liberalization will evidently promote FDI from partners. Projected economic gains to China from RCEP are in the range of US$103–214 billion, or 1.1–2.2% of GDP.     

The Relationship Between Growth,Total Investment and Inward FDI: Evidence from Time Series Data

This paper explores the causal relationship between growth, total investment and inward FDI in 47 countries. Using error‐correction model, the significance, direction and sign of long‐run and short‐run causal effects between GDP, capital stock and FDI stock are investigated. The miscellaneous results echo the divergent theoretical viewpoints and the mixed empirical results of previous works. However, the evidence found in this study suggests that there are differences in growth mechanism between developed and developing countries, between various developing regions, and between oil‐exporting and non‐oil‐exporting countries. The main policy implication is that capital investment is essential for growth while FDI’s effect is uncertain in developing countries. FDI as well as total investment enhances growth only under some conditions.     

Determinants of Chinese direct investments in the European Union

This article analyses the determinants of Chinese foreign direct investment (FDI) activities in the European Union (EU). Evidence is based on panel Poisson models drawing on two investment monitors at the individual project level. Greenfield investments (GI) and mergers and acquisitions (M&A) are distinguished. The findings indicate that market size and bilateral trade are the main factors for Chinese investment in the EU. In contrast, business-friendly institutions do not foster FDI. Probably, Chinese investors are risk averse, and prefer regions with less competitive markets. The striking difference between GIs and M&As is related to unit labour costs. Higher costs make the host country less attractive for the establishment of new firms, but do not affect the involvement in existing firms. The sectoral dispersion of Chinese FDI in the EU did not change much since the global financial crisis. Most relevant shifts have occurred in research and development (R&D), where low-income EU countries have become increasingly attractive.