跨国公司股权安排选择与绩效关系研究--以世界500强在粤子公司为例

本文在回顾前人对跨国公司股权安排选择与绩效关系的理论和实证研究的基础上 ,对世界 5 0 0强在粤股权安排选择与绩效关系进行了实证分析 ,结果显示二者之间并无显著的相关关系 ,说明跨国公司独资化倾向并非为了改进绩效 ,研究结果可为进一步分析跨国公司在华增资扩股的动因提供借鉴和参考。     

我国外汇储备增长因素的实证分析

我国我汇储备的快速增长及高额的外汇储备规模已经引发了国内学术界的广泛讨论。从我国外汇储备来源看,我国外汇快速增长的主要原因是贸易顺差、外商直接投资和投资热钱。而要控制我国外汇储备的快速增长,必须对外贸政策、外资政策和汇率政策等宏观经济政策进行调整。     

宁波的外商直接投资研究

外商直接投资(FDI)是经济全球化的“推动器”,它在宁波的经济发展历程中起了不可磨灭的作用,但是它在给经济建设带来积极影响的同时也必然会存在一些问题。通过对宁波自改革开放以来的外商直接投资进行的数据统计分析,了解其现状,探讨其对宁波经济发展所起的影响,剖析其存在的问题,并对宁波日后如何提高利用外资的质量和水平、促进产业结构的优化升级和经济的可持续发展进行了一些思考和提出一些建议。     

Foreign Direct Investment Policy–Friendly Business Environment in R&D Sectors: Baltic States versus Visegrad Countries

This article examines the impact of foreign direct investment (FDI) policy on inward FDI in the Visegrad and Baltic countries. The analysis of business environment highlights that the countries in both regions attempt to create a friendly business environment by means of similar methods. However, the countries in both regions focus on fiscal incentives such as taxes, which do not play a major role in attracting inward FDI in R&D. The results of attracting FDI are better in the Visegrad countries, which implement financial incentives toward inward FDI along with fiscal incentives. According to empirical analysis, it is noticed that a higher intervention level and a higher support level guarantee the volume of inward FDI. The country's introduced FDI policy enables it to orient industry and to implement economic strategic targets. FDI policy does have an impact on promoting the development of the entire country.     

地方经济增长目标对外商直接投资的影响与机制研究

经济增长目标管理是中国宏观经济的重要现象,外商直接投资的注入为经济增长提供了重要的源泉。文章基于中国各地级市政府工作报告公布的年度经济增长目标,形成284个地级市2001~2016年面板数据,检验经济增长目标对吸引外资的影响。研究发现,经济增长目标的提高显著增大了实际利用外资数量,该发现是稳健的,在进行了变换度量变量、回归样本和考虑内生性的稳健性检验之后,结论依然成立。究其机制,在既定的经济增长目标的激励下,地方政府扩大土地出让面积,增大人均财政支出,以此吸引外商直接投资。文章还发现,地方经济增长目标的提高将导致外商直接投资显著增加的效应,仅在欠发达的中西部地区成立,在2012年之前出现。文章的发现为进一步优化政府目标管理实现经济高质量发展提供了有益的参考。     

空间相关与外商直接投资区位决定——基于中国城市数据的空间计量分析

以2006年中国大陆244个地级及以上城市为样本,利用空间计量经济学方法对外商直接投资的区位决定进行实证研究。对全国城市分析的结果发现:除了劳动力素质、市场规模、基础设施以及集聚经济以外,空间相关性也是影响FDI区位分布的重要因素;一个城市吸引的FDI不仅取决于自身的区位条件,还与周边城市的FDI正相关;劳动力成本在区位决定中的影响不显著。进一步分地区的分析发现,FDI在东、中、西部城市的区位选择具有明显的差异。     

国际贸易与FDI:基于提高国民福利水平的比较

国际贸易与对外直接投资是参与国际经济交流与合作的方式,二者都会影响参与国社会福利水平的改变。通过构建两个相同市场容量的完全垄断市场下的古诺模型,对国际贸易与FD I提高国民的社会福利水平的效率问题进行比较,认为国际贸易较FD I对提高国民社会福利水平更有效。     

技术创新推动下的边际产业对外直接投资

依照“产业时空观”,在技术创新的推动下,出现两种类型的边际产业。技术创新对产业时间方向的影响主要体现在产品寿命周期上,对产业空间方向的影响则受到国内市场因素和国内资源因素的制约,特别是存在着要素节约型和要素节约与耗费复合型的技术创新,两种创新都会导致边际产业。促进中国经济边际产业发展的有效途径之一是扩大对外直接投资,实施“走出去”战略。     

Do overseas investments create or replace trade? New insights from a macro-sectoral study on Japan

This paper investigates the relationship between outward foreign direct investment (FDI) and exports and imports from Japan, employing an augmented standard gravity model. Several econometric techniques, including the Gamma Pseudo Maximum Likelihood estimator, are used to rectify possible problems of heteroskedasticity and zero trade flows inherent in the estimation of gravity models of trade. The major finding is that outward FDI is trade enhancing for the Japanese manufacturing industry. However, we find that whether outward FDI creates or replaces trade depends on the industry under scrutiny. Our results indicate that the complementary relationship between FDI and trade is dominant in Japanese manufacturing, especially in the food and beverages, electric machinery, primary metals, and precision machinery sectors. We find also that Japanese overseas investments substitute for imports of chemical products, and for both exports and imports of general machinery.     

FDI对我国对外贸易的影响解析

本文主要通过近年来我国外商直接投资与对外贸易的实证数据，分析FDI流入对我国贸易的带动作用，实证结果表明对外直接投资与我国对外贸易在量上存在正相关关系。     

An international business blunder: Fennia 1913–16

In 1913 Otto Mønsted A/S, Denmark's leading margarine manufacturer, acquired a majority share in Fennia, a small and insignificant Finnish margarine company. The Danish company had extensive knowledge of all functional aspects of margarine, and had up to 1909 been a dominant player in the British margarine industry. In spite of the massive international experience that had been accumulated by Otto Mønsted A/S the Finnish venture turned into a disaster, because for all their experience the Danish managers committed an impressive range of failures. The work of N. Nohria and S. Ghoshal is applied to the case, and a theoretically consistent analysis is provided. The conclusion of the paper is that the analytical framework of Nohria and Ghoshal serves well in this respect. It is further shown that value-added chain analysis is useful in linking functional failures to a corporate governance perspective. In the final resort, World War I killed off the experiment, but it was doomed anyway. Almost 100 years have passed, but today managers have lessons to learn from this event.     

外商直接投资、经济集聚与绿色经济效率——理论分析与中国经验

现有关于FDI如何影响绿色发展的文献往往忽略经济集聚的作用,文章构建"FDI-经济集聚-绿色经济效率"的逻辑框架,并基于2004~2018年城市面板数据进行验证。研究发现:(1)FDI对绿色经济效率扮演着双重角色,其既通过产业结构产生负面效应,又通过经济集聚与节能减排技术发挥正面效应;(2)FDI总体上有利于提升绿色经济效率,这得益于经济集聚在削弱FDI产业结构效应的同时,强化其节能减排技术效应;(3)无论是全国还是东部地区,当经济集聚适度时,FDI与经济集聚能形成协同效应,从而促进绿色经济效率;当经济集聚超过临界值,全国与东部地区呈现拥挤效应,而中西部地区呈现集聚效应,由此致使FDI对绿色经济效率的影响效果存在显著的区域差异。     

Ireland's Foreign Direct Investment Competitive Advantage and Japanese Outward Foreign Direct Investment

This article addresses Ireland's record in attracting foreign direct investment (FDI). FDI has been identified as one of the key factors that has spurred the growth of the Celtic Tiger. An adaptation of Porter's Diamond is offered to explain the determinants of Ireland's competitive advantage in attracting FDI. The overall trends in FDI inflows to Ireland are considered. The study then focuses on Japanese FDI into Europe and Ireland in particular. The pattern of Japanese FDI flows into Ireland is analysed in the context of Ireland's determinants of FDI competitive advantage. Future considerations around Ireland's model of competitive advantage are addressed.     

国际直接投资的新思维——实物期权思想的融入

全球化经济时代的到来 ,为经济理论提出了新课题 ,FDI作为跨国经营的主要形式成为研究重点。实物期权理论在评估高风险、高灵活性的投资项目时有不可替代的作用 ,而FDI恰恰属于此类投资项目。将实物期权思想融入FDI理论 ,不仅解释了FDI近来快速增长的现象 ,也为FDI理论开辟了新的研究领域     

Causality nexus of exports,FDI and economic growth of the ASEAN5 economies: evidence from panel data analysis

This paper analyzes the causal relationships between exports, FDI and economic growth among the ASEAN5 countries. We have used a three-stage procedure based on unit root, co-integration and causality tests applied to the panel data from 1981 to 2013. The results reveal that there is a bi-directional causal relationship between FDI and growth in the long run, while there is a unidirectional causal relationship from FDI to exports in the short run. Our results also confirm that the export-led growth (ELG) and FDI-led growth hypotheses hold true in the long and short run. To reinforce the FDI inflows, authorities should continue the progressive reduction of barriers, and increase the sophistication of quality exports to compete in the global market. This paper is the first of its kind to analyze the role of both FDI and exports in the ASEAN5 economies using panel analysis.     

FDI对我国出口贸易贡献的实证分析

FDI对促进东道国的贸易增长作用显著。改革开放以来,我国采取了一系列优惠措施,积极吸引FDI。FDI存在对我国与出口贸易发展存在着显著的正相关性,已成为我国外贸出口竞争力的重要构成因素和增长源泉。我国需进一步调整引进外资的目标和政策,增加出口产品的国际竞争力,保持我国对外贸易持续、健康、快速发展,把我国塑造成贸易强国。     

对外直接投资与美国服务贸易的发展

一般认为,对外直接投资活动(FDI)对贸易的持续增长将起到十分重要的支撑和推动作用。本文选用了美国1970年至2003年的相关数据,通过建立自回归模型,拟合后发现这个结论在美国的服务业领域也成立。进一步运用Granger因果检验方法,发现两者之间还存在着互为因果的关系。然而,通过对统计数据的分析,同时也直观地发现,在美国服务业内的对外直接投资与对外贸易在进出口上的同向相关性并不明显。其原因可能是各国对服务业的限制措施所造成的扭曲和直接投资的贸易替代效应所致。