共查询到20条相似文献,搜索用时 10 毫秒
1.
Ayesha Ashraf Dierk Herzer 《The journal of international trade & economic development》2017,26(5):566-584
This study examines the effects of greenfield foreign direct investment (FDI) and cross-border mergers and acquisitions (M&As) on government size in host countries of FDI. Using panel data for up to 130 countries for the period from 2003 to 2011, the study specifically tests the compensation hypothesis, suggesting that by increasing economic insecurity, economic openness leads to larger government size. It is found that greenfield FDI increases labour market volatility and thereby economic insecurity while M&As are not significantly associated with labour market volatility. The main results of this study are that greenfield FDI has a robust positive effect on government size, while M&As have no statistically significant effect on government size in the total sample of developed and developing countries, as well as in the sub-samples of developed and developing countries. 相似文献
2.
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. 相似文献
3.
本文以美国1972-2002年的统计数据为例,在建立VAR模型的基础上通过脉冲响应曲线和方差分解表对流入美国的外国直接投资(FDI)、外国证券投资(FPI)和经济增长之间的关系进行了实证研究,结果表明流入美国的FDI和FPI均有助于美国经济的增长。但相对而言,美国经济增长更加依赖于外国证券投资,研究还发现流入美国的FDI与FPI之间关系紧密,两者之间存在积极的良性互动关系,且FPI对FDI的影响明显大于FDI对FPI的影响。 相似文献
4.
本文以新古典投资理论为基础,利用广东省1979-2004年的数据,并结合经济运行的实际情况,对外商直接投资对广东省内投资的挤入挤出效应进行了实证分析,结果表明:广东省的外商直接投资对广东省的省内投资产生了挤出效应。在实证分析的基础上,对产生挤出效应的原因做了进一步的分析。 相似文献
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6.
《Journal of Global Marketing》2013,26(1-2):111-127
Summary China has attracted the second largest amount of foreign direct investment in the world each year since 1993. Hundreds of thousands of foreign-invested enterprises are in operation in China. However, what drive the success or cause the failure of foreign investments is still not well understood. This paper critically examines one success factor, i.e., the importance of timing of marketing entry into China. It begins with a brief review of the literature on first-mover advantages and the recent empirical research. It then attempts to theorize on why timing of market entry matters in the context of foreign direct investment. Apart from drawing upon the four recent studies in this area, this paper focuses on the auto industry in China and the case of Volkswagen to illustrate the importance of early entry into an overseas market. It calls for foreign investors to seize the first-wave opportunities when the door is opened a certain sector. It pays in the long run both in terms of the market share position and profitability. 相似文献
7.
Muhammad Asali Adolfo Cristobal-Campoamor Avner Shaked 《The journal of international trade & economic development》2016,25(5):691-705
This paper lends both theoretical and empirical support to the notion of optimal foreign direct investment (FDI) levels. It does so by uncovering an inverted-U-shaped relationship between FDI and human capital formation. The optimality of a particular FDI inflow depends on the educational incentives induced by FDI on the local, heterogeneous population. Our estimates confirm the significance of a positive (linear) and a negative (non-linear) impact of FDI stocks on tertiary schooling, which are exclusively relevant in developing countries. 相似文献
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Ting Gao 《The journal of international trade & economic development》2013,22(3):305-323
This is an empirical study of the impact of foreign direct investment (FDI) on income. It presents cross-country evidence that inward FDI is positively correlated with income. In addition, an instrument for FDI is constructed to address the issue of endogeneity. The results show that instrumental-variables (IV) estimates of the impact of FDI on income are positive and greater than OLS estimates, similar to the findings on trade in Frankel and Romer (). The evidence in this paper suggests that inward FDI contributes to higher income, and favours the argument of Irwin and Terviö () that trade openness is subject to measurement error – in particular, trade is an imperfect proxy for many income-enhancing interactions between countries. 相似文献
10.
Małgorzata Jaworek Małgorzata Szałucka Włodzimierz Karaszewski 《Journal of East-West Business》2019,25(3):293-317
Limiting factors of foreign direct investment are of great significance for managers, governments, and scholars as they directly influence the profitability of a foreign subsidiary and a parent multinational company. The aim of the paper is to identify FDI limiting factors of host country location choices among Polish enterprises and differences in the perception of the factors depending on the establishment mode choice, i.e. whether it is through greenfield investments or acquisitions. The paper presents results of a field surveyed carried out in 2012–2013 among Polish companies. The research results revealed that regardless of the establishment mode choice, investors from Poland perceived market-related limiting factors as significant. The empirical findings also proved that there were no significant differences in the perception of the importance of FDI limiting factors, between investors who undertook acquisitions and those who decided to make greenfield investments. However, single cases of differences were identified at the level of the policy framework-related factors. 相似文献
11.
《Journal of East-West Business》2013,19(3):91-115
Abstract This study reports findings of a survey including 139 Finnish and 97 Austrian companies active in Eastern Europe. The study focuses on two major areas in the firm's business activities in Eastern Europe, namely on market strategies-the timing of market entry, market selection, entry modes and motives-and company performance. The number of market entries has increased after the transition, but the majority of business activities still take place in geographically-close countries. Companies have gradually started to use more high-commitment modes of operation, but contrary to our expectations, high commitment modes were also frequently used in more unstable markets. Company performance in Russia and especially in other countries of Eastern Europe was in general clearly lower than in domestic markets and foreign markets in general. Against expectations, firm size, dependence on international markets, length of operation, and mode of operation in Eastern Europe did not significantly influence the performance. However, firms which concentrated on Russian markets on a continuous basis performed much better than other firms. 相似文献
12.
跨国并购与新建投资--作为跨国企业进入方式选择理论的最新进展及一个模型分析 总被引:15,自引:1,他引:15
跨国公司进入东道国面临两种进入方式的选择:并购进入和新建投资进入,本文展现了这一研究领域的最新进展,回顾和分析了跨国公司选择并购进入方式的各种考虑因素.本文提出了一个企业国外进入方式选择的简单模型,研究在何种情况下外国公司优先选择并购方式以及在何种情况下外国公司选要择新建投资的问题. 相似文献
13.
外商直接投资与我国农产品和食品贸易关系的研究 总被引:7,自引:1,他引:7
本文运用计量经济模型,对我国农产品和食品贸易与FDI之间的关系进行了研究,结果表明我国农产品和食品进口、出口和总贸易量与FDI之间皆存在长期稳定的均衡关系,而且这种关系具有互补性。在此基础上,本文还对各变量之间是否存在因果关系进行了检验,以便进一步揭示二者之间的联系。同时结合我国农产品和食品贸易与FDI的特点,对结果进行了相应的讨论。 相似文献
14.
本文在揭示长三角两省一市经济增长方式的基础上,剖析了外商直接投资对长三角经济增长方式的影响。本文研究表明:近二十年来,长三角地区全要素生产率有显著提高,但在投资高速增长的背景下,该区域粗放型经济增长的特征并没有根本改变。外商直接投资尽管也会通过技术外溢等途径促进技术进步,但由于其对国内投资的挤入效应推动了资本的扩张,因而尚未对经济增长方式转变形成显著的效果。实现长三角经济增长方式转变应进一步提升本土创新能力和开放水平。 相似文献
15.
对外直接投资与美国服务贸易的发展 总被引:1,自引:0,他引:1
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。 相似文献
16.
Chia-Hui Lu 《Journal of International Economics》2007,71(2):324-343
This paper introduces industrial heterogeneity in R&D productivity into the quality-ladder model of the North-South trade to study how firms' choices made between R&D and foreign direct investment (FDI) vary across industries, and how such choices consequently determine the evolution of comparative advantage and trade. It shows that trade reveals product-cycle dynamics in medium-tech industries but remains static in others. High-tech industries experience continued innovation in the North with no migration of product lines. Medium- and low-tech industries migrate South via FDI to exploit low production costs with the South then replacing the North as the dominant exporter. However, medium-tech industry production eventually shifts back to the North when superior products are marketed by Northern innovators, making the end of one complete product cycle and the start of the next. Because of marginal R&D productivity, the relocated low-tech industries are not presented with the option of moving up and thus stagnate. 相似文献
17.
The article analyzes the characteristics and performance of foreign direct investment (FDI) to Romania since the 1990s. We provide evidence for some of the commonly advanced propositions about FDI in transition economies, namely the selection of entry and firms’ performance over time and across economic sectors. Contrary to the FDI literature, multinational enterprises in Romania favored greenfield FDI over acquisitions, although this does not apply to oligopolistic and technology intensive industries. Specific relationships between the nationality of the investor, the location and the entry modes decisions are also analyzed. We observed that acquisitions exhibited higher profit margin and turnover compared to greenfield FDI. 相似文献
18.
我国环渤海地区外国直接投资与对外贸易效应的实证研究 总被引:1,自引:0,他引:1
本文运用面板数据方法对环渤海地区的对外贸易效应进行了分析,结果表明外国直接投资对整个环渤海地区的对外贸易起到了正向推动作用,环渤海地区的外国直接投资与对外贸易之间存在互补关系。同时分别对该地区7个省市区外国直接投资与对外贸易的关系进行了研究。 相似文献
19.
《Journal of East-West Business》2013,19(2):33-58
ABSTRACT This article examines aspects of foreign direct investment (FDI) in Bulgaria. The article considers propositions relating to the location and own-company motives for engaging in FDI in Bulgaria, the performance of the foreign ventures, and challenges in the management of the ventures. The article also reviews the lessons for potential investors in Bulgaria. The article is based on the analysis of in-depth interviews with senior expatriate managers of nine foreign ventures in Bulgaria. This analysis serves to better understand the nature of FDI in Bulgaria and highlights the issues facing potential investors. Relatively few studies have been conducted on FDI in Bulgaria which is one of the least researched transition economies. This article therefore sheds new light on some important issues concerning FDI in Bulgaria and serves as a case study of a transition economy that is little reported on and little known in the West. 相似文献
20.
我国企业对外直接投资的区位选择 总被引:2,自引:0,他引:2
马先仙 《国际商务-(对外经济贸易大学学报)》2006,(1)
我国理论界关于是否应该将发达国家作为我国企业对外直接投资的重点目标问题上产生的不同意见,在相当程度上反映了我国对外直接投资区位选择所面临的对外直接投资动因与能力的矛盾。实证检验证实我国企业目前的对外直接投资区位还是以与我国经贸关系密切、市场规模相对狭小的国家和地区为主。但从长远看,发达国家和地区应成为我国企业对外直接投资区位选择的重点目标。 相似文献