加快我国海外投资的制度创新

我国海外直接投资在发展中存在着一些突出问题,而制度风险是我国海外直接投资发展中的“瓶颈”。当前应注重加强我国海外直接投资的创新培育,主要包括宏观管理模式创新、跨国经营机制创新、财务管理制度创新、企业组建模式创新以及海外投资信息管理模式的创新。     

论我国对海外直接投资的法律保护原则与措施

在对海外直接投资实行法律保护问题上,我们应该修正"放任"和"无为"的错误观念;确立海外直接投资法律保护制度,应以维护国家经济安全、与国际投资法律制度相适应以及全面、有效为基本原则;海外投资保险、充分可靠的支持、适当的监管、行使外交保护权是我国对海外直接投资应采取的四位一体的法律保护措施.     

试论对我国海外直接投资的法律保护

试论对我国海外直接投资的法律保护倪新防单建尧海外直接投资的法律保护，是指国家从法律上确立对本国海外直接投资进行保证和扶持的制度与措施。这是维护本国利益、促进海外投资事业健康发展的重要保证。改革开放以来，我国的海外直接投资得到很大发展，但是，与此很不相...     

民营企业对外直接投资模式创新

本文在分析民营企业对外直接投资模式选择的内外部影响因素基础上,提出民营企业对外直接投资的海外集群式工业园区模式创新战略。     

论当前我国海外直接投资的发展

论当前我国海外直接投资的发展胡萌我国海外直接投资起步于７０年代末，１９８４—１９９４年我国累计在海外直接投资１５６．３亿（美元），规模不大，但增涨速度较快，随着我国当前经济形势的变化，今后海外直接投资将获进一步发展。一、现阶段进一步发展海外直接投资的...     

制度创新:促进我国对外直接投资发展的必然选择

发展对外直接投资是我国经济发展的必然选择，也是我国主动参与国际分工的一种方式。目前我国对外直接投资的规模处于初级发展阶段，投资效益不佳，究其原因是在对外直接投资管理、国有企业产权结构、民营企业对外投资管理和对外直接投资促进服务等方面存在明显的制度缺陷，因此必须通过制度创新来推动我国对外直接投资的发展。     

发展海外直接投资的主要障碍及对策

发展海外直接投资的主要障碍及对策陈全伟我国从１９７９年开始对外直接投资以来，发展迅速。截至１９９４年底，我国共批准海外直接投资企业４６４２家，中方总投资５２．４亿美元。海外直接投资的发展对促进我国商品出口，带动劳务输出，吸收外国先进技术和管理经验发挥...     

论中国对外贸易与海外直接投资的关系

本文分析了发达国家和发展中国家海外直接投资与对外贸易之间的关系 ,指出目前中国对外贸易与海外直接投资的关系及存在的问题 ,提出了发展我国海外直接投资和对外贸易的对策     

日本海外直接投资行为分析

海外直接投资以参与经营为原则,它有"资金、技术与经营方式的混合输出"之称,是日本的经济和产业向国际化发展的重要形态。在日本的统计中,海外直接投资主要包括设立海外子公司、收买外国现有企业、向国外的企业出资以及为取得经营管理权而提供长期贷款等。海外直接投资是日本经济和企业向国际化发展的重要形式。     

论我国海外并购立法的国际化原则

从目前我国海外并购的状况来看,海外并购作为对外直接投资的重要手段之一,其效果远未达到预期层次。一个重要的原因就是我国海外并购法律制度中国际化原则的缺失,要实现我国海外并购的既定目标,海外并购国际化原则必须得到重视,国际化原则应当成为我国海外并购战略指导原则。     

Exchange Rates and Outward Foreign Direct Investment: US FDI in Emerging Economies

This paper investigates the effect of exchange rates on US foreign direct investment (FDI) flows to a sample of 16 emerging market countries using annual panel data for the period 1990–2002. Three separate exchange rate effects are considered: the value of the local currency (a cheaper currency attracts FDI); expected changes in the exchange rate (expected devaluation implies FDI is postponed); and exchange rate volatility (discourages FDI). The results reveal a negative relationship between FDI and more expensive local currency, the expectation of local currency depreciation, and volatile exchange rates. Stable exchange rate management can be important in attracting FDI.     

Foreign direct investment and growth in India: a cointegration approach

The two-way link between foreign direct investment and growth for India is explored using a structural cointegration model with vector error correction mechanism. The existence of two cointegrating vectors between GDP, FDI, the unit labour cost and the share of import duty in tax revenue is found, which captures the long run relationship between FDI and GDP. A parsimonious vector error correction model (VECM) is then estimated to find the short run dynamics of FDI and growth. Our VECM model reveals three important features: (a) GDP in India is not Granger caused by FDI; the causality runs more from GDP to FDI; (b) trade liberalization policy of the Indian government had some positive short run impact on the FDI flow; and (c) FDI tends to lower the unit labour cost suggesting that FDI in India is labour displacing.     

What drives bilateral foreign direct investment among Asian economies?

This study analyses the role of knowledge transfers via bilateral foreign direct investment (FDI) among 31 Asian economies. We make three distinct contributions to the literature on the drivers of FDI by: (1) applying the knowledge-capital model to FDI among Asian economies for the first time, using a comprehensive data set, and comparing it to an empirical gravity-type model of FDI; (2) conducting model selection tests to choose between alternative empirical specifications and estimation methods; and (3) modelling both the FDI participation decision and the decision on the amount of FDI. The main findings are: (1) while vertical FDI, driven by seeking low-cost unskilled labour, appears to be the dominant type of intra-Asian FDI, overall the knowledge-capital model is not supported by the data; and (2) conventional gravity variables (e.g., size, distance, common language) provide a better explanation of intra-Asian FDI and, therefore, a more suitable vehicle for future research.     

Hunting High and Low for Vertical FDI

Recently the horizontal and vertical models of foreign direct investment (FDI) have been synthesized into the knowledge‐capital (KK) model. Empirical tests, however, find that the horizontal model cannot be rejected in favor of the KK model. I suggest this is because the empirical specifications are too restrictive for vertical FDI to manifest itself. Using an alternative specification, I find evidence of vertical FDI. In particular, when I use the stock of FDI I can reject the horizontal model in favor of the knowledge‐capital model and identify countries for which FDI is dominated by vertical investment.     

中国外商直接投资政策的调整研究——基于资本异质性的引致效应

中国的政策制定不应简单地立足于FDI对中国经济的单向影响,还要兼顾国内投资对FDI的引致效应.中国与其过度依赖FDI,不如把政策重心转向增加有效投资需求上来,实现国内储蓄有效地向投资转化.中国除了对某些亟需的科技技术和管理制度所依附的FDI实行特别的优惠政策外,应紧缩甚至取消针对一般FDI的优惠幅度.此外,中国必须调整现有的区域和产业投资政策,加大对中西部地区、基础产业和高新技术产业的投资力度,引导FDI流入上述领域,从而缓解区域和产业发展的不平衡压力.     

Cluster evolution of IC industry from Taiwan to China

In this work, we for the first time study the inter-industrial clustering behaviors of integrated circuit (IC) industry from Taiwan to China via amount of foreign direct investment (FDI). According to the mutual dependence among IC design, manufacturing and packaging-and-testing industries, Lotka-Volterra model is solved to explore the cluster evolutions. Effects of inter-level collaborations along production value chain on FDI flows into China are considered. Evolution of FDI into China for IC design industry significantly inspires the subsequent FDI of IC manufacturing, packaging and testing industries. Since the production of IC manufacturing, packing and testing enterprises depends on the preceded products that design industry has devised, the middle-stream manufacturing and downstream packaging-and-testing firms tend to converge toward upstream design houses. Taiwan IC industry's FDI amount into China is estimated to be cumulatively increasing, which suggests the clustering tendency of Taiwan IC industry. Prediction of FDI with Lotka-Volterra model is superior to that of the conventional growth model (i.e., Bass model) because the industrial mutualism among various stages is included. The flows of FDI have not yet reached equilibrium points, so the FDI inflows into China will expand for IC design or packaging-and-testing industry, while decline for manufacturing industry.     

Do Multinational Enterprises Contribute to Convergence or Divergence? A Disaggregated Analysis of US FDI*

It is widely held that foreign direct investment (FDI) has a positive effect on economic growth. To test this hypothesis, we perform convergence regressions derived from a theoretical model on the impact of FDI on endogenous technological change in small economies. The model includes FDI externalities that enhance growth, but also shows that FDI can crowd out host country income and reduce local innovation. The empirical analysis employs disaggregated US data for various FDI‐related activities—in addition to the conventionally used aggregate FDI stocks and flows. We estimate the net FDI impact on the convergence rate of per‐capita income to US levels, controlling for human development, financial development, and trade. We find that FDI accelerates convergence for high‐income countries only, otherwise slowing it down.     

The timing and probability of FDI: an application to US multinational enterprises

An ‘option-pricing’ model is employed to analyse the timing of FDI. Assuming that the firm's profits are determined by the attractiveness of both the home and foreign countries, and that attractiveness follows a Brownian motion, an optimal trigger value of FDI is derived. The model shows that, contrary to the NPV rule, FDI entry should be delayed the greater the uncertainty of attractiveness in both locations. Another important result is that MNEs do not regard FDI as a risk-diversification tool. The results of the model were then tested empirically with US FDI data, using labour costs as a proxy for (the reciprocal of) attractiveness. The results support the findings of the analytical model.     

Merger and acquisition FDI,relative wealth and relative access to bank credit: Evidence from a bivariate zero-inflated count model

We use a bivariate zero-inflated negative binomial model to examine Japanese merger and acquisition (M&A) FDI jointly with other types of Japanese FDI (or non-M&A FDI) into the United States. We find that for firms likely to engage in FDI, their rates of FDI are affected by the financial health of their main banks. However, only the rate of M&A FDI is affected by relative wealth. The rate of non-M&A FDI is affected by profitability and firm size. Our findings show the importance of distinguishing M&A FDI from non-M&A FDI and of considering the two types of FDI jointly.     

我国FDI流入量中热钱规模的估算

对近年来流入我国FDI中的热钱进行了估算:将样本区间划分为FDI流入正常年份和异常年份,选取11个指标,使用岭回归方法对正常年份的FDI流入量建立线性模型;通过chow检验方法发现对两个阶段的划分是合理的;运用模型对2005～2007年FDI正常流入量进行测算得到FDI流入量中热钱的数量分别为1358.413亿、627.227亿、4576.014亿元人民币,按当年汇率折算约为166亿、79亿、602亿美元。