外资进入我国旅游业趋向的影响因素分析

针对我国旅游业未来外资进入的规模、方式与结构,文章系统研究了影响外资进入我国旅游业的各项动力因素,认为旅游行业设施使用率和入境旅游人数是影响外资进入规模的关键因素,而外资进入方式和结构受当地经济增长、投资环境、旅游行业及外商自身因素的综合影响,由此也构成外资进程序包国旅游业趋向的预测指标体系.     

Doing business in Saudi Arabia

The Kingdom of Saudi Arabia is the largest market in the Arabian Gulf region and, despite current political and economic uncertainties, offers investors and exporters many opportunities in a wide variety of business sectors. Key factors driving economic policy include the desire to reduce the dependence on oil, and the need to provide jobs, housing, and services to citizens in a time of rapid population growth. The foreign investment law of 2000 significantly changed the rules for foreign investors, permitting 100% ownership of projects. There is a streamlined foreign investment application process with various investment incentives. Important policies are privatization, economic diversification (such as the development of a tourism sector), and the education and training of Saudi workers. Although lifestyle in the kingdom is ultramodern and high‐tech, Saudi Arabia is an extremely conservative country and many of its citizens desire to preserve their religious values and ancient traditions. The Saudi culture is influenced by two dimensions: Islam and the Bedouin tradition. Foreign executives doing business in Saudi Arabia must be prepared to conduct thorough preliminary research, visit the kingdom regularly, show genuine concern for Saudi development goals and culture, be patient in business negotiations, and adapt carefully to the Saudi environment. © 2004 Wiley Periodicals, Inc.     

Tourism development in transition economies: The Cuba case

From Vietnam to Hungary, countries in various stages of transition from central planning to market economies are turning to tourism as an important component of their national industry portfolios. Cuba is no exception. Tourism has the potential to be one of Cuba's most lucrative sectors. Simon discusses the impact of this growing sector on Cuba's structural and economic development, the foreign investment tourism has garnered and what it requires for the future.     

Trade Policy Making in a Small Island Economy: The WTO Review of the Maldives

The purpose of this paper is to examine trade policy regime and trade‐related development issues in the Maldives on the basis of the Trade Policy Review Maldives 2003 of the WTO. The key theme of the paper is that, given the narrow resource base and small domestic market, openness to foreign trade and investment remains the ‘natural’ policy choice for a small developing economy like the Maldives. Since the late 1980s, the Maldivian government has made considerable progress in implementing policy reforms driven by this conviction. However, the reform process is far from complete. High import tariffs maintained predominantly on revenue considerations, a large direct role played by the public sector in foreign trade and some key sectors of the economy, lack of transparency in duty concessions and other investment incentives, failure to incorporate environmental concerns as part of the national development policy, and delays in meeting reform commitments under the WTO are among the key items of the unfinished reform agenda.     

Effects of foreign investment in the presence of unemployment

In this paper we present a simple model of unemployment in the presence of foreign investment in the traded sector. More foreign investment increases employment in the nontraded sector but may or may not increase employment in the traded sector. The effect on total employment is also ambiguous. In a two-country framework with foreign investment itself a variable, we show that foreign investment should most likely be subsidized rather than taxed. Moreover, the employment maximizing tax on foreign investment is shown to be less than the optimum tax.     

Foreign investment impact and incentive: a strategic approach to the relationship between the objectives of foreign investment policy and their promotion

This paper offers hypotheses and tests empirically the relationship between the objectives of foreign direct investment (FDI) policy and it results (i.e. the various types of impact of FDI and investment incentives) within a strategic fit concept. In the process, this paper demonstrates a strong correlation between specific objectives and particular incentives. Specifically, it points to a strong correlation between, on the one hand, the advancement of industrial structure and fiscal incentives and on the other, between regional expansion/development and financial incentives. The results point out how a host government should establish a coherent investment incentive system matching specific objectives of FDI policy.     

An event study analysis of outward foreign direct investment: the case of Greece

The purpose of this article is twofold. Firstly, by applying the event study methodology, it provides detailed and updated evidence on the value generating effect of different modes of foreign direct investment (FDI) entry. Secondly, this is the first paper to empirically evaluate the impact of FDI on the stock returns of Greek firms participating in the Athens Stock Exchange (ASE). In the case of Greece, the cross‐section analysis revealed that successful outward FDI projects tend to be located in developed countries, performed in a high‐technology sector and linked to horizontal integration.     

黑龙江省对外投资现状与发展对策——以俄、蒙两国为例

近年来黑龙江省对外投资发展迅速,初步形成了稳步的发展趋势和多元化结构,对俄蒙投资则主要集中在资源领域,同时存在对俄蒙投资的行业与地区过分集中、海外投资经验不足等问题。稳定配套的产业基础、优越的地理位置和发达的物流网络均为黑龙江省对外投资提供了有力保障,继续深化东北亚区域经济合作、实施多元化的海外投资战略将会有力促进黑龙江省对外投资又好又快发展。     

Investment funds in Cuba: An upcoming Caribbean tiger

Although reeling under the effects of a massive economic collapse since 1990, and still isolated from the United States economy, Cuba has begun to attract the interest of foreign investors. The tourism sector was the first to attract investment, and has been joined by oil and minerals, agribusiness, telecommunications, construction materials and even consumer products. New fund managers are getting involved. Already the first investment management company focusing exclusively on Cuba has already been announced. perhaps it is not too far-fetched to envisage Fidel Castro opening a Havana stock exchange before the end of 1997.     

中国旅游投资:规模、方向与价值

中国旅游业直接投资呈加速发展趋势,综合投资数额庞大,企业的旅游投资处于景气区间,旅游企业已成为证券市场上的一个重要板块。从趋势看,旅游投资环境良好,国民旅游市场、区域旅游发展与创新是旅游投资关注的重点。投资者除了关注投资回报之外,也应关注人民大众的需求,并以此理念在旅游领域开展资本运作。     

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.     

The Role of the Investment Climate and Tax Incentives in the Foreign Direct Investment Decision: Evidence from South Africa

In this article, the author uses microdata and firm interviews to explore the role of foreign direct investment drivers in South Africa. Reinforcing the majority of the foreign direct investment literature, she finds that pecuniary incentives play a negligible role in the investment decision for the majority of firms. The micro level of analysis enables specification of the investment climate constraints that are decisive—notably political and regulatory uncertainty, skills, labor regulation, and exchange volatility. This area-specific analysis contains potential lessons for other sub-Saharan countries.     

Winning intellectual property rights lawsuits in China

What influences foreign plaintiffs’ likelihood of winning intellectual property rights (IPR) lawsuits in an emerging economy such as China? From an institution-based view, prior scholarly debate presents two competing perspectives on the evolving IPR regime in China, focusing on the incentives of internal development and the pressures of external legitimacy respectively. We integrate these two perspectives to examine the effects of regional research and development (R&D) investment on the likelihood of foreign plaintiffs winning IPR lawsuits. We identify a direct effect reflecting the evolving economic incentives of host regions, and two mediating pathways that correspond to the legal strategies employed by foreign plaintiffs to apply external legitimacy pressure on host region legal institutions. Our analyses of a sample of 1103 IPR disputes between foreign plaintiffs and local defendants in Chinese courts from 2008 to 2017 provide support to our arguments.     

China R&D: A High-Tech Field of Dreams1

This study highlights the rapid pace at which new commercial research and development (R&D) centres are being established by foreign investors in the People's Republic of China (PRC). It recounts the motivations behind this growing trend, subtle changes in this trend over time, some lessons learned, and asks what it could mean for future Asia-Pacific relations. The essay emphasizes China's distinct role in attracting R&D through its extensive investment in municipal services, infrastructure and regulatory reforms as well as policy incentives that have helped to spur ever-greater levels of foreign R&D investment over the past decade.     

我国供水行业融资体制改革探讨

我国供水行业长期以来融资渠道单一,投资严重不足,造成供求矛盾突出。近年来,我国一些城市尝试推行股份制、引进外资等多元化融资方式,初步取得成效。但改革实践中暴露出我国供水融资管理体制中的诸多问题,制约了改革的进一步深化。针对这些问题,借鉴国外经验,并结合我国公用事业总体改革,采取以下对策:制定有关法规,规范政府管理;实行政企分离,建立高效率的行业管制机构;采取补贴递减,保证企业投资回报。     

Does foreign investment benefit the exporting activities of Vietnamese firms?

Using firm-level data, this paper examines the effects of foreign investment on the exporting behaviour of domestic firms in the Vietnamese manufacturing and service sectors. Applying the Heckman selection model on panel data and following the Wooldridge approach, we find that investment by foreign firms has a significant positive effect on the decision of domestic firms in the same and upstream sectors to export. The proportion of exports of domestic firms declines through horizontal and forward linkages, but increases through backward linkages in the manufacturing sector. However, there is only weak evidence in support of export spillovers on domestic firms in the service sector. We also find that the presence of foreign firms has differing effects on the exporting activities of low- versus high-tech firms in the manufacturing sector.     

山东省与江苏省对外直接投资差异及影响因素研究

山东、江苏作为中国的经济大省,其对外直接投资已成为推动经济发展的重要因素。基于2008—2017年山东省17地市、江苏省13地市对外直接投资面板数据,利用泰尔指数对两省对外直接投资存在的总体区域间差异进行衡量,并针对对外直接投资差异的相关影响因素进行实证分析。研究结果表明:工业发展水平、人力资源成本、研发水平和金融发展规模对山东省对外直接投资影响显著,经济发展水平、出口贸易和外商直接投资对山东省对外直接投资影响不显著;人力资源成本、出口贸易对江苏省对外直接投资影响显著,研发水平、工业发展水平、经济发展水平、外商直接投资以及金融发展规模影响不显著,分析后提出相关建议。     

The spatial redistribution of Japanese direct investment in the United Kingdom between 1991 and 2010

Japanese firms have a firmly established reputation as influential foreign investors, originating from the surge of foreign direct investment into North America and Europe during the 1980s. This paper examines trends in Japanese corporate behaviour in the United Kingdom, a key investment destination for Japanese firms, over the period 1991 to 2010. Our ‘demographic’ analysis of Japanese firms' investments includes both investment and exit strategies. It is found that Japanese firms have reconfigured their UK presence in response to a rapidly changing market environment, with an enduring proclivity to cluster, notwithstanding government incentives intended to channel investment towards specific regions of the country.     

Customer-driven philosophy in the banking industry under different ownership status: the case of Greece

Relationship banking (RB) philosophy has become a topic of increasing importance in strategic marketing management. RB concerns inter alia the applying of customer-driven strategies using advanced information technology. This study investigates RB in the Greek banking industry overall and also under different ownership status (privately owned vs. stated-controlled vs. foreign banks). Based on a wide field of research during the period 2005–2006, indeed, we find that banks in Greece apply the philosophy of RB; however, privately owned and foreign banks implement RB strategies more systematically and effectively in comparison with state-controlled banks. The usefulness of our results is twofold: they satisfactorily justify the considerable growth of the private banking sector in the Greek economy and significantly enrich the service-profit chain of this specific industry.     

Factors Favoring Greece’s Inward Foreign Direct Investment in the Aftermath of the Global Financial Crisis: An Exploratory Survey

Greece has suffered the worst from the late 2000s global financial crisis. Despite the completion of the economic adjustment program the rate of recovery in Greece is still weak. The liquidity constraints in the Greek economy imply that the investment shock, which will accelerate its recovery rate, will be an outcome of investment inflows by privatizations and/or other opportunities arising to foreign investors (inward FDI) due to the devaluation of the assets in Greece caused by the crisis. However, the level of attracted by the Greek economy has always been well below the European Union average. This paper investigates the factors favoring inward FDI in Greece after the crisis. A survey is made by the use of a questionnaire for the collection of primary data on the activity of multinationals in Greece and non-parametric methods are used for investigating the attractiveness of the Greek market and the decision to invest.