中国对美直接投资现状分析与发展对策建议

中国对美直接投资（FDI）在过去近10年时间里保持着快速增长态势,并拥有良好的发展前景。文章归纳了中国对美FDI所表现出的基本特征,全面分析了近年来促进中国对美FDI增长的驱动因素,以及国内企业在对美FDI中遇到的制约因素,指出为继续推动中国对美FDI的快速发展,需要中美两国加强政治上的互信与理解,也需要中国企业充分熟知美国的投资规则,提高自身投资管理技能。     

一江春水向东南

目前，人民币ODI主要的“落地平台”是以香港为主的东南亚地区。《中国外汇》记者调研了解到，受现有政策执行操作过程中的障碍、被投资地区对人民币的接受程度以及离岸业务的限制等多种因素的影响，我国企业的人民币ODI在投资地的表现形形色色，多种多样。本刊选取具有代表性的企业样本，为准备开展人民币ODI的企业提供借鉴。     

未来资本输出的中国镜像

未来人民币升值趋势形成了中国对外投资的又一内生动力。《经济学人》(EIU)在日前发布的《中国海外投资指数》报告中预测,2017年中国将成为净对外投资输出国,对外直接投资(ODI)规模将达1720亿美元,赶超流入的外商直接投资(FDI)规模。联想到几年前《经济学人》做过的一期封面报道,其看好中国ODI并非一时头脑发热。封面中的图景是这样的:毛主席伸出手,手里面拿着一沓100美元面值的美金,题目写着"China Buy TheWorld"《(中国要买下世界》)。连续10年ODI的前行速率无疑营造出了中国对外直接投资的惯性趋势。资料显示,自2002-2012年,中国对外直接投资年均增幅高达35%,在全球对     

中国对美直接投资风雨路

中国对美国的直接投资（FDI）在美国庞大外资版图中仅占1％。继续撑大中国对美直接投资的半径，不仅需要在宏观层面增强中美两国的政治互信，还需要排除来自美国国内纷繁复杂因素的干扰，同时更需要中国企业进一步历练在美国资本市场存续的素养与技能。     

中国对东盟国家投资选择的决定因素:动态分析及中日比较

本文应用引力模型,结合2003—2010年的面板数据,着重从动态变化和国际比较两个角度分析了中国对东盟国家投资选择的决定因素。研究发现:全样本回归中中国对东盟国家的直接投资与东盟国家的市场开放度和制度环境紧密相关,双边的共同语言促进投资;2003—2006年间东盟国家的教育因素显著影响ODI,2007—2010年间东盟国家的开放度、中国和东盟国家的制度因素显著影响ODI;日本在东盟投资具有资源寻求动机,东盟国家的基础设施也是吸引日本投资选择的重要因素之一。     

全球油气投资何以风高浪急

中国信保专家认为,石油产品旺盛需求,世界各国的石油公司普遍加紧了勘探投资,但却面临着越来越多的困境和挑战。研究影响世界油气投资因素,分析主要产油国的投资环境和政策因素,对中国经济的发展和企业投资的安全性来讲十分必要     

中国对美FDI阔步进行时

抢在中美第三轮战略与经济对话的前夕,美国亚洲协会美中关系中心发出了首份中国企业对美直接投资(FDl)的研究报告,不仅给出了中国对美FDI的大红成绩单,而且富有激情地展望了中国资本进入美国市场的未     

中美直接投资关系：现状与前景分析

投资在美中经贸关系中一直发挥着重要作用。中国在美投资主要投资于美国国债和私人债券,美国对华投资主要是外国直接投资。由于贸易保护主义抬头以及美中贸易摩擦,近年来中国对美国直接投资开始放缓;美国对中国直接投资净流入也出现下降。美国《外商投资风险审查现代化法案》进一步加强了对非控制性投资交易及外资对美国企业控制权变化等内容的审查。美中投资协议谈判前景仍不明朗。     

中国对非洲直接投资的影响因素研究——基于计数模型的实证检验

基于以下两个问题:中国企业在非洲投资的动机是什么?东道国的自然资源因素是影响中国对非洲投资的关键因素吗?利用计数模型实证分析了中国对非洲直接投资的动机及决定因素。结果显示,国有企业对非洲投资的直接动机是寻求市场,非国有企业在非洲投资的目的是寻求市场和寻求效率,因而非洲东道国的自然资源因素对中国企业在非洲的投资活动没有显著影响。同时还发现,中国企业倾向于在与中国有经济合作关系且宏观经济稳定的东道国进行投资,而不倾向于在制度环境较差的东道国进行投资;中国与东道国签署并实施的BIT没有对中国企业在非洲的投资活动产生影响。     

近20年来美国产业结构调整对中国在美投资的影响

20世纪80年代以来美国进行的产业结构调整对中国在美投资的方式、领域、区域、合作及投资规模等方面都产生了重大影响。随着美国产业结构的进一步升级,其投资结构也将不断改善,这为中美两国企业的投资提供了更多的发展机会,中国对美投资的前景广阔。     

中国对拉美直接投资的现状及发展问题研究

拉美地区已经成为中国对外直接投资的主要地区。中国企业投资计划准备不足,投资领域过于单一,产业分布相对集中,投资地区趋向集中,国别分布不均匀是中国对拉美地区直接投资的主要问题,因此,继续开拓多投资领域,规避投资风险,树立中国良好企业形象,加强中国政府对企业的扶持和引导,建立危机预警机制是进一步发展对拉美直接投资的策略选择。     

Investment Adjustment Costs: An Empirical Assessment

We evaluate the empirical evidence for costs that penalize changes in investment using U.S. industry data. In aggregate models, such investment adjustment costs have been introduced to help account for a variety of business cycle and asset market phenomena. So far no attempt has been made to estimate these costs directly at a disaggregated level. We consider an industry model with investment adjustment costs and estimate its parameters using generalized methods of moments. The findings indicate small costs associated with changing the flow of investment at the industry level. The weighted average of the industry elasticities with respect to the shadow price of capital, which depends inversely on the adjustment cost parameter, is eight times larger than the largest estimate reported in Levin et al. (2006) . We examine a variety of factors that may account for this discrepancy, but a substantial part of it remains unexplained. Our results therefore suggest that more caution is needed when giving policy advice that hinges on a structural interpretation of large investment adjustment costs.     

Investment‐Specific News Shocks and U.S. Business Cycles

We provide robust evidence that news shocks about future investment‐specific technology (IST) constitute a significant force behind U.S. business cycles. Positive IST news shocks induce comovement, that is, raise output, consumption, investment, and hours. These shocks account for 70% of the business cycle variation in output, hours, and consumption, and 60% of the variation in investment, and have played an important role in 9 of the last 10 U.S. recessions. Our findings provide strong support for shifting focus to IST news shocks when investigating the role of news in driving U.S. business cycles.     

Financial Shocks and Corporate Investment in Emerging Markets

We examine how cross-firm and cross-country heterogeneity shapes the responses of corporate investment in emerging markets to changes in U.S. monetary policy and financial-market volatility, the latter proxying for uncertainty. We find that in response to increases in U.S monetary policy rates or financial-market volatility, financially weaker firms reduce investment by more than financially strong firms. We also show that firms with stronger balance sheets delay investment voluntarily when faced with higher uncertainty. Finally, we find that stronger macroeconomic fundamentals (lower public debt or higher international reserves) help to buffer corporate investment from increases in U.S. monetary policy rates.     

全球经济应该如何调整

失衡与调整是新世纪全球经济最引人注目的话题。本文认为,失衡的错综复杂性,决定了全球经济调整将是一条缓慢、长期和艰辛之路;全球经济调整的关键是对储蓄投资失衡关系的调整;为避免全球经济硬着陆的发生,美国及其他主要国家应主动承担起调整的责任;中国应调整出口导向战略,把经济增长更多地建立在依靠内需的基础上。     

保险投资和实物黄金投资的抗通货膨胀能力比较

通货膨胀是现代经济的一个普遍现象,也是投资者在投资过程中面临的重要风险之一.通货膨胀的主要危害是削弱投资者实际购买力,从而使投资者对投资产品的信心减弱,购买投资产品意愿降低.近年来,我国经济呈现不稳定状态,CPI指数的跌宕波动显示出通货膨胀的压力,因此,如何在不同时期选择不同投资方式来抵抗通货膨胀对个人投资的影响尤为重...     

河南省外商直接投资的现状及对策分析

跨国公司对外直接投资（FDI）是海外对华投资的主要形式,对各地区经济的长期发展起了重要作用。地处内陆的河南省是我国经济大省,虽然近些年在引进外商直接投资方面取得较大进展,但依旧存在着诸如外资引进质量不高、管理不善、产业投向和地区分布不均衡等问题。河南省应该扬长避短,突破地域范围条件限制,狠抓投资环境,提高引资质量,并加大外资的产业导向,提高外资管理水平;借助当前＂中原经济区建设＂的有利时机,协调省内各地市引资状况,充分利用外商直接投资以促进本省域经济的持续快速发展。     

Investment Horizon and Composition of Optimal Portofolio: International Evidence

Little attention has been paid in the literature to the impact of different investment horizons on the portfolio compositiondespite its importance to portfolio managers. One exception isthe study by Gunthorpe and Levy (1994) on the U.S. stock market.Our paper extends the same study to the stock markets of Japan,Hong Kong and Korea. Using 40 individual stocks in each market,our results support those of Gunthorpe and Levy (1994) in thatthe composition of an optimal portfolio depends heavily on theinvestment horizon. When the investment horizon lengthens, theproportion of defensive stocks becomes larger while that ofaggressive stocks becomes smaller.     

Has Adoption of IFRS Increased Non–North American Institutional Investment in the Canadian Stock Markets?

We investigate whether non–North American (non‐NA) institutional investment in firms listed on the Canadian stock markets increased between the pre‐ and post‐IFRS adoption periods relative to such investment in firms listed on the U.S. stock markets. Prior to IFRS adoption, Canada had high‐quality financial reporting standards that were similar to the U.S. standards. As consequences of IFRS adoption, Canadian financial statements became more comparable with European and other IFRS country financial statements and less comparable with neighboring U.S. financial statements. Thus, a question of interest is whether the enhanced comparability with non‐NA companies was beneficial in terms of attracting non‐NA investment to Canadian companies versus U.S. companies. We find that there was no significant change in non‐NA institutional investment in Canadian firms relative to U.S. firms for the very largest (fifth quintile) and for smaller (first, second, and third quintiles) Canadian companies. However, intermediate‐sized Canadian companies in the fourth size quintile lost non‐NA institutional investment relative to their U.S. peer companies, suggesting that non‐NA investors cared more about comparability with U.S. peer companies than non‐NA peer companies for companies in this size quintile.