Foreign direct investment in economic transition: the changing pattern of investments

Foreign direct investment into transition economies is reviewed in detail, both from aggregate data and from a survey of senior managers in 117 western manufacturing companies. It is found that host country transition progress, political stability and perceived risk influence FDI inflows as well as the predominant type of investment.     

Determinants of Chinese direct investments in the European Union

This article analyses the determinants of Chinese foreign direct investment (FDI) activities in the European Union (EU). Evidence is based on panel Poisson models drawing on two investment monitors at the individual project level. Greenfield investments (GI) and mergers and acquisitions (M&A) are distinguished. The findings indicate that market size and bilateral trade are the main factors for Chinese investment in the EU. In contrast, business-friendly institutions do not foster FDI. Probably, Chinese investors are risk averse, and prefer regions with less competitive markets. The striking difference between GIs and M&As is related to unit labour costs. Higher costs make the host country less attractive for the establishment of new firms, but do not affect the involvement in existing firms. The sectoral dispersion of Chinese FDI in the EU did not change much since the global financial crisis. Most relevant shifts have occurred in research and development (R&D), where low-income EU countries have become increasingly attractive.     

政治竞争与相互直接投资

This paper investigates a basic question about the international political economy—why is international trade not free? To answer this question, we modified Grossman and Helpman (1994) by considering that interest lobbies make political contributions to both the incumbent government and the political challenger in order to influence the incumbent government’s choice of trade policy. By examining the contribution schedules under a framework of bilateral direct investments, we find that the modified Ramsey rule still holds under our setting.     

Foreign direct investment, political resentment and the privatization process in eastern Europe

Foreign direct investment has been disappointingly low in eastern Europe, which has been reluctant to make existing assets available to foreign investors. To mitigate any such resentment, we propose a participation model in which foreign investors compete for joint venture contracts. Host governments contribute existing assets and receive non-voting stocks. Foreign investors, contributing capital and know-how, receive voting shares and control of operational decisions.{}This has several advantages over the cash sale of assets to foreigners. First, stock flow problems are eased, raising both asset prices and FDI flows. Second, by retaining some stake in the firm, transition countries share in the risk premium. Third, governments can hand over their shares to households, creating private collateral to foster new small businesses. Fourth, and crucially, compared to cash sales the auction of participation contracts offers higher privatization revenues in cases where governments cannot assess investors' knowledge and abilities. This reduces the risk of selling the family silver too cheaply, and should alleviate the host countries' resentment.     

Foreign direct investment and economic performance in transition economies: evidence from China

Based upon a production function with FDI representing updated technology from more developed, market‐based economies, this study tests the hypothesis that FDI contributes to the economic growth of less developed, transition economies via technology updating, using data for 30 Chinese provinces from 1985 to 2000. It is found that provinces with a higher FDI ratio experienced faster technology updating and more rapid economic growth. The study suggests that less developed, transition economies should encourage FDI from more developed, market‐based economies so as to accelerate technology updating and economic growth.     

On the welfare effects of competition for foreign direct investments

This paper investigates welfare effects of subsidy competition for the location of a multinational enterprise. One of the competing regions benefits more from the inward investment but, in the absence of incentives, the multinational's preferred location is the other, more advanced region. The paper shows that subsidies, by making the multinational switch location, may increase aggregate welfare. If the multinational exports in the absence of incentives, the welfare effects of subsidy competition may look very different. Allowing subsidies attracts the direct investment, which otherwise would not take place, in one of the two regions. Further, it intensifies competition in the market. The paper shows that the welfare increasing role of incentives may be amplified, but also that the competition effect, by hurting domestic firms, may cancel out any other positive role of incentives.     

构建地方政府利用外资的科学机制

改革开放以来,地方政府通过利用外资推动了区域经济发展,但在传统的发展观和政绩考核体系下形成的以行政区经济增长为单一诉求的利用外资机制,既因区域间恶性竞争造成了高昂的成本,也导致了重复建设和区域产业结构雷同,利用外资的效应未能最大化.地方政府应以科学发展观为指导,在新的政绩考核体系下构建以区域经济和社会综合发展为导向的科学机制,以提高利用外资的水平和质量.     

Tax competition for foreign direct investments and the nature of the incumbent firm

We investigate tax/subsidy competition for foreign direct investments (FDI) between countries of different size when a domestic firm is the incumbent in the largest market and we study how the nature (public or private) of the incumbent firm affects policy competition. We show that, differently from the case of a private firm, the country hosting the incumbent always benefits from FDI if the domestic firm is a public welfare‐maximizing firm. We also show that the public firm acts as a disciplinary device for the foreign multinational that will always choose the efficient welfare‐maximizing location. An efficiency‐enhancing role of policy competition may then arise only when the domestic incumbent is a private firm, whereas tax competition is always wasteful in the presence of a public firm.     

影响外商直接投资规模和效应的制度因素

关于外商直接投资(FDI)与制度之间的关系问题,很早就受到了我国学者的重视.但是,现有的研究成果大多都侧重于FDI对中国制度变迁的影响,而反过来从制度因素影响FDI的进入和利用效应这个角度进行研究的成果却不多见.现在,对FDI的讨论主要集中在"规模是否过大"和"如何认识与规避负效应"两个方面,本文试图从导致FDI大规模进入和产生一些负效应的制度因素入手,从独特的视角来分析这两方面的热点问题.从而对我国利用FDI的规模和产生的负效应有更深刻的理解.     

韩国对华直接投资特点和发展趋势

韩国是我国的近邻和重要的经贸伙伴，20世纪90年代以来，两国不仅贸易发展迅速，而且韩国对华直接投资规模也在不断扩大。据不完全统计，截至2001年，韩国对华直接投资累计已达约128亿美元。基本特征韩国对华投资起步较晚，主要开始于1992年，不过，增长速度却十分迅猛。资料显示，1992年韩国对华直接投资额仅为1.19亿美元，然而到东南亚金融危机爆发时的1997年，韩国对华投资已达21.42亿美元，年均增长78%。虽然随后几年韩国对华直接投资一度下降，但它在我国利用外资总额中的比重却没明显减少(见表1)。从韩方有关统计看，1993—2000年，韩…     

中国企业对外直接投资:优势、特点与问题

对外直接投资是我国“走出去”战略的重要组成部分,也是维护我国家经济安全,积极应对经济全球化带来的挑战,主动参与国际分工,利用好两种资源两个市场,规避国外贸易壁垒,吸收国外的先进技术和管理经验以及及时掌握外部信息的积极举措。近二十多年来,由于政府的支持和企业的努力,我国对外直接投资持续增长。据商务部统计,截止2003年底,我国对外直接投资企业累计7470家,投资金额114亿美元(据联合国贸发会议统计,中国累计对外投资金额近350亿美元,约相当于韩国的对外投资规模),目的地多达167个国家和地区。尽管如此,我国对对外直接投资的相关研…     

Lessons from the transition process

The illusions that market mechanism would transform former communist countries easily into welfare states were gradually replaced by disappointments. Major problems are common to all countries in transition; they all endured an unprecedented fall in measured output and rise of unemployment. Four countries: former Czechoslovakia, Hungary, Poland, and Slovenia constitute a group in which the fall was the lowest and which also have reached the bottom. While the mechanisms of depression in these countries differ basic links of the vicious circle seem to be similar. The transition is reflected in constitutional provisions on property rights; new constitutions depart radically from their socialist predecessors, return to the principles of French revolution, and provide more than adequate protection of private property. Equally important are legal frameworks for market activities, and privatization aimed to improve efficiency, enable fairness, and serve in the abolition of the monoparty system.     

利用外商投资推动我国自主创新

自去年"十一五规划"提出将自主创新作为国家发展战略以来,引起了社会各界广泛的深思,尤其是对我国实施"以市场换技术"战略的反思.甚至出现"以市场换技术失败论",认为"利用外资排斥自主创新".到底如何看待和评价FDI与自主创新的关系,决定着未来我国FDI的政策取向.     

Foreign direct investment in vertically related markets

We study an MNE's choice of FDI mode in a vertically related market with local input sourcing. We show how the market's vertical structure and trading features affect this choice. An MNE's incentives to expand through cross-border acquisition rather than through greenfield investment are stronger in markets with higher upstream bargaining power, upstream concentration and unobservable contract terms. The opposite holds in markets in which wholesale price contracts, instead of two-part tariffs, are used. Our welfare analysis suggests that the host country should not always welcome FDI and should discourage FDI through acquisition.     

从战略管理角度探讨中国公司对外直接投资——基于制度、交易成本、资源理论的视角

随着全球的经济一体化,对外直接投资成为了公司战略管理的核心内容.中国是最大的新兴国家,同时也是新兴经济体中最大的对外投资国.中国公司的对外直接投资成为新兴公司战略管理研究的重要课题之一.本文以制度、交易成本和资源三大主流理论为基础,从战略管理的角度,分析了中国公司的对外直接投资,提供了不同的战略管理理论对这类投资不同角度的认识和理解,并强调了制度理论在分析中国公司对外直接投资中的重要性.同时,本文也简要探讨了中国公司对外直接投资的实践经验对主流理论发展的影响.     

跨国公司在华投资的战略调整及其影响

今年,中国的外贸进出口总额将突破6000亿美元,更由于实际使用外资金额超过500亿美元而成为本年度全球吸收外商直接投资最多的国家。在这其中,跨国公司的作用不可或缺。本期特别邀请南开大学跨国公司研究中心的四位博士生导师,从不同侧面解析跨国公司在其发展进程中的相关问题,敬请垂注。