Direct Foreign Investment Versus Licensing

This paper examines the choice among alternative modes of direct foreign investment, namely, the wholly owned subsidiary (the S option) and joint venture (the J option), vis-à-vis licensing (the L option). The focus is on the role of moral hazard, difference in risk attitude and the prospect of the host country's policy toward the venture. An apparently surprising result is that riskiness of the project is a factor against the J option. Moreover, in the absence of policy intervention, L is dominated by either S or J, whereas if there is an anticipation of policy intervention (i.e., there is a policy moral hazard) L may emerge as the best option.     

Market Structure and Foreign Direct Investment

During the last decade the extent of inward foreign direct investment (FDI) in the US has increased dramatically. An important aspect of industries where most FDI takes place is their high level of concentration. This paper investigates how strategic interactions among domestic and foreign producers influence the structure of the industry. Especially, it focuses on the foreign firms' choice between exporting versus servicing these markets by investing in a plant located in the host country when facing competition from a domestic oligopoly. The empirical investigation reveals that the relationship between FDI and tariffs is not as simple as previously thought. In highly concentrated industries, where strategic behavior may play an important role, high tariffs rather than low tariffs may lead to less FDI and more imports.     

Licensing of New Technology Versus Direct Foreign Investment: A General Equilibrium Analysis

In a general equilibrium model with sector-specific capital, a country which licenses new technology and imports capital itself would have lower national income than if it permitted direct investment by foreigners with rights to the technology. However, the reverse can be true if capital is mobile between sectors. Thus, licensing is a poor policy in the short run but can be a good policy in the long run.     

入世对吸引外商直接投资的影响

中国与美国、欧盟分别就加入 WTO达成了"双赢"协议,为中国早日加入 WTO排除了最大的障碍。加入 WTO,意味着我国将从半开放、半保护状态走向全面开放格局,意味着我国的经济活动将执行国际经贸规则,意味着我国的经济发展战略、经济政策、经济法律及各项经济工作将进行一系列适应性调整。以下从四个方面分析了加入 WTO对我国吸引外商直接投资 (FDI)的影响及应对措施。 　　1.加入 WTO,中国将迎来新一轮 FDI热潮,各地区各行业应抓住机遇,做好配套的准备工作。加入 WTO,我国的投资环境将发生实质性改善：国内各产业领域的市…     

Indirect Employment Effects of Foreign Direct Investment into the UK

This paper examines some of the employment consequences, broadly defined, associated with foreign inward investment. A foreign firm entering an industry in the UK will have a degree of firm‐specific advantage over the incumbent firms. This advantage is assumed to manifest itself in terms of a productivity differential over the domestic sector. As such, foreign entry will create factor market disequilibrium in the domestic sector. It is shown that such investment generates 'employment substitution' away from UK firms, equivalent to approximately one–fifth of all the jobs created by inward investment.     

市场竞争与外商直接投资技术转移--来自中国制造业的证据

目前对技术溢出的研究较少关注"溢出源",尤其是基于市场竞争视角和中国背景的经验研究.文章首先讨论了Wang-Blomstrom假说,进而借助"市场结构-技术创新"关系的研究成果提出"市场竞争-外资技术引进"关系的有关假说,并探讨了异于常规的、面向外资企业的"竞争"的定义和度量,最后基于中国制造业面板数据进行实证检验.实证检验结果表明,外资企业在东道国市场面临更大竞争会促进其增加技术引进,对于发展中东道国,需要具有一定规模和优势的企业而不是接近完全竞争的市场结构,才能提高外资企业面临的竞争程度.     

Competing for Foreign Direct Investment

The paper analyzes 'subsidy games' between countries in order to attract foreign direct investment (FDI) from a third country. The winner of this game results from the interaction of two factors, relative country size and employment gains from FDI: a large (or 'central') country is more likely to attract FDI, and so is a country with high unemployment. The subsidy equilibrium is compared with two alternative solutions: zero subsidies and first-best subsidies. It is shown that total welfare may be greater under subsidy competition than under zero subsidies: the gains from efficient location implied by subsidy competition may more than outweigh the losses from higher subsidies. Moreover, departing from subsidy competition to zero subsidies or to first-best subsidies (without side payments) implies a gain to one country and a loss to the other. This suggests that it may be difficult to reach a consensus to move away from the status quo of subsidy competition.     

独资还是合资——我国企业跨国直接投资进入模式的影响因素研究

本文研究了我国企业FDI中关于独资与合资的选择问题。建立了我国企业FDI股权结构进入模式分析框架,并提出研究假设。2008年11月～2009年1月,获得132份有效调查问卷。使用SPSS12.0软件分析得到FDI股权结构选择的LOGISTIC模型。模型显示,投资方式、公司国际化程度对采用独资方式具有负向显著影响,集权偏好对采用独资方式有正向显著影响,技术优势、技术隐性、市场潜力和文化距离对股权结构选择无显著影响。本文还初步探讨了股权结构选择与绩效间的关系,并建议走出去的我国企业关注国际化程度、集权偏好、文化距离对进入模式的影响和国际化人才的培养。     

外商直接投资再创新高

<正> 中国“入世”的第一年,我国利用外商直接投资更加保持了较高的增长势头,据外经贸部统计,今年1至6月全国新批设立外商投资企业15155家,比去年同期增长26.39％;合同外资金额439.9亿美元,同比增长31.47％;实际使用外资金额245.79亿美元,同比增长18.69％。截至今年6月底,全国累计批准外商投资企业405180家,合同利用外资金额7892.81亿美元,实际使用外资金额4198.02亿美元。主要指标分析 1.增长幅度较大。在2001年我国利用外资进入恢复性增长及中国加入世贸组织后的半年时间里,外商直接投资以前所未有的速度和规模涌入中国。2002年1～6月我国利用     

Environmental Regulation Induced Foreign Direct Investment

The last decade has witnessed a renewed interest in the relationship between environmental regulations and international capital flows. However, empirical studies have so far failed to find conclusive evidence for this so-called pollution haven or race to the bottom effect where foreign direct investment (FDI) is assumed to be attracted to low regulation countries, regions or states. In this paper we present a simple theoretical framework to demonstrate that greater stringency in environmental standards can lead to a strategic increase in capital inflows which we refer to as environmental regulation induced FDI. Our result reveals a possible explanation for the mixed results in the empirical literature and provides an illustration of the conditions under which environmental regulations in the host country can affect the location decision of foreign firms.     

外商直接投资与国家自主创新

本文将FDI(外商直接投资)和LICENSIING(技术许可)作为其潜在的渠道,建立了技术引进的模型.此模型的一个重要特征是模型中的主要假设,模型的结论以及模型的政策意义都与实际经验的观察相一致.对于包括中国在内的发展中国家(LDC)而言,技术许可比外商直接投资所带来的技术外溢更有效,在考虑制定何种政策以达到社会福利的最优化时,人力资本的水平起到了决定性的作用.     

2001年我国利用外商直接投资情况回顾

据外经贸部提供的统计数字显示,2001年1—6月全国共新批外商投资企业11991家,合同外资金额334.5亿美元,实际利用外资金额207.08亿美元,分别比去年同期增长18.7%、38.4%、20.6%。这样高的增长速度,是近年来所没有的。同时来华直接投资的国家和地区、投资的行业分布和产业结构等利用外资的情况均发生了相应变化。一、2001年1—6月统计数字分析1.来华直接投资的国家和地区分析2001年上半年我国利用外商直接投资总体水平明显提高,全球来华直接投资普遍出现了增长势头。外商来我国进行直接投资的国家和地区共有92个,比2000年略有减少,但…     

Foreign Direct Investment and Environmental Taxes

Abstract. This paper studies the effect of foreign direct investment (FDI) on environmental policy stringency in a two-country model with trade costs, where FDI could be unilateral and bilateral and both governments address local pollution through environmental taxes. We show that FDI does not give rise to ecological dumping because the host country has an incentive to shift rents away from the source country toward the host country. Environmental policy strategies and welfare effects are studied under the assumption that parameter values support FDI to be profitable.     

Intra Eurozone Foreign Direct Investment and Deflation

After the recent economic turmoil, besides the severe recession that hit most European Union (EU) countries, and the resulting downward trend in inflation, foreign direct investment (FDI) levels in certain EU countries have bounced back. Hence, we evaluate the effect of deflation on intra-Eurozone FDI. Even though deflation tends to cause a negative effect on investment, low production cost opportunities may arise, thus attracting inward FDI. Using panel data that span from 2003 to 2015, we initially estimate an FDI equation that incorporates deflation as a pre-determined variable and, consequently, a two-equation model that treats both FDI and deflation as endogenous variables. Our results suggest that deflation in periphery Eurozone countries does not deter FDI flows from core to periphery Eurozone countries.     

中小跨国企业及其对外直接投资

中小企业在各国经济发展中发挥着重要作用,但在国际对外直接投资中所占的比例较低,近年来,中小跨国公司迅速增长,我们分析了中小跨国企业对外直接投资的原因,及在对外投资中所面临的问题,最后,提出了积极吸收中小跨国企业投资的政策建设。     

外国直接投资下的产业结构升级

利用外国直接投资促进东道国产业结构升级存在理论极限、影响变量和前提条件。外国直接投资只是发展中国家实现产业结构升级可以利用的手段之一;东道国应该对外国直接投资进行有效的、规范的监管以及对其产业结构升级作出整体的战略规划,并创造相适应的条件。     

An Assignment Theory of Foreign Direct Investment

We develop an assignment theory to analyse the volume and composition of foreign direct investment (FDI). Firms conduct FDI by either engaging in greenfield investment or in cross-border acquisitions. Cross-border acquisitions involve firms trading heterogeneous corporate assets to exploit complementarities, while greenfield FDI involves setting up a new production division in the foreign country. In equilibrium, greenfield FDI and cross-border acquisitions coexist within the same industry, but the composition of FDI between these modes varies with firm and country characteristics. Firms engaging in greenfield investment are systematically more efficient than those engaging in cross-border acquisitions. Furthermore, most FDI takes the form of cross-border acquisitions when production-cost differences between countries are small, while greenfield investment plays a more important role for FDI from high-cost into low-cost countries. These results capture important features of the data.     

对外直接投资与国内产业空心化

本文针对一些西方学者关于美国、日本对外直接投资导致国内产业“空心化”的观点,提出了不同的见解。首先, 第一、第二产业比重下降, 第三产业比重上升是一国产业结构演进的一般规律, 与对外直接投资无关; 其次, 一国的对外直接投资规模巨大与贸易逆差并无直接联系; 第三, 对外直接投资增强了投资者的国际竞争力; 第四, 对外直接投资对一国的就业机会影响甚微。总之, 对外直接投资为投资国和对外直接投资者带来巨大利益, 而不会导致国内产业“空心化     

Brotherhood of competition: Foreign Direct Investment and domestic mergers

We examine the effects of mergers on Foreign Direct Investment (FDI), and on shaping national policies regarding FDI. In this work we develop a partial equilibrium model of an oligopolistic industry in which a number of domestic and foreign firms compete in the market for a homogeneous good in a host country. It is assumed that the number of foreign firms is endogenous and can be affected by the government policy in the host country. The government sets the policy (subsidies) to maximise social welfare. We allow domestic mergers. Our main results suggest that when the host country government imposes discriminatory lump-sum subsidy in favor of foreign firms, a merger of domestic firms will increase the number of FDI if the subsidy level is exogenous. With an endogenous level of subsidy, a merger of domestic firms will decrease (increase) the welfare if the domestic firms are more (less) efficient.     

服务业外商直接投资流入与房地产市场风险研究——以上海为例

我国房地产价格的持续攀升引起政府和社会的极大关注,其中以北京、上海等一线城市尤为典型。影响我国房价持续快速攀升的因素众多,着眼于服务业外商直接投资的流入对上海房地产价格的冲击及可能存在的市场风险展开分析。结果显示,外商直接投资的变动对上海房地产价格波动不构成显著性影响。这表明,目前我国政府的宏观调控措施成功规避了FDI流入可能产生的资产泡沫风险。但是,面对当前通货膨胀预期全面显现、房价居高不下的现实,政府应继续对各类以FDI名义的短期资本流动加以必要的管控;将利率维持在一个较为合理的低水平,以熨平国内宏观经济增长的大幅波动,确保房地产市场的稳定健康发展。