中国企业对外投资汇率风险研究

本文着眼于中国企业对外直接投资基本状况与人民币汇率制度演进,选取进行对外直接投资的大型上市公司为分析样本,采用Va R方法和GARCH(1,1)模型,通过计算日、周、月、季、年周期的美元、港币、欧元和澳元4种货币对数收益率观测值,研究汇率变动对中国对外直接投资企业的短期冲击与长期影响。通过分析,本文认为,由于澳元的汇率波动较大,对外直接投资企业以澳元作为结算货币时面临较大的汇率风险;与走势相对平稳的美元相比,欧元的汇率风险同样较为明显;港币由于执行的是与美元挂钩的汇率制度,汇率风险与美元相当。因此,综合而言,美元是全球最主要的避险货币。本文的研究结论对中国对外直接投资企业在区位选择、币种选择和汇率风险规避等方面具有一定的参考价值。     

中国对外直接投资影响因素的实证分析——基于2007-2009年国际面板数据的考察

文章利用2007-2009年中国对相似文献   

宏观经济因素对中国海外直接投资促动效应的 理论与实证分析

中国特殊的宏观经济条件使得企业对外直接投资具有独特的发展模式和投资动因。本文运用1987~2010年间相关数据对宏观经济因素对中国海外直接投资的促动效应进行实证。结果显示:只有外汇储备与我国对外直接投资正相关,而技术能力、贸易顺差、利率水平、外汇汇率与中国对外直接投资是负相关,本文对此原因进行了深入分析并提出了改进中国对外直接投资的一些建议。     

Analysis of Domestic Factors Affecting Outward Foreign Direct Investment in Brazil

Developing markets have increasingly gained prominence in the world economy, but the domestic factors behind this success are not well established. This uncertainty may interfere with multinational expansion plans. In this article, we examine several macroeconomic and institutional factors affecting Brazilian outward foreign direct investment in 17 destination countries. We applied a pooled ordinary least squares regression over the 2001–2014 period. The findings suggest that macroeconomic factors are still statistically significant to explain investment abroad, but several institutional factors such as corruption have emerged, having a negative effect and political violence having a positive effect on Brazilian outward foreign direct investment.     

2009年中国企业对外直接投资分省(市)排行榜及其评析

近年来,中国企业对外直接投资在规模和增长速度方面都取得了长足的进步。本文首先对2009年中国对外直接投资分省市排行榜及其总体态势进行了分析,与此同时,论文还就2007-2009年间对外直接投资的变动情况及金融危机带来的影响进行了深入剖析。     

“二元”对外直接投资与贸易结构:机理与来自我国的证据

本文针对我国对外直接投资的现实情况,从对外直接投资的二元路径——顺梯度OFDI与逆梯度OFDI(Outward Foreign Direct investment),研究了二元对外直接投资影响贸易结构的机理,并利用我国1984-2008年的数据进行了验证,研究表明,我国对外直接投资较大地促进了我国贸易结构的升级;国内产业结构优化与研发利用率提高均能优化我国贸易结构;汇率水平的变动在我国贸易结构长期调整中并无显著影响。     

中国对外直接投资政治风险量化评价研究

随着我国企业对外投资的不断增加,投资安全问题越来越突出,如何评价对外投资中的政治风险是我国企业面临的重要现实问题。本文从政治风险量化评价的视角出发,总结了政治风险量化评价研究的现状,提出了包含征用与限制风险、资本转移风险和政治暴力风险的政治风险评价维度;结合我国对外直接投资实际,引入"对华限制"指标和"对华负面情绪"指标,构建了基于"中国因素"的对外直接投资政治风险评价模型;建立了以熵值赋权法为核心的多指标综合评价方法,并运用模型和方法对146个国家在2009~2011年的政治风险进行了实证评价。结果表明,本文提出的政治风险评价模型与方法契合我国对外直接投资的实际。     

Ireland's Foreign Direct Investment Competitive Advantage and Japanese Outward Foreign Direct Investment

This article addresses Ireland's record in attracting foreign direct investment (FDI). FDI has been identified as one of the key factors that has spurred the growth of the Celtic Tiger. An adaptation of Porter's Diamond is offered to explain the determinants of Ireland's competitive advantage in attracting FDI. The overall trends in FDI inflows to Ireland are considered. The study then focuses on Japanese FDI into Europe and Ireland in particular. The pattern of Japanese FDI flows into Ireland is analysed in the context of Ireland's determinants of FDI competitive advantage. Future considerations around Ireland's model of competitive advantage are addressed.     

Emerging Profiles of Polish Outward Foreign Direct Investment

In this study, the authors identify the emerging profiles of Poland's outward foreign direct investment (OFDI) at the macro- and micro-levels and propose relevant policy measures. They also set up a theoretical framework for further investigation of the identified trends and patterns. Both types of analysis—macro and micro—point to a regional focus of Poland's OFDI on Europe and to a sectoral concentration on services, followed by manufacturing. At the same time, the micro-analysis reveals a dominant role of a few largest Polish multinationals in the country's OFDI.     

外商直接投资对我国加工贸易影响实证研究

外商直接投资推动了我国加工贸易的发展,但还存在加工贸易增值率低、加工贸易关联度差以及容易导致贸易摩擦的问题。为了实现我国对外贸易的可持续发展,应该提高内资企业的配套能力,加大跨国公司的本地采购;优化产品结构,提高产品附加值;鼓励内资企业开展加工贸易。     

我国企业对外直接投资的区位选择

我国理论界关于是否应该将发达国家作为我国企业对外直接投资的重点目标问题上产生的不同意见,在相当程度上反映了我国对外直接投资区位选择所面临的对外直接投资动因与能力的矛盾。实证检验证实我国企业目前的对外直接投资区位还是以与我国经贸关系密切、市场规模相对狭小的国家和地区为主。但从长远看,发达国家和地区应成为我国企业对外直接投资区位选择的重点目标。     

中国对外直接投资的发展及未来趋势

中国对外直接投资正处于迅速发展时期 ,这对于中国参与经济全球化具有重要的意义。中国对外直接投资表现出发展中国家对外直接投资初期的典型特征 ,然而中国的对外直接投资仍然具有比较优势。只要中国企业积极参与经济全球化 ,发挥并积累竞争优势 ,中国企业的国际化将会健康、快速的发展。     

经济发展水平对我国对外直接投资影响的实证研究

近30年来,我国经济一直保持较快的增长速度,我国不仅作为世界经济最具活力的地区而吸引了大量来自世界各地的投资,而且,正在成为新兴的以对外直接投资来参与世界经济的重要力量。通过运用格兰杰因果关系,对我国经济发展水平与我国对外直接投资间的关系进行了实证分析和检验,也进一步说明了我国的经济增长与对外直接投资具有明显的相关性,且经济增长成为推动我国对外直接投资的原因。     

On the Irrelevance of Mercosur: Evidence From Foreign Direct Investment

ABSTRACT

This article utilizes data from more than 100 countries over 30 years to identify the key factors that make a country more attractive to foreign direct investment (FDI). We find evidence that a country's potential marginal returns to capital, available infrastructure, degree of trade openness, labor force qualification, and macroeconomic stability have a positive impact on FDI inflows. Our estimates capture a change in the role played by trade protection and an increase in the importance of human capital as globalization progressed. An application of our models illustrates why Mercosur countries have underperformed their peers in attracting FDI.     

Outward Foreign Direct Investment by Chinese National Oil Companies

Developed countries have become increasingly suspicious about the rapid growth of Chinese investments in their home countries and abroad, commonly citing potential threats to national security and global governance as the main sources of anxieties. As a result, policy measures in some developed markets have been put in place to create additional regulation and oversight, specifically in highly regulated and strategic industries, such as the oil sector. This article refutes a number of popular myths about Chinese investments in the global oil industry, and suggests a more rigorous dialogue with the Chinese authorities relating to their integration into international institutions.     

外商直接投资与对外贸易相互关系的实证研究

中国2001年加入世界贸易组织以后,外商直接投资和对外贸易都获得了快速的发展,对促进中国经济的飞速发展起到了巨大的推动作用。本文主要探讨2001-2010年外商直接投资与对外贸易的关系,发现进出口贸易额和外商直接投资不存在长期的稳定关系,但是中国的出口贸易额和外商直接投资存在双向的格兰杰因果关系,并且这种双向关系是互补的,进口贸易额和外商直接投资可能存在一定正向关系,但是这种关系是不显著的。     

An Empirical Study of the Determinants of Foreign Investment in China: A Western Australian Perspective

The literature, regarding the determinants of inward foreign direct investment (FDI) in China, emphasizes national or regional inward FDI, and largely depends on secondary data. This study reports findings from the analysis of primary data provided by 43 managers of Western Australian companies that are either operating or planning to invest in China reveals market size, labor cost, and business ethics were important factors for promoting foreign investment to the Chinese marketplace; while gender, organizational size, and networking have potential to play a significant mediating role in investment decisions. These exploratory observations are a departure point for further investigations.     

政治风险与中国企业对外直接投资——基于东道国与母国两个维度的实证分析

利用中国大陆企业对外直接投资(OFDI)统计数据和两类政治风险指数进行实证研究,结果发现:来自东道国的政治风险对OFDI有着显著的负向影响;本土的政治风险对于OFDI也有实质影响;经济增长、经济开放程度以及政府政策等因素对OFDI也有显著作用。     

对外直接投资与出口贸易的实证分析

基于1982-2003年对外直接投资与出口贸易的时间序列数据,采用向量自回归(VAR)模型方法,实证分析对外直接投资对出口贸易的影响。实证结果表明对外直接投资与出口贸易之间存在稳定的正相关关系,但无论长期还是短期对外直接投资对出口贸易的Granger因果关系都不显著,这表明对外直接投资对出口贸易的潜在作用未能得到充分发挥,因此应积极发展对外直接投资。     

外商直接投资、对外直接投资与国际收支——基于国际收支平衡的我国对外直接投资

在我国,引进外商直接投资和对外直接投资之间存在着严重的不对称性。我国国际收支中投资收益逆差抵消了大量的贸易顺差,在未来贸易顺差和外资流入减少的情况下,这将会导致中国国际收支的恶化。因此,需要大力推进我国的对外直接投资以谋求国际收支平衡。