中美间双向直接投资结构比较研究——基于投资方式与投资主体的分析

对外直接投资对东道国和母国的经济增长有着重要的作用,自中国入世以来,美国对华直接投资增长速度十分快,中国企业虽逐渐增加了国际投资比重,但对美国的投资所占比重较为低下。通过从投资方式和投资主体两方面出发,具体分析和比较自中国入世以来中美双向直接投资的结构变化,发现,在投资方式上,美国对中国的投资方式主要是以绿地投资为主,中国对美国直接投资主要是以并购为主;在投资主体上,美国对中国直接投资主要是私人企业,中国对美国直接投资以私营企业为主。为了加强两国之间的直接投资,中国可以建立健全企业对外投资制度,加强与美国的沟通与协通。进而进一步为中美双方间的投资创造更良好的双边环境。     

企业以放弃非现金资产取得长期投资的入账价值及其帐务处理浅析

企业对外投资是指企业为通过分配来增加财富，或为谋求其他利益，而将资产让度给其他单位所获得的另一项资产。企业的对外投资按照其变现能力及投资目的不同，通常可分为短期投资和长期投资。长期投资按其投资性质不同又可分为债权投资及股权投资。企业以非现金资产形式对外投资属于股权投资的一种形式。     

企业以放弃非现金资产取得长期投资的入帐价值及其帐务处理浅析

企业对外投资是指企业为通过分配来增加财富，或为谋救其他利益，而将资产让度给其他单位所获得的另一项资产，企业的对外投资按照其变现能力及投资目的的不同。通常可分为短资和长期投资。长期投资按其投资性质不同又可分为债权投资及股权投资。企业以非现金资产形式对外投资属于股权投资的一种形式。     

转型背景下中国OFDI结构演化分析——基于企业投资动机和东道国需求结构的双重视角

本文突破了同质消费者分析框架,构建了一个带有消费者异质性偏好假设的跨国企业对外投资决策模型,用于刻画影响企业对外直接投资的决定因素及其作用机制。在此基础上,采用2003—2015年中国对98个国家(地区)的对外直接投资数据,利用时变系数模型检验转型背景下中国对外直接投资结构变化的特征。研究结果表明:中国对外直接投资流向受到企业投资动机和东道国需求结构两方面因素的影响,且随着国内经济结构转型和政府战略调整,中国对外直接投资结构呈现出由资源寻求向市场寻求、效率寻求和战略资产寻求转变、需求端不断拓展与深化的动态演化趋势。进一步分析"一带一路"倡议在中国对外直接投资结构变化中的作用机制,发现国内消费结构和产业结构转型升级是造成上述变化的重要内生推动因素,政府力量则进一步拓展了企业对外投资的需求端,并且只是起了加速作用。     

“十二五”期间中国对外直接投资路径选择

自国家实施企业"走出去"战略以来,我国对外直接投资增长迅速,在投资规模、投资主体、投资区域等方面都有了长足的发展,在世界对外直接投资领域所占比重不断增加,国际地位持续上升。针对我国对外直接投资的国内外环境制约因素分析,提出完善对外直接投资政策体制,构建对外直接投资信息平台,优化对外直接投资的产业及区域结构,加强专业人才储备等对策建议。     

中国对外直接投资发展结构特征研究

为了提高中国企业国际竞争力,保证关键资源的供给,中国政府实施了＂走出去＂战略。此后,中国对外直接投资出现了急剧上升趋势,通过分析中国对外直接投资发展趋势及结构特征,可以发现以下特点：对外投资发展结构在区位上侧重亚洲和拉丁美洲地区;在行业上则侧重于以贸易导向为主的服务业和以资源导向为主的采矿业;在主体上有限责任公司占主要地位,国有企业比重大,但在投资额度上,国有企业占有绝对主导地位,特别是中央直属企业在其中发挥着决定性作用。     

我国对外直接投资存在的问题、机遇与对策——兼论对外投资与合作方式的创新

一、中国对外直接投资的现状分析 （一）对外直接投资的规模与发展潜力 中国对外直接投资的发展从整体上看,目前还处于起步阶段。在规模上远小于实际利用外资额,在投资与合作方式上,传统的国际工程承包、劳务合作占很大比重。另一方面,近年来随着国内企业跨国经营能力的逐步提高、政府鼓励企业“走出去”政策效果的逐渐显现、国家外汇储备的充裕和人民币升值的带动作用,中国企业对外投资的步伐不断加快,     

对外直接投资能否提升劳动收入份额?

党的二十大报告指出“努力提高居民收入在国民收入分配中的比重,提高劳动报酬在初次分配中的比重。”在中国企业“走出去”、不断增加对外直接投资的背景下,企业内劳动收入份额是提高还是降低,将直接影响居民收入在初次分配中的比重。本文基于2009-2020年中国A股上市公司数据,使用双重差分方法实证检验企业对外直接投资行为对企业内劳动收入份额的影响。研究发现：企业对外直接投资显著促进企业内劳动收入份额增加,促进企业内劳动收入份额提高约9.24%,进行多种稳健性检验结果依然成立。机制检验表明,企业对外直接投资的就业效应大于逆向技术溢出带来的替代效应。同时,在发达国家跨国企业中盛行的明星企业效应,在中国企业中没有明显效果。扩展分析发现,企业对外直接投资在扩大劳动收入份额的同时,不会加剧企业内部的收入不平等问题。     

企业对外直接投资的风险分析

大力促进企业对外直接投资是新时期中国对外开放的重要方面。正确认识对外直接投资所面临的各种风险是中国企业对外直接投资决策的核心问题。本文就企业对外直接投资风险的内涵、类型与影响因素进行了系统分析,然后根据中国的实际情况,提出中国企业对外直接投资风险的规避措施与政策建议。     

融资约束、金融财税政策和中国企业对外直接投资

中国已是世界第三大对外投资国,对外直接投资发展迅速的同时结构不平衡,行业较为集中。文章从微观企业视角研究融资约束和金融财税政策如何影响对外直接投资,在梳理政策脉络、阐明理论机制的基础上,匹配中国工业企业数据库和商务部境外投资企业名录,构建logit模型进行实证研究。研究发现:(1)融资约束对中国企业对外直接投资具有显著影响,融资能力越强的企业越倾向进行对外直接投资。(2)政府出台的金融财税政策可以提高企业对外直接投资的概率,同时弱化融资能力对企业对外直接投资的积极影响,但该调节作用不适用于国有企业和外资企业,在行业层面仅适用于采矿业、金属冶炼业和纺织业。     

投资倾向变动对初次收入分配结构的调整机制研究

初次收入分配结构调整是指调整国民收入在各项目之间的分配比例,是国民经济体系中的重要内容。文章对投入产出模型进行扩展,深入透析投资倾向的变动对初次收入分配中各项目的影响,以及对初次收入分配结构的调整作用。研究表明,投资倾向对初次收入分配的影响与各产业的项目系数、生产直接消耗系数,以及国内收入总额密切相关;在现有的要素价格和投资结构情况下,提高投资倾向会使国民收入中劳动报酬、生产税净额的比例降低,会使固定资产折旧和营业盈余的比例提高。     

What drives firms’ intent to seek strategic assets by foreign direct investment? A study of emerging economy firms

What drives firms, particularly those from emerging economies, to engage in competitive catch-up with world leaders? We study the first step leading to catch-up, namely the managerial intent to acquire strategic assets that help closing the gap. Theoretically grounded in the awareness–motivation–capability (AMC) framework of competitive dynamics, we identify key factors contributing to firms’ strategic intent to catch-up by acquiring strategic assets abroad. Using a sample of 154 Chinese firms, we find that firms’ strategic assets seeking intent of foreign direct investment is influenced by their exposure to foreign competition, their governance structure, and relevant financial and managerial capabilities.     

International Competition in the Australian Wire Market 1880–1914

By 1914, over 35 per cent of Britain's net national wealth was held abroad: a proportion unequalled by any country before or since. This essay suggests that this substantial volume of overseas investment was by no means as harmful to the British economy as many earlier scholars have maintained. If the modern definition of foreign direct investment is used, namely that which involved control over the assets acquired, getting on for half of Britain's overseas investment stock turns out to have been direct, and hence the result of positive entrepreneurial effort, for example to secure raw materials abroad or to surmount tariff barriers. This general discussion is supplemented by estimates of the industrial and geographical composition of Britain's foreign direct investment.     

Product business, foreign direct investment, and licensing: Examining their relationships in international technology exploitation

In the past, most industrial firms focused on internally exploiting technological knowledge in their own products. By contrast, external technology exploitation through out-licensing was primarily an entry mode into foreign markets or into product markets for which a firm had limited complementary assets. Outward technology transfer was mainly regarded as a substitute for foreign direct investment and for a firm's internal product business. The recent trend towards active licensing questions this traditional role of international licensing. To overcome the focus on market entry in prior research, we analyze the motives for technology licensing. On this basis, we use data from 152 firms to test six hypotheses relating product diversification, technological diversification, and foreign direct investment to the extent of technology out-licensing, considering technological turbulence as a moderator. The results provide support for a capability-based understanding of technology licensing, and they may lead us to fundamentally rethink traditional assumptions on the relation between product marketing, foreign direct investment, and licensing.     

新型监管政策下我国保险资金的资产配置研究——基于大类资产监管和“偿二代”的政策背景

近年来我国保险资金运用监管开始实行“放开前端、管住后端”的政策理念,在前端实行的是资产大类监管政策,在后端实行的是“偿二代”政策。在此新的政策背景下,保险公司如何优化投资结构是一项非常重要的问题。考虑到我国保险业实际监管政策内容,以投资组合的风险最低资本的最小化为优化目标,以大类监管政策中的投资比例限制为约束条件,建立了一个新的投资组合模型,用来计算出各种最优投资组合比例。研究结果表明：在新监管政策下,协议存款、基础设施和不动产的理论配置比例较高, 债券类投资和权益类投资的理论配置比例较低。与理论投资比例相,债券类产品的实际投资比例偏高,而不动产类投资品的实际投资比例偏低,所以我国保险资金在今后的大类资产配置中,应当降低债券的投资比例,适当提高不动产的投资比例。     

金融结构演变、货币政策与银行风险承担异质性

基于2002-2017年165家银行的面板数据,本文采用可行广义最小二乘(FGLS)方法实证检验金融结构演变视角下货币政策对银行风险承担渠道的影响。研究发现:金融结构的变化对银行风险承担具有显著影响,随着直接融资占比的上升,银行资产端风险承担显著减少,但负债端风险承担显著增加;控制住金融结构的作用之后,货币政策对银行资产端风险承担和负债端风险承担也具有显著的异质性影响,具体来说,价格型货币政策的紧缩使得银行资产端风险承担显著减少而导致银行负债端风险承担显著增加,数量型货币政策的紧缩则使得银行资产端风险承担和负债端风险承担同时减少;此外,货币政策与金融结构对银行风险承担具有显著的交互影响,随着直接融资占比的上升,价格型货币政策工具对银行资产端风险承担的影响减弱,对银行负债端风险承担的影响没有表现出显著变化,数量型货币政策工具对银行资产端风险承担和负债端风险承担的影响都受到削弱。研究结论的政策含义对货币当局、监管部门以及商业银行都具有重要意义。     

马克思社会再生产理论对我国宏观调控的启示

我国投资问题一直受到学术界的高度关注。通过运用马克思社会再生产理论,建立了投资率理论模型,系统地揭示了影响投资率大小的因素,以及这些因素对投资率的影响态势,并利用中国和美国的相关数据,比较分析了影响中美两国投资率高低的主要因素。最后结合实际,提出解决中国投资率过高的政策取向:降低转移不变资本占国民收入的比例及其增长速度,提高产业集中度以减少中间投入的比例,提高劳动者报酬占国民收入的比例,调整产业结构以降低生产资料生产部门的固定资产消耗的比例,以及转变政府职能。     

How Do Franchise Ownership Structure and Strategic Investment Emphasis Influence Stock Returns and Risks?

Franchisors seek to maximize firm value by managing investments both in tangible and intangible assets and in the mix of company and franchised outlets, yet little is known about how investors respond to shifts in these strategic decisions. Our goal is to assess the impact of these decisions on shareholder value within franchise systems through panel-data models. Specifically, we provide evidence on how investors in publicly traded franchises evaluate both the ownership structure and the strategic investment emphasis between intangible assets (e.g., brand) and tangible assets (e.g., plant and property). We find that an increase in the proportion of franchised units is negatively associated both with stock returns and idiosyncratic risk. In contrast, an increase in the emphasis on strategic investments in intangible assets is positively associated both with stock returns and idiosyncratic risk. Moreover, strategic investment emphasis moderates the strength of the effect of franchise ownership structure when firms franchise internationally. Overall, this research provides a novel empirical examination of franchising economics and has managerial implications for franchised channel structure.     

Internal capital markets,empire building,and capital structure

Internal funds generated by assets in place are available to finance the bulk of new investment by nonfinancial firms. Self-interested management has incentives to misallocate these funds in order to increase their control rents. There are two ways to impact future discretionary investment. First, using debt diverts funds to creditors and away from management. Second, having in place more assets that do not provide internal financing reduces the funds subject to managerial discretion. Investment in such assets and debt financing are inversely related in controlling self-interested management. As a result, firms borrow more and own proportionally more assets that provide internal funds as the average profitability of these assets, or that of future investment, increases. Firms may borrow less while increasing investment in the less valuable assets that do not supply internal financing as the expected profitability of these assets increases.     

Legal safeguards for direct investments in LDCs

The developing countries are caught in the cleft stick of assertion of national interests and independence, on one side, and need for an improved investment climate to attract foreign direct investment, on the other. The question facing the foreign firms is how they can safeguard their capital investments against encroachment by the host country which may even expropriate their assets.