我国企业对外直接投资的战略选择

市场全球化使得企业必须重视国内和国外市场上的竞争,特别是直接投资打入发达国家技术发明中心,跟踪国际新技术发展动态,利用比较优势向发展中国家提供适用性技术,将我国的经济发展置于更广阔的空间,是我国企业在开放经济条件下和剧烈的国际竞争中经营发展的必要选择.对外直接投资、从事跨国经营活动是一个国家加入WTO后经济发展的必然趋势和选择,是适应经济全球化发展的必然要求.本文简略地分析了我国对外直接投资发展的现状,着重探讨了我国企业对外直接投资的战略选择问题.     

我国企业对外直接投资的战略选择

市场全球化使得企业必须重视国内和国外市场上的竞争，特剐是直接投资打入发达国家技术发明中心，跟踪国际新技术发展动态，利用比较优势向发展中国家提供适用性技术，将我国的经济发展置于更广阔的空间，是我国企业在开放经济条件下和剧烈的国际竞争中经营发展的必要选择。对外直接投资、从事跨国经营活动是一个国家加入WTO后经济发展的必然趋势和选择，是适应经济全球化发展的必然要求。本文简略地分析了我国对外直接投资发展的现状，着重探讨了我国企业对外直接投资的战略选择问题。     

Outward foreign direct investment and sovereign risks in developing host country

Outward foreign direct investment can affect developing, technology-receiving host countries mainly through tax revenue, technology spillover and the competition effect. With the consideration of these three effects of the outward foreign direct investment on host country, we develop a dynamic game model of interaction between foreign investors and host country from a dynamic perspective, to reveal the dynamic evolution mechanism of the sovereign risk faced by outward foreign direct investment. The result shows that: host governments usually give a specific tax holiday for outward foreign direct investors, and during the period of tax holiday investment decision of investors would be influenced by technology spillover effect, specifically, the greater the technology spillover the slower the growth of investment stock. Once the system reaches a stable state, the host country will impose a tax on multinational corporations. If the equilibrium tax rate of industries or regions which makes it easy to obtain technology spillover is high, then the equilibrium capital stock would be low.     

Home country employment and foreign direct investment: evidence from the Italian case

The present paper provides further insights on the relationshipbetween home country employment and foreign direct investment(FDI) undertaken by national firms. The unit of analysis iseach ensemble of firms operating in the same industrial sectorand localised in the same geographical region. That allows usto capture both direct and indirect effects of foreign productionon the parent's environment, which arise through the generationof linkages and externalities. Empirical evidence has been providedwith reference to the Italian case in the decade 1985–95.Results suggest that the impact of outward FDI on the labourintensity of domestic production is negative in the case ofvertical investment undertaken—especially by smaller firms—inless developed countries, and positive for horizontal and market-seekinginvestments in advanced countries.     

德国对外直接投资与利用外资的现状和特点

德国是世界第三强国，也是欧洲头号经济大国。1999年，德国国内生产总值为38772亿马克（19824亿欧元）；2000年为39761亿马克（20330亿欧元），增幅达2.6%。德国是中国在欧洲最大的贸易与经济技术合作伙伴，了解、研究和分析德国最近十年的对外直接投资、利用外国直接投资的现状、特点及其国别、行业结构，对中国更有效地吸引德国企业来华投资，以及根据实际情况适当借鉴德国对外投资的经验均有启示作用。背景、现状与特点 自1990年两德统一以来，随着贸易壁垒的日益消除和政治鸿沟的不断弥合，国际间资本流动明显加快，经济全球化不断向纵…     

Migrant networks and foreign direct investment

Although there exists a sizeable literature documenting the importance of ethnic networks for international trade, little attention has been devoted to studying the effects of migrants on foreign direct investment (FDI). The presence of migrants can stimulate FDI by promoting information flows across international borders and by serving as a contract enforcement mechanism. This paper investigates the link between the presence of migrants in the US and US FDI in the migrants' countries of origin, taking into account the potential endogeneity concerns. The results suggest that US FDI abroad is positively correlated with the presence of migrants from the host country. The data further indicate that the relationship between FDI and migration is stronger for migrants with tertiary education.     

Trade costs and foreign direct investment

This paper focuses on an apparent conflict between the theory of foreign direct investment (FDI) and recent trends in the globalized world. The bulk of FDI is horizontal rather than vertical, and standard theory predicts that horizontal FDI is discouraged when trade costs fall. This seems to conflict with the experience of the 1990s, when trade liberalisation and technological change led to dramatic reductions in trade costs yet FDI grew much faster than trade. Two possible resolutions to this paradox are explored. First, horizontal FDI in trading blocs is encouraged by intra-bloc trade liberalisation, because foreign firms establish plants in one country as export platforms to serve the bloc as a whole. Second, cross-border mergers, quantitatively more important than greenfield FDI, are encouraged rather than discouraged by falling trade costs.     

Determinants of foreign direct investment

Empirical studies of bilateral foreign direct investment (FDI) activity show substantial differences in specifications with little agreement on the set of included covariates. We use Bayesian statistical techniques that allow one to select from a large set of candidates those variables most likely to be determinants of FDI activity. The variables with consistently high inclusion probabilities include traditional gravity variables, cultural distance factors, relative labour endowments and trade agreements. There is little support for multilateral trade openness, most host‐country business costs, host‐country infrastructure and host‐country institutions. Our results suggest that many covariates found significant by previous studies are not robust.     

Democracy in the neighborhood and foreign direct investment

The determinants of foreign direct investment (FDI) have been extensively studied. Even though there is extensive research in the area, most of it is based on analyzing the effects of host country characteristics on FDI flows, and yet there is little research on how neighboring country characteristics play a role in facilitating FDI flows to host countries. This paper analyzes the association between the democracy level in neighboring countries and FDI flows to host countries. Using bilateral FDI flows from the OECD countries, with a large host country sample, we find that countries surrounded by democratic countries attract higher FDI flows. Furthermore, we find evidence that countries that are surrounded by neighboring countries with good institutions tend themselves to have better institutions, experience lower civil conflict, and have higher political stability and hence indirectly attract higher FDI flows. Our findings suggest that if neighboring countries act in such way as to become more democratic, FDI flows to these countries would be higher since not only does improving the quality of democracy attract more FDI inflows, but also being surrounded by neighboring advanced democratic countries will also lead to higher FDI flows to them.     

Determinants of foreign direct investment in Spain

This study utilizes panel data as a means of examining the determinants of foreign direct investment (FDI) in Spain. Data that are taken in the period 1993–2002 are used in order to estimate the determinants of FDI, at the sectoral level, by differentiating the manufacturing sectors, and at the regional level. The analysis investigates the sectoral, regional and macroeconomic variables that have successfully attracted FDI inflows from those that have not. Empirical results suggest that the differential between labour productivity and the cost of labour has been an important determinant of FDI in Spain during the period 1993–2002. Factors related to demand, the evolution of human capital, the export potential of the sectors and certain macroeconomic determinants that measure the differential between Spain and the European Union average, also play a very important role in attracting flows of FDI. Certain policy issues that are relevant to the results are also discussed.     

Tax incentives and foreign direct investment in China

The preferential tax policies for foreign direct investment (FDI) in China were terminated by a tax reform in 2008. This article uses the provincial-level panel data for 1998?2008 before the reform in order to study whether the tax incentive had been a significant determinant of foreign investment decisions. We find that market size and geographic location had significant impacts on the FDI inflow into China but the tax incentive policies were not a sufficient determinant of FDI inflow into China over the periods studied, which provides a rationale for the termination of the tax incentives in FDI at 2008 reform in China.     

Competing back for foreign direct investment

This paper studies policy competition for foreign direct investment between host and home countries. Three results have been obtained. First, policy competition does not change the attractiveness of any country as a location for investment. Second, as a result, policy competition does not change regional welfare. Lastly, the equilibrium policy could be either a subsidy or a tax.     

区域经济增长与外国直接投资

我国区域经济二元化,是指西部地区经济大大落后于东部经济,从而形成地区之间巨大的经济发展差距。改革开放以来,国家实施了一系列有利于东部地区的改革措施及优惠政策,特别是取消和放松对外资进入的管制,出台吸引外国直接投资的相关条例等,形成了我国区域经济开放程度的二元化态势,即东部沿海地区开放程度高,中西部内陆地区开放程度低。东、西部地区开放程度的二元化,直接影响到外国直接投资(FDI)在东、西部投入的数量的差异,进而影响到东、西部资本形成能力、资本运营方式、资本使用效率的差异,而这正是决定改革开放20年来东、西部地区经济发展差距日益扩大区域经济呈现二元化格局的主要原因之一。     

Trade cost reduction and foreign direct investment

While the “proximity-concentration” theory suggests a positive relationship between trade cost and foreign direct investment (FDI), there is ample evidence showing a negative relationship between them. We show that the possibility of exporting back to the home country from a host country, which is often referred as “home-country export platform FDI”, may generate a negative relationship between trade cost and FDI. Market demand and product market competition may play important roles in this respect.     

The evolution of US outward foreign direct investment in the pacific rim: a cross-time and country analysis

The location determinants of US FDI in the Pacific region of the OECD, i.e. Australia, New Zealand, Japan, and Korea, are analysed for 1982–1997. The data set allowed two time periods i.e. the 1980s and the 1990s, and two different subgroups, i.e. Australia and New Zealand, and Japan and Korea to be distinguished. Statistical evidence indicates a heterogeneous response of US FDI towards different countries and for different time periods. Factors such as market size, income level and qualified and productive labour exert a significant impact on both the timing and the locational choice of US investors in the region.     

中国利用外资:现状、问题与对策

近几年,中国利用外商直接投资一直呈徘徊和下滑态势,１９９７年实际利用外商直接投资４５２亿美元,比１９９６年增长８．４％,１９９８年为４５４亿美元,仅比 １９９７年增长０．４６％,１９９９年为４０３亿美元,比上年下降１１．２％,２０００年为 ４０８亿美元,仅比上年增长０．９３％。值得注意的是,中国利用外资的徘徊是与国际资本流动的大幅上升相并存的。１９９６年至１９９９年,全球跨国直接投资由３４９０亿美元增至 ８６５５亿美元,增长 １．４８倍,年均增长３５％,２０００年超过１万亿美元。从１９９３年开始中国…     

Transaction costs and foreign direct investment in developing countries

Foreign Direct Investment (FDI) has been used by a number of developing countries to build a national competitive advantage in a global economy. Most of the literature on FDI in developing countries has focused on low-cost factors in these countries. But in a global economy where low cost factors are available at various locations around the globe, transaction costs related to the assumptions of "bounded rationality" and "opportunism" are becoming increasingly important in FDI decisions. These assumptions have been applied by researchers over the years to explain major changes in the organizational structure of corporations. This paper incorporates the assumptions of bounded rationality and opportunism to discuss factors that a firm considers in its decision to undertake FDI. A statistical analysis was carried out to test the validity of the arguments presented in the paper.     

Product sophistication and spillovers from foreign direct investment

Foreign direct investment (FDI) in developing countries is often associated with higher economic growth due to knowledge and technology spillovers to local firms. One way that FDI speeds up growth is by facilitating the manufacturing of more sophisticated products by local firms. So far, there is a lack of firm‐level evidence how the presence of multinational firms affects the product sophistication of firms in a developing country. The aim of this paper is to fill this gap. We compile an extensive firm–product‐level data set of Indian manufacturing firms, which we complement with information on product sophistication and spillovers from FDI. We then explore different channels through which spillovers from multinationals to local Indian firms foster the manufacturing of sophisticated products. We find evidence that spillovers through supplier linkages strongly increase the manufacturing of sophisticated products in India.