我国将调整外商投资结构

我国将调整外商投资结构近日从国家计委获悉，“九五”期间，我国将逐步调整外商投资结构，通过进一步完善外商投资的有关政策，积极引导外商投资基础设施、基础产业等国家重点发展的产业。“九五”期间，有关部门将根据国家产业政策，从宏观上加强对外商投资的政策引导，...     

《外资并购与中国外资政策调整研究》评介

曹洪军教授的新著《外资并购与中国外资政策调整研究》日前已由人民出版社出版。近年来，外资并购的规模逐年增长，传统的激励性外资政策面临着很大挑战。从国家层面看，亟须尽快调整利用外资的政策。在此背景下，该书具有重要的理论价值和实践意义。     

如何理性看待高顺差与外资政策转型

2006年2月高达237.6亿美元的贸易顺差，让不少业内专家大跌眼镜，也再次将注重“量多”的外资利用政策推到了社会关注的前沿：如何规范外商投资管理。推动外资政策转型迫在眉睫。     

我国吸收外商投资政策有待调整——访外经贸部研究院高级研究员马宇

随着国内市场准入的扩大、有关法律法规政策的调整，２００２年吸收外商投资在产业结构、投资规模、投资方式和区域分布等方面出现了新的趋势，外商投资政策有待进一步调整。记者就此采访了外经贸部研究院高级研究员马宇。记者：请您简单分析一下２００１年我国吸收外商投资的形势。马宇：２００１年全国新批外商投资企业２６１４０家，比上年增长１６．９７％；合同外商投资金额６９１．９５亿美元，增长１０．９２％；实际外商投资４６８．７８亿美元，增长１５．１４％。主要统计指标都有明显增长。但从国际国内的发展情况分析，这种增长…     

政策

发改委新能源政策股比设限 国家发改委在新出台的《外商投资产业指导目录（修订征求意见稿）》中指出：鼓励外资在华成立新能源汽车合资公司，“新能源汽车关键零部件，外资（持股）比例不超过50％”。在这项政策中，被划定的“关键零部件”涉及广泛，包括动力电池、正极材料、隔膜、电池管理系统、电机管理系统、电控集成、驱动电机、耦合驱动系统、电动空调、电制动、电动助力转向、怠速起停等。     

提高利用外资水平的若干政策建议

一、尽快改变目前在利用外资上按地区和企业所有制性质给予优忑的政策，实行按产业和产品的直要性给予优惠的政策。我国原来实行的按地区和企业所有制性质的优惠政策，在一定条件和时期对推动利用外资起到了重要作用，但随着外资进入数量的增加和规模的扩大，如何把利用外资和产业结构的调整与升级结合起来则变得越来越重要，原有政策已经无法满足上述要求。建议国家有关综合部门立即组织有关行业部门在已经发布的指导外商投资目录的基础上，进一步制订农业、基础产业和支大主po、11，由同de目百七大大S的方干、N知产品的具体目；录，并提…     

外资并购政策年内出台

日前，由外经贸部制定的《外国投资者向境内企业参股或购买资产的暂行办法》，有望在年内出台。这表明，管理层和有关部门已经开始着手对外资并购的实际操作和具体实施条例进行详细探讨。这也是“外资并购”政策方面的最新成果。自去年１１月中国证监会与外经贸部联合发布《关于上市公司涉及外商投资有关问题的若干意见》至今，在不到一年的时间里，管理层陆续发布了一系列关于“外资并购”方面的办法和规定，使得“外资并购”在政策上的障碍逐渐消除，可操作性明显增加；在此期间，“外资并购概念股”也成为市场上颇受关注的一条主线。去年…     

吸收外商投资 促进我国工业发展

吸收外商投资　促进我国工业发展中国外商投资企业协会张上塘今年１～６月，我国新批准的外商投资企业１４０５４家，协议外资额４５５．４２亿美元，实际使用外资１９６．６２亿美元。截止到今年６月底，１６年来我国外商投资企业已达２７３３１８家，协议外资额达４４１...     

政策与背景

中国吸收外资出现三大特点商务部日前发布的统计显示,2004年1至12月中国全国新批设立外商投资企业43664家,合同外资金额1534.79亿美元,实际使用外资金额606.30亿美元,分别比上年增长6%、33%和13%。截至2004年12月底,中国累计引进合同外资金额10966亿美元,实际使用外资金额5621亿美元。以实际投入外资金额计,2004年对华投资前十位国家(地区)依次为:香港、英属维尔京群岛、韩国、日本、美国、台湾省、开曼群岛、新加坡、萨摩亚和德国,其实际投入外资金额占全国实际使用外资金额的84%。商务部新闻发言人崇泉指出,2004年外商在华直接投资呈现三…     

政策与管理信息

中国吸收外资将有新举措这些新的政策措施是：（１）今后，各地方、各部门制定的吸收外资法规和政策都必须与国家相关基本法律法规和政策统一，杜绝自行其是、相互矛盾；进一步提高吸收外资政策的透明度。（２）鼓励外商投资改造传统农业，发展电子信息、生物工程、新材料和航空航天等高新技术产业；鼓励外商投资在华设立研发中心和地区总部；积极吸引外资重点发展石化、化工、建材等基础产业，用先进技术和装备改造机械、轻工、纺织等传统产业；继续鼓励外商在能源、交通、城建等基础设施领域投资，积极引导外商投资配套产业和设立出口型企…     

Economic and strategic considerations surrounding Chinese FDI in the United States

The growth of outward investment from China has generated expressions of concern from policymakers in the United States regarding the economic and national security impacts of such investments. While inward foreign direct investment (FDI) has come to be viewed by most observers as generally imparting net economic benefits to the host economy, acquisitions of US companies by Chinese multinational companies (MNCs) have been criticized on several grounds. One is based on the mode of entry itself: some critics believe that entry by acquisition brings lower benefits than greenfield entry. A second and more prominent concern is that acquisitions of US companies by Chinese state-owned enterprises (SOEs) may be motivated by non-commercial objectives which, in turn, make those acquisitions of questionable value to the host economy. In this paper, we argue that Chinese FDI in the United States is more likely to take the form of acquisitions than greenfield investments for the foreseeable future. However, there is no strong case to be made that the host country economic benefits from Chinese FDI would be larger if entry took place primarily through greenfield investments. Furthermore, most of the alleged costs to the US economy from inward FDI from China are either unlikely to occur or are already anticipated by existing US laws and regulations, thus necessitating no additional, specific legislation.

Shareholder valuation of foreign investment and expansion

This study analyzes when different foreign investment location choices are value creating for firms at different stages of international expansion. I argue that because direct investment in developing countries is riskier than in advanced countries, shareholders may not value a firm's investment in developing countries until that firm has experience from previous international investments and capabilities to better manage and hedge the higher levels of risk and uncertainty. Using a panel of 191 U.S. manufacturing firms and their foreign investments over a 20‐year period (1981–2000), the empirical results show that firm investments in advanced and developing countries are valued differently by shareholders, depending on the firm's prior international expansion, the firm's capabilities and experiences, and the knowledge intensity of the firm's industry. These results highlight the importance of considering firm location decisions, prior experiences, and resources when analyzing. Copyright © 2006 John Wiley & Sons, Ltd.     

FDI对区域产业结构的影响——基于山西的面板数据模型

开放经济条件下,借助外商直接投资(FDI)实现区域产业结构优化和升级已成为一种理性选择。基于1993~2009年的有关数据,本文构建了有关外商直接投资与山西产业结构调整的面板数据模型,结果表明FDI在整体上对山西产业结构调整产生的是一种积极影响,并且对三次产业的这种作用和影响是相同的,但囿于FDI规模和结构的制约,这种正向效应却不是很明显。因此,扩大引资规模、优化外资结构,就成为山西在走向世界的过程中,利用FDI促进本区域产业结构优化和升级必须首先解决的一个关键问题。     

制造业外资进入与市场势力波动:竞争还是垄断

对外资市场效应的评估和计量是处理好外资政策、产业政策和反垄断政策关系的重要问题。本文采用中国1999—2010年28个两位数和447个四位数代码制造业面板数据,首先估计了两位数代码制造业的市场势力水平,然后进一步考察外资进入的市场效应,并测度外资引致的福利变动。研究表明:制造业各行业存在显著的市场势力,但金融危机前后市场势力溢价水平波动较大。全样本结果显示制造业市场势力溢价约为6.2%,但金融危机前样本证实市场势力溢价高达22.1%。细分产业中,外资的竞争效应占主导,但在部分产业中外资表现出了反竞争效应。制造业总体层面上,外资进入与市场势力波动之间呈现U形非线性关系,拐点稳定在外资比重为47.3%—54.0%的区间内。从福利角度看,外资进入的竞争效应,使得垄断带来的无谓损失减少了3334.70亿元;但FDI的反竞争效应使得相应行业垄断福利损失增加2407.45亿元。     

利用外资仍要坚持数量与质量并重

国际直接投资新一轮增长和国际产业转移新高潮为中国参与全球经济合作与竞争提供了前所未有的历史机遇,中国经济正处于关键转型期,进一步积极有效利用外资,应包括数量增长和质量提高两方面,才能适应国际投资环境的新变化和我国经济科学发展的新要求。因此,中国应继续完善投资环境,从法律层面、制度层面、政策层面、管理层面、服务层面为继续积极有效利用外资创造良好的条件,通过量的增长和质的提高,使外资在提升中国开放型经济水平、激励自主创新、推动产业升级、促进区域协调发展以及构建和谐社会等方面发挥积极作用。     

吸收外商直接投资与产业结构优化升级--"十一五"时期利用外资政策目标的思考

作者认为，改革开放以来吸收外商直接投资的成效。证明这是实现我国产业结构优化升级的一条重要途径。未来在全面建设小康社会进程中。要把继续利用外商直接投资促进产业结构进一步优化升级作为重要政策目标。作者分析了在国内经济方面出现的若干新形势、新要求和新任务；还分析了在国际方面跨国直接投资和产业转移出现的新机遇。针对未来的新形势、新任务，作者提出了利用外商直接投资促进产业结构优化升级的新认识和对策措施。     

Entry mode and equity level: A multilevel examination of foreign direct investment ownership structure

Over the last two decades, strategy researchers have sought to understand the ownership structure of firms' foreign direct investments (FDI) as reflected in entry mode and equity level. However, prior FDI research has ignored the interrelated nature of these key FDI decisions. In addition, prior research does not fully account for the fact that individual ownership structure decisions occur within the context of a firm's broader FDI portfolio, and thus reflect a wide and frequently unobserved range of parent firm and host nation effects. Our research seeks to address both of these limitations. Using a rich dataset of 4,459 subsidiaries established by 858 Japanese firms across 38 countries over a 9‐year period, we specify a conditional bivariate, cross‐classified multilevel model of FDI ownership structure. Our model enables the joint estimation of entry mode and equity level, accounts for the portfolio nature of FDI, and compares the relative predictive power of transaction cost‐ and experience‐based explanatory variables across both facets of ownership structure. Copyright © 2007 John Wiley & Sons, Ltd.     

Location,governance, and strategic determinants of japanese manufacturing investment in the united states

A firm's decision to manufacture abroad depends on location, governance, and strategic factors. Governance factors are firm-specific. In spite of this, most empirical studies of foreign direct investment (FDI) have been conducted at the industry level (making it impossible to look at firm-specific determinants), and only a handful have considered governance, location, and strategic factors simultaneously. This paper is the first large sample study of the determinants of foreign direct investment at the product and firm-level. It examines the impact of location and governance factors, and of four types of strategic interactions, on a Japanese firm's propensity to manufacture in the U.S. The results support the view that foreign direct investment is explained by location, governance, and strategic variables. Economies of scale and trade barriers encourage Japanese FDI in the U.S. The larger a Japanese firm's R & D expenditures, the greater the probability it will manufacture in the U.S., but this is not the case for advertising expenditures. Some strategic factors are also important: Japanese firms with medium domestic market shares have the highest propensity to invest in the U.S. There is evidence of follow-the-leader behavior between firms of rival enterprise groups, but none of ‘exchange-of-threat’ between American and Japanese firms. Japanese investors are also attracted by concentrated and high-growth U.S. industries.     

Korea's Direct Investments in China: Technology, Experience, and Ownership Factors in Performance

This paper is designed to empirically examine what determines the performance of Korea's foreign direct investment (FDI) in China. Three main determinants are hypothesized to influence the performance of Korea's FDI. They include technology, internationalization experience, and ownership patterns associated with Korea's investments in China. Data were collected from surveys with 91 Korean investors. Our empirical analysis suggests that the labor intensity of technology involved in FDI and the appropriateness of manufacturing technology to the local conditions influence the investment performance. In addition, the results indicate that the internationalization experiences of the Korean investors also affect the profitability of FDI. Another finding of note is that the level of local ownership had a positive impact on performance. But, more interestingly, its effects were moderated by the investor's prior internationalization experiences; in other words, the investors with limited internationalization experiences performed well on a minority ownership venture.     

Locational Determinants of Japanese Foreign Direct Investment in China

This study examines 2,933 cases of Japanese investment in 27 provinces and regions in China to identify the role that policy determinants had in influencing the sub-national location decision of Japanese firms in China. The empirical results show that the Special Economic Zones (SEZs) and Opening Coastal Cities (OCCs) were a successful policy instrument initially, as SEZs and OCCs had a strong influence on Japanese foreign investment during the early years of China's liberalized foreign investment environment. Since the mid-1990s SEZs and OCCs have attracted proportionally less foreign investment as competition from other special investment zones has intensified in China. From these observations, we discuss the periodic influence of SEZs and OCCs and introduce and review the influence of newly emerging investment zones. We also draw inferences to the location choice literature in terms of understanding the variable influence of policy factors and traditional locational indicators as driven by temporal changes in investor motivations and preferences in a country.