河南省外商直接投资的现状及对策分析

跨国公司对外直接投资（FDI）是海外对华投资的主要形式,对各地区经济的长期发展起了重要作用。地处内陆的河南省是我国经济大省,虽然近些年在引进外商直接投资方面取得较大进展,但依旧存在着诸如外资引进质量不高、管理不善、产业投向和地区分布不均衡等问题。河南省应该扬长避短,突破地域范围条件限制,狠抓投资环境,提高引资质量,并加大外资的产业导向,提高外资管理水平;借助当前＂中原经济区建设＂的有利时机,协调省内各地市引资状况,充分利用外商直接投资以促进本省域经济的持续快速发展。     

我国利用外商直接投资的经济效应分析

改革开放以来,我国外商直接投资增长迅速。外商直接投资可以拉动我国经济增长;外商直接投资会使我国进出口量增加;外商直接投资会使我国通货膨胀压力加大;外商直接投资对就业具有促进作用。总之,外商直接投资对经济既有正面影响,又有负面影响,因此,我们不能盲目引进外资,而要合理利用外资。     

中国吸引外资、对外投资和对外贸易:历史与未来

中国已经成为全球外国直接投资的主要接受者,同时也是世界上第二大对外直接投资国。中国希望通过扩大对外直接投资学习先进技术和管理经验,并帮助国内企业分散风险。在改革开放推动下,中国逐步成为一个世界贸易强国,其主要贸易伙伴遍布欧美、东南亚及日本、韩国等,制造业产品在中国对外贸易中占比较大。     

Taxation and Foreign Direct Investment: A Synthesis of Empirical Research

This paper reviews the empirical literature on the impact of company taxes on the allocation of foreign direct investment. We compare the outcomes of 25 empirical studies by computing the tax rate elasticity under a uniform definition. The median value of the tax rate elasticity in the literature is around –3.3 (i.e. a 1%-point reduction in the host-country tax rate raises foreign direct investment in that country by 3.3%). There exists substantial variation across studies, however. By performing a meta-analysis, the paper aims to explain this variation by the differences in characteristics of the underlying studies. Systematic differences between studies are found with respect to the type of foreign capital data used, and the type of tax rates adopted. We find no systematic differences in the responsiveness of investors from tax credit countries and tax exemption countries.     

对外直接投资、控制风险与上市公司审计费用

本文在国家实施"走出去"战略的背景下,研究企业对外直接投资对审计费用的影响。研究以2007~2018年我国A股上市公司为样本,发现进行对外直接投资的企业,审计费用显著高于没有对外直接投资的企业,说明审计师能够识别因企业对外直接投资导致的审计风险的上升和审计成本的增加,并通过增加审计费用的方式予以补偿;且此差异不因产权性质和企业所在地市场化水平而异;采用改变样本量、PSM及多时点DID等进行稳健性检验后,研究结论保持不变。进一步分析发现,如果企业内部控制质量较高,控制风险水平较低,则对外直接投资与审计费用之间的关系会弱化,表明控制风险在对外直接投资与审计费用之间起到调节作用,且此作用仅在非国有控股及市场化水平较高地区的企业中显著。     

从国际收支平衡表的变化看我国对外直接投资的发展

随着改革开放的深入和综合国力的提高,积极鼓励中国企业“走出去”,推动有比较优势的国内企业利用国外资源,参与全球化市场竞争是大势所趋。本文通过对2000—2007年间我国国际收支平衡表中货物贸易、服务贸易、投资收益、直接投资、国际储备等相关项目的分析,揭示我国对外直接投资的现状及发展趋势,并在此基础上提出一些建议。     

我国外商直接投资税收敏感性分析

采用现状分析、理论论证和实证分析等经济分析方法,对税收政策对外商投资的影响作用进行分析,可得出以下结论:税收优惠对吸引外商直接投资有促进作用,但其影响作用并不显著。我国应正确对待税收优惠的作用地位,并全面考虑影响优惠政策的因素,采用更为有效的税收优惠工具,有的放矢地运用税收优惠政策。     

外商对华直接投资的经济增长效应分析

随着中国经济的平稳和快速增长,外商对华直接投资呈现出不断增长的趋势。就外商对华直接投资的经济效应而言,FDI与GDP的增长率高度吻合。FDI对我国宏观经济的多个变量都产生了深远的影响,并且FDI通过影响这些变量,进而增加了国民收入水平,促进了经济增长。     

Determinants of Regional Investment Decisions in China: An Econometric Model of Tax Incentive Policy

This paper examines whether concessionary tax rates and tax incentives can attract foreign direct investment (FDI) into certain designated areas in China. Since China opened its doors to foreign investors in 1979, tax benefits have been used extensively to attract FDI into different areas. In 1991, a new tax law was introduced which superseded two previous income tax laws. This new law provides additional tax benefits which improve the investment environment for foreign investors. This study investigates the effect of China's tax rates and tax incentive policy on FDI and on the locational choices of foreign firms. Our empirical results indicate that tax rates and incentives are important determinants of regional investment decisions in China, after controlling for potential confounding variables covering infrastructure, unemployment rate, wage rate and agglomeration economics. Specifically, areas offering lower tax rates and increased tax incentives are found to attract greater amounts of FDI. The impetus of the tax effect on FDI is more apparent in the post-1991 period due to changes in the tax laws. Our results also suggest that infrastructure variables are important determinants of regional investment decisions.     

税收优惠对外商投资影响的研究综述

税收优惠是各国政府用来吸引外商投资的常用手段。但是,税收优惠如何影响外商投资历来就是一个充满争议的话题。早期国际上关于税收优惠对外商投资影响的经典理论主要有庇古的福利经济学理论、“双缺口”模型和邓肯的国际折衷理论,而近来也有不少国内外学者分别从区位选择、融资来源、投资类型和投资形式等角度论证了税收优惠的作用。     

我国外商投资独资化倾向问题研究

近几年来,外商在华投资出现了独资化倾向趋势,引起了国内学术界及有关部门的关注。本文拟对外商在华投资“独资化”倾向趋势、原因、负面效应进行深入地分析与研究,并在此基础上有针对性地提出相关对策建议。     

日本对华直接投资的中日贸易效应分析

国际直接投资理论认为，国际直接投资对东道国贸易具有进口替代、出口创造和进口引致效应。本文通过分析日本对华直接投资的中日贸易效应后得出：短期内，日本对华直接投资对中国的出口创造效应强于进口引致效应，但总体上却是出口创造效应弱于进口引致效应。对此，笔者针对日本对华投资特点及趋势加以了阐释，对如何充分发挥日本对华投资贸易效应和双边贸易均衡发展提出了建议。     

我国企业对外直接投资涉税问题探析

目前,我国企业走出去主要形式有:一是境外工程承包和劳务输出;二是资本输出(主要指对外直接投资)。本文着重分析了我国对外直接投资的现状和现有对外投资税收政策存在的问题,并提出了完善税收政策的几点建议。     

Foreign direct investment and employment: host country experience

This study investigates the effect of foreign direct investment (FDI) on employment creation and wages in Ghana. A simultaneous panel regression model is used in estimating the effect FDI has on employment and wages. The results of this study indicate that FDI has a statistically significant and positive effect on employment levels in Ghana, but has an insignificant effect on wages. FDI can greatly augment domestic efforts by creating more jobs in the economy. The results clearly demonstrate that FDI flows affect employment quantitatively, but not necessarily qualitatively. The study identifies other factors including, productivity, wages, sub-sector, and location as important in influencing employment levels. Also, productivity, labour union, firm size, sub-sector, and location are noted as significant in affecting wages in Ghana. The main value of this paper is in respect of the fact that it provides insight into the effects of FDI flow on employment from a host country perspective. The study recommends that FDI should be considered as an integral part of the Ghanaian economic policy in order to spur on economic growth.     

外资进入与中国商业银行的风险承担

基于2000～2008年10家中国上市银行数据,本文引入了Z指数衡量中国商业银行风险承担,并对外资银行进入、外资参股与上市银行Z指数的关系进行实证研究.研究发现:外资银行进入与中国商业银行风险承担之间呈现U型的非线性关系,外资银行进入之初能够降低银行风险,当外资银行资产份额达到及超过1.94%的临界值后,导致风险增加;...     

The Effects of Abolishing a Foreign Institutional Investment Quota in Taiwan

Policies regarding the globalization of financial markets have long been investigated with conflicting results. This paper employs an event study approach with the EGARCH process to examine the effects of lifting restrictions on qualified foreign institutional investors in the Taiwanese stock market. The empirical results indicate significant differences in the behavior of stock returns in the electronics, financial, and other nonfinancial sectors, both on and after the abolition of Taiwan's investment quota. In addition, the volatility of stock returns in the electronics sector increases following the event. Foreign ownership provides some additional explanatory power for electronics and other nonfinancial stocks in the short run.     

Effects of Foreign Presence in a Transition Economy: Regional and Industrywide Investments and Firm-Level Exports in Ukrainian Manufacturing

We investigate the effects of regional and industrywide foreign presence and foreign direct investment (FDI) on the export volumes of Ukrainian manufacturing firms using unpublished panel data from 1996-2000. Foreign presence through FDI may have negative competition effects on domestic firms' performance; at the same time, domestic firms' productivity may be increased by technology transfer or training and demonstration effects. From a Cournot competition model that includes negative competition and positive technology spillover effects, we hypothesize that foreign presence and FDI might positively affect domestic firms' output and exports. Our estimation results support these hypotheses, suggesting in particular that large firms and durable goods producers benefit most from foreign presence and investments.     

Foreign Direct Investments and the Environmental Kuznets Curve: New Evidence from Chinese Provinces

By employing a panel smooth transition regression (PSTR), this article analyzes the impacts of economic growth and foreign direct investment (FDI) on air pollutant emissions. The results reveal the regime-switching effects in the income-pollution relationship as well. Specifically, an inverted-U shape is found in the relationship between per capita income and two air pollutant emissions, soot and dust, which confirms the environmental Kuznets curve (EKC) hypothesis. Significant influence of FDI on EKC relationships is found, which provides the evidence that the pollution haven hypothesis holds to some extent.