拉丁美洲农业利用外国直接投资的实践及启示

拉美农业利用外国直接投资(FDI)的实践表明,外国直接投资在促进拉美农业发展的同时,也给拉美农业带来了诸如被跨国公司支配、转移不适宜技术、造成单一的农业生产结构、环境破坏和劳动力失业等一系列社会经济问题.文章针对拉美农业利用外国直接投资的教训,提出我国农业利用外国直接投资必须遵循的原则.     

The determinants of China's outward foreign direct investment

Globalisation has led to a rapid increase in the growth of foreign direct investment (FDI) globally. Over the last decade China has become the largest recipient of FDI whilst simultaneously increasing its outward FDI dramatically. The growth in China's outward FDI has attracted little attention from scholars in mainstream research publications. The motivation behind this paper is to investigate the factors driving this growth from both economic and strategic backgrounds. The paper employs panel data analysis covering the period 2003–2009 where we quantify the main drivers of China's outward FDI across a range of variables including bi lateral and multi lateral trade, market size, GDP growth, openness and resource endowment.     

North‐South foreign direct investment and bilateral investment treaties

Bilateral investment treaties (BIT s) have become increasingly popular as a means of encouraging foreign direct investment (FDI ) from developed to developing countries. We adopt a difference‐in‐difference analysis to deal with the problem of self‐selection when estimating the effects of BIT s on FDI flows from a sample of OECD countries to a broader sample of lesser developed countries. Our results indicate that forming a BIT with a developed country significantly increases FDI inflows to developing countries. We further find that the development of new FDI flows and the reinvigoration of deteriorating FDI relationships accounts for the majority of the increase in FDI flows due to BIT formation.     

China's outward foreign direct investment

China's outward foreign direct investment (FDI) is steadily increasing. The United States is now a key target for China's outward FDI, and the response by the American public tends to fall at opposite ends of the spectrum: fever or fear. Chinese FDI in the United States faces challenges posed by its liability of foreignness in political, cultural, marketing, and technological aspects. Utilizing mini case studies, we herein examine the polarized responses to Chinese outward direct investment, its history, and the challenges faced by Chinese multinational corporations operating in or attempting to enter the U.S. market. Finally, strategy suggestions are proposed.     

Foreign direct investment in the banking sector: the case of Italian banks in the '90s

The present paper addresses the issue of the determinants of the growth of multinational banks upon foreign markets at a micro individual level. Theories and approaches suggested so far about globalisation of the banking sector basically relate banks' international growth to the theory of the multinational enterprise. Accordingly, this paper relies on the eclectic paradigm, which views the foreign direct investment decision to be a combination of ownership, internalisation and location advantages. Empirical evidence is provided through an econometric model based on count data techniques, with reference to the Italian case in the decade 1989–1999. Results show that the availability of resources and international experience already gathered by the parent banks have positive effects on their decision to undertake direct investments abroad. Multinational banks are also proved to grow internationally in order to internalise their pre-existing bank–client relationships, and to locate their foreign units where they can exploit positive externalities related to the presence of important international financial centres.     

Location Advantages,Firm Advantages,and Export Success in the Latin American Automotive Parts Industry

Abstract

This paper examines the influence of location advantages and firm-level advantages on the propensity of Latin American firms to export. An empirical test based on Latin American firms in the automobile parts industry suggests that firms in more competitive Latin American country environments are more likely to export than those in less competitive country environments. Also, older and larger firms are more likely to export than are younger and smaller firms, and businesses that are subsidiary companies are more likely to export than are independent companies. Implications for managers and policy makers are presented.     

中国对RCEP国家的直接投资与出口技术复杂度

RCEP的签订为中国对外开放带来新契机。双循环新发展格局背景下,如何调整中国对RCEP国家的贸易和投资策略成为值得研究的议题。使用2004—2018年中国对RCEP国家的直接投资和出口数据,构建出口技术复杂度指标,实证分析直接投资和出口技术复杂度的关系。结果发现:中国对RCEP国家的直接投资能够提升中国对东道国的出口产品技术水平,当东道国为中低收入国家时,这一作用更为显著。基于此,中国应优化对RCEP国家直接投资的布局和结构,完善中资企业海外投资和经营规制,扩大与RCEP国家在新基建领域的合作,实现对外直接投资与出口高质量发展。     

Japanese foreign direct investment in India: An institutional theory approach

This article charts the history of Japanese corporate engagement with India. While there has been a profound historic relationship between the two nations, economic interaction is commonly portrayed in the context of geographical and psychic distance. As institutions set the rules of corporate engagement, we analyse the evolving regulatory and policy regime for foreign direct investment (FDI) in post-independence India and the corporate strategies of Japanese multinational enterprises (MNEs) in response to this institutional change. Using a firm-level dataset we show that the trajectory of Japanese investment in India broadly follows that of other nationalities of foreign firms. Differentiated responses to institutional changes are detected by industry. Our analysis reveals important instances of Japanese firm flexibility and pragmatism vis-à-vis the rapidly growing Indian market.     

浅谈加入WTO与我国企业的跨国经营

随着中国经济的增长,中国企业走出国门,从事国际化经营的条件已日趋成熟。特别是中国加入WTO后,企业将不可避免的面对跨国企业的竞争,实施国际化经营成为必然。从中国企业的对外投资现状来看,与外国跨国企业的差距还比较大。我国企业应抓住加入WTO所带来的机遇,成功实施国际化经营战略。     

Asymmetric effects of cultural institutes on trade and foreign direct investment

The purpose of a cultural institute is to improve international relations with other countries by promoting language familiarity and cultural awareness. In addition, cultural institutes can provide additional business opportunities that lead to positive economic side effects such as increases in trade and foreign direct investment (FDI). In this study, gravity models were used to analyse the data for the Goethe Institut (Germany), the Cervantes Institute (Spain) and the Confucius Institute (China) to identify any stylised international patterns of the documented economic effects. The study finds significant positive effects on bilateral trade and FDI outflows for all three programmes, along with two important (i) the effects are stronger for non‐advanced economies and (ii) the effects are substantially larger on FDI than on trade. These results suggest that cultural institutes can be an effective policy tool in promoting FDI outflows, with the strongest effect realised when a home country locates its cultural institutes in host countries with developing economies. Importantly, results also suggest that the Chinese government's approach to extend its soft power through rapid expansion of Confucius Institutes worldwide has not been as successful as the efforts by the German Goethe Institut in increasing trade and FDI.     

A knowledge-and-physical-capital model of international trade flows, foreign direct investment, and multinational enterprises

This paper addresses two important issues at the nexus of the literatures on international trade, foreign direct investment (FDI), foreign affiliate sales (FAS), and multinational enterprises (MNEs). First, the introduction of a third internationally-mobile factor (physical capital) to the standard 2 × 2 × 2 “knowledge-capital” model of MNEs with skilled and unskilled labor allows us to resolve fairly readily the puzzle in the modern MNE literature that foreign affiliate sales among two identical economies completely displace their international trade. Intra-industry trade and intra-industry FDI (and FAS) can coexist for national and multinational firms (with identical productivities) in identical countries. Second, the introduction also of a third country to the model suggests a formal N-country theoretical rationale for estimating gravity equations of bilateral FDI flows and FAS, in a manner consistent with estimating gravity equations for bilateral trade flows.     

Empirical asymmetries in foreign direct investment and taxation

This paper assesses the sensitivity of the operations of multinational corporations (MNCs) to host country taxation. The empirical analysis is based on two different measures of MNC activity by U.S. majority-owned foreign affiliates: panel data for aggregate real gross product in manufacturing that originates in a given host country and micro data for a single year regarding the likelihood of a firm locating in a given host country. The empirical estimates indicate that investment geared toward export markets, rather than the domestic market, is particularly sensitive to host country taxation, that this sensitivity appears to be greater in developing countries than developed countries, and that it is becoming greater over time.     

Trade and foreign direct investment in China: a political economy approach

We view the political process in China as trading off the social benefits of increased trade and foreign direct investment against the losses incurred by state-owned enterprises due to such liberalization. A model drawing on Grossman and Helpman [Am. Econ. Rev. 84 (1994) 833; The Political Economy of Trade Policy: Papers in Honor of Jagdish Bhagwati, MIT Press, Cambridge (1996) 199] is used to derive an empirically estimable government objective function. The key structural parameters of this model are estimated using province-level data on foreign direct investment and trade flows in China, over the years 1984-1995. We find that the weight applied to consumer welfare is between one-seventh and one-quarter of the weight applied to the output of state-owned enterprises.     

Global value chains and inward foreign direct investment in the 2000s

In this paper, we make use of recent data published by the World Input‐Output Database to: (i) provide evidence on trade in value added of the major Organization for Economic Co‐operation and Development (OECD) member countries and major emerging economies (designated by OE country group), namely by measuring the degree of participation in global value chains (GVCs) at the country and sectoral levels; and (ii) estimate whether the GVC participation of OE countries has positively influenced foreign direct investment (FDI) inward stocks in the 2000s. The pooled regression model estimated shows that the country′s degree of GVC participation has contributed positively for bilateral FDI inward stocks, after controlling for other possible FDI determinants.     

Investigating the causality links between environmental quality,foreign direct investment and economic growth in MENA countries

This paper investigates the causal relationship between environmental quality, Foreign Direct Investment and economic growth using simultaneous-equation panel data VAR model a panel of 17 MENA countries over the period 1990–2012. Our empirical results pointed out that there is a unidirectional causality running from both FDI stocks and CO₂ emissions to economic growth. They also indicate the existence of unidirectional causality running from economic growth to CO₂ emissions. However, the results support the occurrence of unidirectional causality from FDI stocks to CO₂ emissions. Our empirical result confirms the hypothesis of neutrality for the Environment-GDP link. There is bidirectional causality from ${\text{CO}}_2$emissions and economic growth, and a bidirectional causal relationship between FDI stocks and CO₂ emissions. For the global panel, we show that the existence of a unidirectional causality running from FDI stocks to economic growth; a bidirectional causality between economic growth and CO₂ emissions; as well as a bidirectional causality between FDI stocks and ${\text{CO}}_2$emissions.     

外商直接投资、收入差距与就业转移--基于联立方程模型的分析

基于CES生产函数,推导出就业的决定方程,构建FDI、收入差距与就业转移的联立方程模型,测算了FDI流入对就业转移的直接效应及其通过收入分配因素对就业转移的间接效应,建立FDI流动→收入差距→就业转移的分析框架。结合1995～2012年统计数据,测算FDI差异对我国三大区域内和区域间就业转移的直接效应及其间接效应。结果表明：FDI因素对三大地区内部就业转移的总效应分别为0.0728、-0.006和0.24;对区域间就业转移的总效应为0.3276。 FDI促进了就业在东部地区内和三大区域间的流动,收入差距是FDI差异导致就业转移的重要传导渠道。     

Heterogeneity of political connections and outward foreign direct investment

By examining the heterogeneity of political connections (PCs), this study reconceptualises the relationship between PCs and outward foreign direct investment (OFDI). Drawing upon resource dependence theory, we hypothesise that firms with ascribed PCs benefit from top political privileges in their home market and have a low OFDI commitment. Firms without any PCs have a medium OFDI commitment because they have to avoid the discriminative competition associated with their inferior political status. Firms with acquired PCs possess relatively strong political and market resources and face exchange pressure; thus, they exhibit a high OFDI commitment. The aforementioned hypotheses are supported by empirical results from probit and Tobit models based on panel data of 482 listed Chinese firms with OFDI from 2003 to 2014.     

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。