Measuring the Benefits and Costs of Foreign Direct Investment – With Reference to Malaysia

The effects of foreign direct investment in developing countries can be studied by using the with/without investment scenario. Many of the effects are quantifiable and can be measured using cost benefit technique. A sample of foreign projects was analysed in this paper. Important benefits of foreign direct investment to a home country are income tax payments by foreign specialists, corporate tax on the project after the tax holiday period, cheaper high quality locally manufactured import substitutes and the backward linkages to domestic industries. These positive benefits are measured using the Little-Mirrlees method, and are weighted against the negative ones, including losses suffered by the local entrepreneurs because of greater competition for labour and potential increased market concentration. The research concluded that the positive benefits of foreign direct investment are far higher than the negative ones, and similar investment should be strongly encouraged.     

Optimal Exit Costs of Foreign Direct Investment

This paper examines the optimal policy on exit costs of foreign direct investment for a host country considering the impact of varying income level and host country’s risk aversion against volatile FDI flows. Based on a dynamic model about the impact of the exit costs on FDI inflows and capital formation, we demonstrate that a host country should determine the exit cost considering two counterbalancing factors, that is, facilitating higher FDI inflows and reducing volatility of FDI inflows. When a host country is less vulnerable to volatility with inelastic risk aversion against FDI volatility, it is optimal for the host country with a negative income shock to take a more aggressive approach to induce FDI inflows by lowering exit costs. However, if the host country is more vulnerable to volatility with elastic risk aversion, the host country is advised to take a conservative approach by increasing exit costs to reduce FDI volatility. These findings, supported by the OECD data on 42 countries’ exits costs, implicate that developing countries are recommended to lower exit costs to induce higher FDI inflows when they are not highly vulnerable to volatility shocks.     

跨国公司在华投资与中国外向型产业集群的发展

改革开放以来,中国凭借良好的区位条件和优惠的外资政策吸引了大量的外国直接投资者来华进行投资。特别是进入新世纪后,伴随着作为全球生产网络组织者的大型跨国公司不断在华开展战略性投资,中国东部沿海地区陆续出现了一批外资导向型的产业集群。在中国的对外开放进入新阶段后,有必要深入研究跨国公司主导作用下产业集群的内部治理结构,借助跨国公司的全球化通道效应提升中国外向型产业集群在全球价值链中的分工地位,进而提高中国开放型经济发展的总体运行效益。     

Financing of Foreign Direct Investment and Trade Flows: The Case of Indonesia 1

This paper tries to assess the effects of implementing foreign investment in Indonesia on the country's imports from home countries. This effect is found to be sizeable as more than 50% of realised foreign investment in Indonesia is implemented m kind. 1.e. by importing plant equipment. Furthemore, sectoral kind-cash financing ratios have been correlated with sectoral loan-equity ratios of realised investment from Japan as the largest country investing in non-oil sectors. This correlation is found to be negative and is explained by the way that investment legislation provides incennves for foreign investors to pay them equity contribution in kind and convey ownership of the plant equipment to local nationals later on.     

中国对外直接投资逆向技术溢出的影响因素分析

国内外研究显示,一国对外直接投资具有技术寻求动机,而且普遍存在逆向技术溢出效应,但是针对对外直接投资逆向技术溢出的影响因素研究处于相对空白。本文以中国作为分析对象,从东道国的创新能力、国际技术传递渠道和中国的消化吸收能力3个方面归纳出中国对外直接投资逆向技术溢出的10个影响因素,建立偏最小二乘回归模型并运用辅助分析手段对这些因素进行了实证检验。结果发现:东道国的研发资本存量、人均国民收入和中国的GDP是影响中国对外直接投资逆向技术溢出的三大因素,真实汇率水平与我国对外直接投资逆向技术溢出负相关,而政府支持力度的影响很小,中国对外直接投资寻求逆向技术溢出主要还是企业的要求和行为。     

人民币升值对中国利大于弊

人民币面对升值压力。许多国家,尤其是日本与美国,要求中国让人民币升值。人民币升值对中国有利也有弊,本文论述为何利大于弊。笔者中学时期,思想非常左倾,积极参加由马来西亚共产党领导的秘密学生运动。当时,我们左倾学生中,许多人都怀疑西方帝国主义国家操纵各国汇率,把...     

中国出口增长与结构变化：外商投资企业的贡献

本文通过考察改革开放以来外商投资的发展及其在中国经济中的地位，分析了外商投资企业对中国出口增长的贡献及其原因。分析结果表明，外商投资企业对扩大中国出口规模和提升中国出口商品的结构作出了突出的贡献。本文认为，外商投资企业的这种能力，与其生产总量的扩张、出口倾向强、与跨国公司全球体系联系密切以及当地配套比率提高等因素相关。两个市场和两种资源的灵活运用能力，使外商投资企业在面对国内国际经济环境的变化时，显示出较强的调整能力和适应能力。     

The Benefits and Costs of an International Currency: Getting the Calculus Right

Does it pay to issue an international money? Should a government promote internationalization of its currency? And if so, how might policy makers shape cross-border use to maximize net gains? The aim of this essay is to address these old questions anew, in hopes of providing clearer insight into the strategic calculus involved. Scholars have debated the net benefits or costs of currency internationalization for decades. Yet despite much sound and fury little analytical consensus exists. The conventional literature is marred by at least three critical defects, which might be called the three M’s—Misconceptions, Misplaced Concreteness, and outright Mistakes. A proper appreciation of the three M’s, I endeavor to show, can take us a long way toward getting the calculus right.     

中国外商直接投资的区位决定因素分析:城市数据

本文以全国210个地级以上城市为对象,分析了外商直接投资的区位决定因素。本文采用OLS和逐步回归分析方法以及2002年的横截面数据,在以往研究的基础上选择四项区位决定因素包括三种成本因素、三种市场因素、四种集聚因素和四种制度因素进行实证研究。结果表明,劳动力成本对各城市的外商直接投资的区位选择影响不明显,而市场规模、基础设施、教育和研究开发条件以及地方金融规模对外商直接投资的区位选择的影响具有显著性。本文的逐步回归分析结果还表明,就东部地区而言,能源条件和市场规模是较重要的区位决定因素;就中西部地区而言,市场规模、基础设施、教育和研究开发条件以及地方金融成为较重要的区位决定因素。     

移民网络促进FDI流入——基于中国经验的分析

近年我国智力外流现象严重,以致引起国内外众多媒体热逐以及学术界的关注,然而,研究中国不同教育层次移民对 FDI 流入影响的经验文献仍较缺乏.本文考察了中国在经合组织各国的移民网络是否促进了来源于该国家的 FDI 流入中国.实证结果显示:当地移民网络为中国 FDI 的流入提供了重要的推动力;其中,高等教育移民在 1%的水...     

The Land Tenure System and its Saving and Investment Mechanism: The Case of Modern China*

The new land tenure system represents a compromise between efficiency and equality. On the one hand, the privatization of land use rights has eliminated the type of free-rider problem observed under the commune system; on the other hand, egalitarianism reduced the transaction costs when land was first allocated to farmers after the dismantling of the commune system. However, this study shows that the main challenge to the efficiency and sustainability of the system is the task of developing a voluntary savings and investment mechanism to fill the vacuum left by the compulsory one that the commune system once had. The frequent reallocation or readjustment of village land, as is required by the system in response to the relative population changes among households, makes farmers feel insecure in their land use rights and agricultural investment, and leads to distortion in their investment and consumption.     

试论我国内资与外资的互补机制

近年来,在我国国内金融机构存差与外资输入额同时增长,即出现所谓“双溢出现象”的情况下,有关外资与内资之间关系的问题引起了诸多争议。很多学者认为这中间外资对内资产生了挤出效应。本文则认为外资与内资存在着互补性,提出了内资和外资的互补机制问题。通过对资本、产业链和企业集群三者形成的分析,从宏观、中观、微观三个层次解释了互补机制的具体内涵,并以实证分析说明通过实现内资与外资的互补,可以达到两者协调配合。     

FDI在中国的区位选择：1992～2005

采用中国8大外商直接投资(FDI)主要接受地区1992～2005年相关数据,分析FDI区位选择因素以及地区间FDI的竞争问题。结果表明,劳动生产力、产业集聚、教育投入在两层含义上对外商直接投资的区位选择的影响具有显著性;而工资水平、单位劳动成本仅在第一层含义上具有显著影响,在地区间对FDI吸引的竞争含义上影响不显著;另外,市场规模、基础设施在两层含义上对外商直接投资的区位选择影响皆不明显。     

中国引进外资的趋势、动向和政策调整

外国对华直接投资的增长发生在20多年来国际资本流动不断加快的大背景下。自中国成为世界贸易组织成员国以来,外商投资活动出现了一些重要新变化。独资企业和跨国并购的增加都反映了国内经济发展进入到新阶段,资源配置效率成为新的突出问题。针对新形势和新任务,外资政策将会按照更多地依据公平和反垄断原则进行调整和细化,同时,加大鼓励外资流向中西部地区也是必要的。