The role of foreign direct investment in Indonesia's manufacturing exports

This article examines whether foreign direct investment (FDI) has contributed to the changing structure of Indonesia's manufacturing exports. It uses industry-level data from 1990 to 2008, classified by factor intensity. Our analysis reveals that FDI promotes exports in most panel observations, especially exports from physical-capital-intensive (PCI), human-capital-intensive (HCI) and technology-intensive (TI) industries. Yet by applying a differentiated cross-section-effect model, we determine that the export-generating potential of FDI is stronger in PCI, HCI and TI industries than in natural-resource-intensive or unskilled-labour-intensive industries, in which Indonesia has a comparative advantage. We also assess the influence of other determinants of export performance – namely, private domestic capital investment, GDP growth and exchange rates. Our findings have implications for policymakers seeking to sustain Indonesia's export performance.     

新汇率制度下我国外向型企业汇率风险的防范

2005年我国实行新的汇率制度,人民币汇率的波动和弹性增强,给我国外向型企业的稳健经营带来了冲击。本文在对人民币汇率的未来走势以及由此带来的汇率风险进行分析的基础上,探讨了我国外向型企业应对汇率风险应采取的防范措施。     

Localization of foreign multinational companies in Korea

In response to the 1997 Asian financial crisis that devastated the Korean economy, the government performed promotional efforts, comprehensive structural reform, and implemented policies to create a favorable environment for foreign direct investment (FDI). While the Korean government announced deregulation plans to support foreign companies, the public also became more aware of the need for foreign capital to overcome the crisis and revive the economy. The change of atmosphere and the perception on the need to induce the inflow of foreign capital provided the basis for this study. In addition, the crucial role of foreign multinational companies and their efforts to achieve market recognition in a more comprehensive way have provoked this study on the localization of foreign multinational companies in Korea. Investment purposes, entry methods, and the degree of competition by multinational companies in Korea were the variables that lead these companies to respond to localization.     

对我国对外直接投资区位选择的思考

本文认为我国对外直接投资的区位选择不能过于集中,目前的对策是重点投资东南亚地区,开展对发达国家周边发展中国家和资源丰富国家的投资,鼓励中小企业投资发展中国家,有针对地投资发达国家。     

论外贸企业对人民币汇率风险的防范

随着人民币汇率制度进一步改革,人民币汇率更加具有弹性,汇率浮动范围日益扩大,外贸企业面临的汇率风险与日俱增。本文探讨了外贸企业应如何正确认识人民币汇率风险,提高汇率风险防范意识,选择合适措施,化解汇率风险,增强企业竞争力。     

Overseas industrial parks and China's outward foreign direct investment

We manually collect data on China's overseas industrial parks from 2007 to 2018, and match it with data on the country’s outward foreign direct investment (OFDI), using the system generalized method of moment (system GMM) approach to test how constructing overseas industrial parks affects China's OFDI. The results indicate that each new overseas industrial park established significantly increases China's OFDI by 2.89%. And the effect only exists in non-high-income host countries, rather than high-income host countries. We also investigate the effects of different types of industrial parks, and find that agricultural, light industrial, high-tech, comprehensive and heavy industrial parks have significant effects, while logistics parks do not. The mechanism analysis suggests that establishing overseas industrial parks increases China’s OFDI by reducing host countries’ economic and financial risks, and improving bilateral political relations. We further find that establishing overseas industrial parks is more likely to promote OFDI in host countries with imperfect infrastructure, impeded capital flows and low levels of unimpeded information. Our findings shed light on how developing countries could enlarge and stabilize OFDI.     

人民币实际汇率与外商直接投资的实证分析

本文通过运用协整分析和格兰杰因果关系检验方法对1980-2004年间的外商直接投资与人民币汇率的关系进行了研究,文章认为外商直接投资的增加会导致人民币汇率的升值,其研究结果表明:人民币汇率与外商直接投资之间存在着长期的均衡关系,而且外商直接投资是人民币汇率的格兰杰原因。     

Market expansion versus cost reduction: a financial analysis of foreign direct investment advantages for multinational enterprises

By testing a large sample of US-based multinational enterprises (MNEs), we attempt to microscope the relations between FDI advantages and excess market value created thereby. Two most commonly pursued FDI advantages—market expansion and cost reduction—come under the analysis. We find that the overseas divisions of US-based MNEs have significant market expansion advantage over the domestic divisions, but do not have significant cost reduction advantage. The cross-sectional variation in excess market value of US-based MNEs finds an explanation in the market expansion advantage when firm equity risk is held constant, but it cannot be explained by the cross-sectional variation in the cost reduction advantage. Given the result of our study, we also deliberate on the relations of FDI advantages with the degree of international involvement by MNEs.     

我国上市公司使用外商直接投资的绩效研究

针对近年来中国利用外商直接投资的规模不断扩大和速度增长快速的现状,研究外商直接投资的流入对公司层面的绩效的作用。本文将从中国上市公司总体中随机选取75个上市公司为研究样本,通过构建衡量公司绩效的财务指标体系,运用因子分析法研究FDI对公司具体绩效的影响。最后,本文得出外商直接投资对公司的整体绩效,尤其是在运营方面,有着明显提高效应的分析结论。     

地方政府对国外直接投资税率竞争的博弈分析

本文采用伯川德价格竞争模型研究两个地方政府如何制定税率来竞争一个外商投资项目。分析了企业在不同地区投资的价值由公有信息和私有信息组成时,投资环境的异同对于均衡税率的影响。若投资环境同质,两地方政府税率竞争均衡时税率为零;若投资环境对企业有差异,均衡税率大于零。两种情况下的均衡税率都低于社会福利最大化时的税率水平。     

广东省对外直接投资影响因素的实证分析

本文利用近几年的数据对广东省对外直接投资的影响因素进行了计量分析。结果表明,广东省的对外直接投资正处于投资发展周期从第二阶段向第三阶段过渡的时期,对外直接投资逐渐从偶发性的投资变为经常性、较大规模的投资。而且其对外直接投资与出口贸易的目的地有较高的重合性,且偏好对人均收入较高、自然资源较丰富的国家进行投资。     

外商投资就业效应的理论与实证观察

西方发展经济学中的储蓄缺口、外汇缺口和双缺口理论提出了开放经济条件下,通过利用外资促进经济增长,从而增加就业的可能性。本文结合中国利用外资增加就业的现实,针对性的从增加就业的角度分析了当前中国利用外资应注意的问题。     

Vertical foreign direct investment: Evidence from Japanese and U.S. multinational enterprises

Foreign direct investment (FDI) in developing countries has increased since the 1990s, but there is mixed evidence of vertical FDI associated with factor-seeking motives. This paper estimates the vertical motive of offshore production by multinational enterprises (MNEs) by exploiting past schooling characteristics as instruments for skilled-labor abundance in a host country. Using panel data on Japanese and U.S. MNEs in the 1990s, I find that skilled-labor abundance has a significantly negative impact on sales of manufacturing foreign affiliate only for Japanese MNEs. The results suggest that vertical FDI activity was more prevalent in Japanese MNEs than U.S. MNEs. A plausible explanation is that Japanese MNEs might be more vertically integrated with their offshore production than U.S. MNEs. A difference in foreign outsourcing activities could generate the observed deviation between Japanese and U.S. MNEs.     

外商直接投资变动分析及对策思考

本文分析了近年来外商在华直接投资的变动特点 ,着重研究了市场经济环境对外商直接投资的变动影响 ,并有针对性地从政策构成、市场体系等方面提出了若干对策建议。     

长三角地区吸引外国直接投资的引资竞争分析

文章对中国吸引外商直接投资(FD I)的典型地区—长三角的引资竞争进行分析。首先,利用长三角地区FD I流入的相关数据,深入分析了该地区引资竞争概况,指出从吸引外资总额与实际利用外资额上看,长三角地区自改革开发以来到20世纪90年代一直保持了良好的增长势头,但在2004年由于各种原因出现了普遍的下降。从外商投资方式来看,外商独资经营方式己在长三角地区占据主导地位,合资经营与合作经营方式己逐渐退居二线。随后,本文对长三角外商直接投资区位变迁从引资竞争上进行了理论上的分析,认为这种竞争会带来两种效应———积极效应与消极效应。针对过度引资竞争所导致的问题给出了两点政策建议:a.引资竞争措施应从单纯政策优惠转向投资环境竞争力提升;b.引资竞争要发挥比较优势,实现优势互补、走向竞合。     

电子商务中企业物流模式的分析及选择

近年来,我国的外商投资有了很大程度的发展。本文分析了在利用外资过程中存在的问题,并就问 题的解决提出几点建议。     

基于真实收益率的中国外汇储备最优币种结构分析

本文利用Markowitz提出的资产组合理论(Markowitz,1952),结合中国外汇储备结构的具体情况,根据经济实力、币值稳定性和交易匹配三大原则,摒弃含有诸多弊端的、单纯以美元计价的外汇储备收益率,改为采用以商品篮子衡量的外汇储备真实收益率作为期望收益率,利用二次规划工具求出了以4种外汇储备最优资产组合的风险有效前沿,测算出我国外汇储备最优币种结构,并给出相应建议,以期实现外汇储备保值增值的目标。     

The trade balance effects of U.S. foreign direct investment in Mexico

This paper examines the effect of U.S. foreign direct investment (FDI) in Mexico on U.S. exports to and imports from Mexico. The rise of intrafirm exports and imports following U.S. FDI in Mexico suggests that FDI affects trade flows. Empirical estimation proceeds with tests for stationarity and cointegration. The finding of cointegration among the variables leads to estimation of the hypothesized relationships with a vector error-correction model. Impulse response functions and variance decomposition reveal that FDI leads to increased exports and imports during the time period considered.     

The color of money: The effects of foreign direct investment on economic growth in transition economies

During the initial phase of transformation to a market economy many of the Eastern European and Baltic countries experienced an initial decline of output. This paper explains, both theoretically and empirically, why they experienced negative growth initially, and how some of them started to get over and recorded positive growth recently. As a vehicle to transfer technology and managerial skills to the transition economies, as well as to increase capital work, foreign direct investment (FDI) is regarded important. Production function with a low elasticity of substitution between two inputs is employed to capture the dynamic short-run movement of these economies. Cross-sectional and panel data, are utilized to analyze the short-run dynamic movement of equilibrium paths of transformation to a market economy. The findings confirm that total factor productivity and GDP in the region grew together with the inflow of FDI, and the marginal contribution of FDI to growth is greater than that of domestic investment. JEL no. O50, P39, F21 This project is financially supproted by the ARC Small Grant, Department Research Grant, Department of Economics, UWA and Division Research Grant, Commerce, Division, Lincoln University.