论外经公司的集约化经营策略

论外经公司的集约化经营策略邢厚媛（外经贸部国际经济合作研究所）改革开放，使我国诞生了一个庞大的企业群体———具有从事对外工程承包、劳务合作、海外投资、国际贸易以及执行援外项目经营资格的外经公司。过去十几年的经营结果是，对外承包劳务合同累计达到约６００...     

以整体竞争优势应对挑战--入世后中国外经企业的发展

加入世贸组织后，以对外工程承包和劳务为主业、业务重点在国外市场的外经公司将受到很大的冲击和影响，具体表现在：一、入世给我们带来了机遇根据世界贸易组织的非歧视贸易原则，中国在加入世界贸易组织后，一方面开放国内建筑业市场，另一方面中国建筑企业也将获得更多的国外市场准入机会，因此，对中国国际工程承包和劳务业而言，冲击国际市场的机遇将会越来越多。首先，外经公司的市场准入机会将有所增加。目前，中国外经企业主要在第三世界国家承包由国际金融组织，如世界银行、亚洲发展银行、非洲发展银行等提供资金的工程项目，或为…     

论我国外经公司“九五”发展战略

论我国外经公司“九五”发展战略邢厚媛（外经贸部国际经济合作研究所）改革开放以来，我国对外经济技术合作事业取得了可喜的成就，不仅对外工程承包、劳务合作、海外非贸易直接投资、对外援助等各项业务发展迅速，而且伴随着这些业务的发展还形成了一支较大的外经企业群...     

国有外经企业改革：难点与对策

国有外经企业改革：难点与对策高明陆（中国广州国际经济技术合作公司）改革开放以来，我国相继成立了几百家外经公司，其业务范围主要是对外工程承包、对外劳务合作、对外经济技术援助、对外投资、国际贸易等。作为我国对外经济技术合作的窗口，外经公司为我国发展跨国经...     

关于我国外经公司发展方向的探讨

一、公司的发展现状(一)“窗口型”公司外经公司组建初期,国家赋予“窗口”职能是完全必要的。所谓“窗口”是指我国对外经营工程承包和劳务合作业务,必须通过对外有这项业务经营权的外经公司;外经公司必须在经营这项业务中把好关,在提供必要的项目服务等方面起到“窗口”作用,使项目能顺利实施,并取得一定的经济效益。目前,具备“窗口”职能的公司在我国现有137家中约占60%。13年来,我国公司较好地发挥了“窗口”作用,基本上做到了统一政策、统一管理、统一协调、统一对外,保证了我国这项事业健康、持续、稳步地发展,成为国际承包劳务市场上一支新兴的劲旅。据不完全统计,从1979年至1992年6月底,我国外经公司在世界158个国家和地区开展了承包劳务、举办海外企业和承建经援项目等业务。     

前伸后延综合发展强化自身实力是硬道理

一、把强化自身实力作为外经企业跨越发展的前提 近几年，中国天津国际经济技术合作公司面对严峻的国际市场竞争和外经方式改革的挑战，克服了种种困难，使企业的发展连年攀上新台阶。１９９４年以来，公司对外承包劳务合同额和营业额累计分别达到６．４亿美元和５．ｌ亿美元。２０００年，公司对外承包劳务合同额和营业额实现双过亿美元。外派劳务２７２９人，期末在外８６１４人。创利税比上年增长３６％，资产负债率下降到６０％以下，国有资产实现连续六年增值。公司被评为天津市“九五”立功先进单位。同时，公司启动的实力品牌工程收…     

外经企业联营利润分配初探

外经企业联营利润分配初探汪橘冯维刚外经行业是我国以专营国际工程承包，劳务合作，在境外举办合资、独资企业为主要业务内容的新兴产业。而就目前和今后的发展方向看，外经企业不会也不可能拥有一支集众多产业于一身的专业生产建设队伍和一批全方位、多专业的技术、管理...     

外经公司建立现代企业制度的探讨

外经公司建立现代企业制度的探讨许丹松（外经贸部国际经济合作研究所）１９７９年我国开始正式成立外经公司，至今已发展到４５０多家，外经公司的整体实力由弱变强，１９９４年对外承包劳务合同总额达到８０亿美元，有２３家公司跻身世界２２５家最大承包商的行列，还有...     

适时调整战略措施促进增长方式转变--2004年对外工程承包和劳务合作发展评述

尽管2004年不是“十五”计划的最后一年,但是,对于我国对外经济合作事业和多数外经公司来说,过去的一年却有着特殊的意义。截止到2004年,我国对外工程承包和对外劳务合作事业已经拥有二十五周年的发展历史,而绝大多数“老牌”外经公司也已经挂牌营业二十周年。从我国外经事业发展的角度,四分之一世纪的发展历程,充满了辉煌,伴随着曲折;从外经企业的角度,则是在迭宕沉浮中探索和进步。总结对外工程承包和劳务合作事业的发展历程,我们在喜悦中看到这项事业对我国全面参与国际分工的愈益重要性,但也深刻地感受着发展“瓶颈”的制约,而突破这一…     

外经公司建立现代企业制度的探讨

外经公司建立现代企业制度的探讨许丹松（外经贸部国际经济合作研究所）１９７９年我国开始正式成立外经公司，至今已发展到４５０多家，外经公司的整体实力由弱变强，１９９４年对外承包劳务合同总额达到８０亿美元，有２３家公司跻身世界２２５家最大承包商的行列，还有...     

Access to finance,foreign ownership and foreign takeovers in Germany

With this article we present the first microeconometric analysis of the impact of a foreign acquisition on the target firm’s access to finance. By using a large database of German firms, we furthermore investigate for the first time the link between foreign ownership and access to finance in Germany, one of the world's leading target countries for FDI. We use newly available comprehensive panel data that we constructed from information collected by the German statistical offices and from credit rating scores supplied by the leading German credit rating agency. We find foreign-owned firms in German manufacturing on average to show slightly more financing restrictions than domestically owned enterprises, but this very small difference diminishes once unobserved heterogeneity is taken into account. We further demonstrate that one reason for this finding is the preference of foreign investors for targets with relatively low credit-worthiness. Although the likelihood of a foreign acquisition appears to be correlated with credit rating, there is no impact of foreign takeovers on the credit constraints of the target firms ex post and therefore no support for the hypothesis that foreign takeovers ease financial frictions.     

国际工程承包项目汇率风险应对

随着人民币汇率的上升,许多中国承包商在国际工程项目上,特别是以美元作为收支款项货币的项目,因未能采取有效的汇率风险防范措施蒙受了巨大的利润损失,有的甚至陷入了亏损的境地.未来的汇率走势难以预测,承包商应当对汇率风险采取适当的措施加以管理.本文以国际工程项目寿命周期为主线,研究承包商在项目各个阶段的汇率风险应对方法.     

Language and foreign trade

While language plays an important role in gravity models, there has been little attention to the channels through which a common language promotes bilateral trade. This work proposes separate series for a common language depending upon whether ease of communication facilitates trade through translation or the ability to communicate directly. The series related to direct communication is far more important in explaining bilateral trade, but the other series, based on translation, makes a distinct contribution as well. Either measure of a common language outperforms the measure in popular use, which is implicitly related to translation, and a combination of the two does far better. In addition, the paper examines the effect of two country-specific linguistic influences on trade: Literacy and linguistic diversity at home. Both of these influences promote foreign relative to domestic trade. Finally, the article studies the separate roles of English and network externalities.     

Does a foreign degree pay? The return to foreign education in China

A large body of literature is devoted to estimating causal effects of schooling; however, few studies have addressed the returns on education overseas. In this paper, we focus on the causal impact of holding a foreign education degree on one's performance in the homeland labor market in the context of China, the world's leading source of students pursuing education overseas. To address the issue of endogeneity, we construct an instrumental variable based on the exchange rate when the individual is about to make further education plans to isolate the arguably exogenous cost‐side shocks to one's education decision. Utilizing data from the China Household Financial Survey, we find that holding a foreign education degree has no effect on one's propensity to join the labor market but leads to a 108.95% increase in one's wage upon employment. Moreover, such effects display significant heterogeneity among returnees regarding their background. Specifically, returnees earn less if they went abroad after China joined the WTO, work in public sectors or have rich family resources.     

Trust and foreign ownership: Evidence from intra‐European foreign direct investments

We use a novel firm‐level dataset to test whether trust affects the volume and the ownership structure FDI across Europe. Our methodology deals with the endogeneity of trust from the investor to the recipient country. We expect such a trust measure to affect investment decisions, and the associated knowledge capital, differently across types of foreign investors. In particular, this effect is expected to be stronger for industrial investors who possess transferable knowledge capital. The data confirm our predictions. Higher trust increases the number and volume of FDIs, but also the probability of co‐investing with a partner from the recipient country.     

Does foreign ownership matter?

The paper both compares productivity of Russian firms that have foreign direct investments with productivity of fully domestically owned firms and analyses spillovers from foreign‐owned firms to domestic firms. Foreign firms are found to be more productive than domestic ones, but productivity of the former is negatively affected by slow progress of reforms in the regions where they operate. It is also found that there are positive spillovers from foreign‐owned firms to domestic firms in the same industry, but negative effects on domestic firms that are vertically related to foreign‐owned firms. The stock of human capital in regions where foreign firms operate is one of the factors which help domestic firms to benefit from the entry of foreign firms.     

浅议中外合作基金

加入WTO,逐步进行适应性尝试,引入中外合作基金是必要且有益的。合作基金的推行会碰到许多障碍,需要谨慎地进行政策调控,严格地加强监管,其积极作用一定能够有效地发挥。     

Reducing large net foreign liabilities

In light of persistently large net foreign liability (NFL) positions in several euro area countries, we analyze 138 episodes of sizeable NFL reductions for a broad sample of advanced and emerging economies. We provide stylized facts on the channels through which NFLs were reduced and estimate factors that make episodes “stable”, that is, sustained over the medium term. Our findings show that while GDP growth and valuation effects contribute most to NFL reductions overall, stable reduction episodes also require positive transaction effects (i.e., current account surpluses), in particular in advanced economies. Considering the different components of a country's external balance sheet, we observe that reduction episodes were almost exclusively driven by a decline in gross external liabilities in emerging economies, while in advanced economies also gross external asset accumulation contributed significantly, in particular in stable episodes. Our econometric analysis shows that NFL reductions are more likely to be sustained if a country records strong average real GDP growth during an episode and exits the episode with a larger current account surplus that consists of a combination of relatively high exports, low imports and low net factor income payments. Moreover, we find evidence that nominal effective exchange rate depreciation during an episode is helpful for achieving episode stability in the short run, while IMF programs and sovereign debt restructurings also contribute to longer term stability.     

德国对外直接投资与利用外资的现状和特点

德国是世界第三强国，也是欧洲头号经济大国。1999年，德国国内生产总值为38772亿马克（19824亿欧元）；2000年为39761亿马克（20330亿欧元），增幅达2.6%。德国是中国在欧洲最大的贸易与经济技术合作伙伴，了解、研究和分析德国最近十年的对外直接投资、利用外国直接投资的现状、特点及其国别、行业结构，对中国更有效地吸引德国企业来华投资，以及根据实际情况适当借鉴德国对外投资的经验均有启示作用。背景、现状与特点 自1990年两德统一以来，随着贸易壁垒的日益消除和政治鸿沟的不断弥合，国际间资本流动明显加快，经济全球化不断向纵…     

Seasonality in foreign exchange volatility

The paper reports further empirical evidence on seasonality in foreign exchange volatility using high-frequency data. Using a basis of the signal plus noise framework, the approach decomposes tick-by-tick Reuters FXFX quotes into a random walk and a stationary component, termed the efficient price and the pricing error, respectively. The efficient price is not directly observable and is an approximation of the ‘true’ value. The pricing error captures the deviation between the observed indicative quote and the efficient price. Under the proposed model, daily and intraday volatilities of the efficient price are estimated. A pronounced pattern of volatility is uncovered and appears related to the daily activity cycle of major organized stock exchanges. It is argued that seasonality in volatility is a symptom of foreign exchange markets. Results confirm Andersen and Bollerslev's findings that significant seasonal effects are one important determinant of overall volatility at high frequencies.