Foreign Direct Investment and Real Exchange Rate Interlinkages

This paper examines theoretically and empirically the relationship between Foreign Direct Investment and the real exchange rate. It is found that in large countries with freely floating currencies, such as the USA, the UK and Japan, causality runs from the real exchange rate to FDI. These results are consistent with the predictions of models of financial behavior. Causality runs both ways in small countries with fixed or quasi fixed currencies, such as the EU countries. These results are consistent with models, which emphasize on trade integration. It is shown that a weaker euro will not have uniform effects on FDI inflows across the unified Europe.     

母国税收政策不确定性与企业对外直接投资

文章以2004～2014年中国A股上市企业为样本,研究母国税收政策不确定性对企业对外直接投资的影响。研究结果表明,当母国税收政策不确定性上升时,企业对外直接投资的可能性会下降。进一步研究发现:银企关联和政府补贴可以缓解母国税收政策不确定性对企业对外直接投资的抑制作用;企业规模越小、成立时间越短、债务水平和税负水平越高,企业对外直接投资受母国税收政策不确定性的抑制作用越大;对外直接投资企业的总部所在省份GDP较高时,其对外直接投资受母国税收政策不确定性的影响较大。文章拓展了税收政策不确定性和企业对外直接投资领域的相关研究,为更有效地发挥母国税收政策对企业"走出去"的促进作用以及增强企业在"走出去"过程中应对外部风险的能力提供了有价值的政策启示。     

汇率不确定性与FDI

关于汇率波动如何影响FDI的问题，一直以来都是学者们争论不休的话题。基于以往对FDI的局部均衡分析中将汇率看作外生因子的局限性。本论文借鉴最优货币区理论中的一般均衡分析框架，将汇率设定为由经济基本因素所决定的内生因子，其中重点分析货币因素的变化对汇率，进而对FDI产生影响的机制；从而调和了过去局部均衡分析所得出的矛盾观点，指出，汇率是促进还是抑制FDI主要取决于影响汇率波动的具体因素。     

Institutional Uncertainty,Economic Integration,and Vertical Foreign Direct Investment Decisions

In this paper we analyse the impact of institutional uncertainty on vertical foreign direct investment (FDI) strategies. We also consider the impact of economic integration upon FDI decisions. The paper follows the real options approach, which allows investigating the value to a firm of waiting to invest and/or disinvest, when payoffs are stochastic due to institutional uncertainty and investments are partially reversible. Across the board we find that institutional uncertainty can be very detrimental to FDI decisions while economic integration leads to an increasing benefit of investing abroad.     

外商来华直接投资与中国企业对外投资的差异分析

中国的引进来和走出去是发展失衡还是渐趋平衡?本文从投资规模、投资产业、投资形式和投资政策四个方面进行了分析。     

外商直接投资与技术进步——基于昆山地区数据的实证分析

本文通过建立包含外商直接投资因素的技术进步内生化增长模型,分析了外资对昆山各行业技术进步的影响。实证结果表明,总体上看,外资对昆山地区的技术进步有着显著的促进作用,进一步的分析表明,外资技术进步作用的发挥逐渐从以间接影响为主转变为以直接影响为主,外资对内资企业的技术溢出效应正逐渐减弱,近年来出现了不太显著的负面溢出效应。     

Temporary Migration and Foreign Direct Investment

The question of complementarity or substitutability of FDI and international labour mobility has not yet been answered. The substitutability assumption does not take into consideration the technological spillover of FDI in the host countries. Moreover, migration flows reveal cultural characteristics and labour force properties of their native country which may stimulate bilateral business networks, strengthening the complementarity assumption between capital and labour flows. In this paper we build a continuous time dynamic model where these offsetting forces are at work. We analyze whether, and to what extent, the increase in labour mobility might affect FDI outflows. A numerical simulation is performed showing that a higher income growth rate corresponds to a higher labour mobility. Some policy implications and further research direction are suggested.     

汇率与日本对华直接投资

本文以日本对华直接投资为背景分析了汇率和外国直接投资 (FDI)之间的关系。通过使用从 1 981年到 2 0 0 0年日本在中国 9个制造业部门的直接投资的数据 ,研究发现 ,日元对人民币的双边真实汇率和日本对华直接投资之间存在显著的正相关关系。具体地说 ,日元的升值显著地刺激了日本对外投资的流量 ,而日元贬值则导致了日本FDI外流的减少。由于人民币的大幅贬值可归因于 90年代初中国刻意采取的人民币贬值并盯住美元的策略 ,中国的汇率机制在加强中国吸引日本FDI的竞争力中起到了极其重要的作用     

Foreign Direct Investment and Institutional Co-Evolution in Ireland

Abstract

Ireland was one of the first countries in the world to adopt an FDI-oriented development strategy. It remains to this day the most FDI-intensive economy in Europe. These factors have helped to configure the institutional structure of the economy to be able to respond rapidly to changes in the nature and requirements of the type of global FDI that an economy with Ireland's characteristics could reasonably hope to attract. This paper analyses the changing characteristics of European-bound FDI since the 1960s and the co-evolution of Irish development strategy.     

异质性与混合型国际直接投资

本文从跨国公司异质性的角度,对国际直接投资行为进行了研究.本文的模型表明,选择混合型国际直接投资的跨国公司的边际成本较低,而且节省了运输成本,但是固定成本较高,只有生产率最高的跨国公司才会选择混合型国际直接投资.发展中国家工资、运输成本和中间产品的密集度会影响到跨国公司的选择.     

外商直接投资与中国的加工贸易

本文就外资对中国加工贸易偏好的因素及对出口增长的经济效应进行分析,并指出中国加工贸易存在的问题,提出重视比较优势的动态转变,以竞争战略为指导,适时地促使我国加工贸易的战略性转型。     

对外直接投资的产业选择: 基于产业地位划分法的分析

中国对外直接投资的重要战略目标之一是提升中国产业竞争力和优化产业结构,因此我们有必要站在更高的产业层面,把国内产业战略作为对外直接投资产业选择的出发点。本文根据产业地位划分法定量地将中国行业分为四个产业群,在此基础上分析并提出了四个产业群对外直接投资的作用和基准,为"走出去"产业政策提供了一个分析框架。     

外商直接投资的环境效应--基于中国省级面板数据的实证分析

改革开放以来,规模持续扩大的外商直接投资在推动我国经济增长的同时,也给我国生态环境带来一定的负面影响。本文利用我国30个省(市、区)、1999～2004年度的面板数据,构建了一个经济计量模型,对外商直接投资的环境效应进行测度。计量结果显示,外商直接投资对我国生态环境具有显著的负面效应:就全国总体情况而言,三资工业企业总资产每增加1%,工业废气排放量增加0.358%。进一步对东、中、西部三大区域的研究表明,与外商直接投资在我国的区域分布特征相一致,外商直接投资对我国生态环境的负面效应也呈现出明显的东高西低的梯度特征。文章最后提出了相关政策建议。     

The Foreign Exchange Rate Exposure of Nations

Following the well-known approach by Adler and Dumas (Financ Manage 13(2):41–50, 1984), we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current account and financial account balance variables of corresponding economies.