资本跨国双向流动:理论与现实

近年来,在国际资本流动领域中出现了一个较为特殊的现象:发展中国家的资本流向发达国家,而发达国家的资本投向发展中国家,传统的国际投资理论难以对此做出有力的解释.文章对近期国外关于资本跨国双向流动的理论进行回顾,比较典型的有资产组合理论、超国民待遇理论和财富效应理论,在介绍这些理论的基础上,考察这些理论在中国的适用性,从而探索中国当前的资本跨国双向流动的理论成因.

Capital Outflow and Inflow of Developing Countries: Theory and Reality

In recent years, there is an especial phenomenon in many developing countries that they have undergone capital outflow and inflow simultaneously,which the traditional theory on economic growth and international investment cannot explain reasonably.This paper reviews the theories on the bi-directional capital flow of developing countries; typically the theory of capital portfolio, the theory of super national treatment and the theory of wealth effect. Then, it reviews the applicability of these theories in China, in order to find out the true reason why China experiences capital outflow and foreign direct investment simultaneously.