风险与外商直接投资简

外商直接投资已经被视作企业在全球扩张中的一种典型方式。通过吸收国外资金,技术或者管理经验,外商直接投资已经成为所在国家经济发展的潜在催化剂。与此同时,外国公司和他们的公司所属国也将会从外商直接投资中获得更大的利益,更低的成本等等。所以,这就不难看出外商直接投资已经日益成为一种对两国经济发展双赢的投资方式。然而,在对外投资的过程中,外国企业以及公司所属国家不得不面对一些问题,那就是如何将风险最小化。事实上,在这个过程中,风险是多种多样的,例如,政治风险,经济风险,汇率风险以及法律风险,所有的这些都将会影响外商直接投资的方向因为它将会导致企业的盈利能力下降。通过基于于1984年至2007年间,美国企业对全球43个发展中国家投资的固定样本数据作为参考,本文的实证结果能够统计地证实风险与外商直接投资流存在反向关系。

Risks and Foreign Direct Investment An Empirical Study Based on the U.S. Dataset

Foreign direct investment is now perceived as a classic form of business across the world. By transferring foreign capitals, technologies or managerial expertise, FDI has the potential to be a catalyst of host countries’ economic development. Meanwhile, foreign fi rms and their home countries could also benef it from FDI by enjoying profi ts, low-cost products, etc. As the result, there is no wonder why FDI has been increasingly recognized as a win-win choice of both home and host countries. However, in making or attracting overseas investment, foreign fi rms and host countries both face a same issue： how to minimize risks. Indeed, various risks, such as political, economic, exchange rate and legal risks, all may affect the direction of FDI because its adverse impact on f irms’ prof itability. By using panel data estimation based on the dataset of f lows of U.S. FDI to 43 developing countries during the period of 1984 to 2007, the empirical results of this paper statistically confi rmed the negative relationship between risk and fl ows of FDI.