FDI在发展中国家的决定因素分析外文翻译精品Word格式.docx
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AnalysesofFDIdeterminantsindevelopingcountries
出处:
Economics.2009(36):
105-123.
作者:
RecepKok,BernurAcikgozErsoy
原文:
AnalysesofFDIdeterminantsindevelopingcountries
RecepKok,BernurAcikgozErsoy
ABSTRACT
Purpose:
Thepurposeofthispaperistoinvestigatethebestdeterminantsofforeigndirectinvestment(FDI)indevelopingcountries.
Design/methodology/approach:
ThispaperinvestigateswhetherFDIdeterminantsaffectFDIbasedonbothapanelofdata(FMOLS-fullymodifiedOLS)andcross-sectionSUR(seeminglyunrelatedregression)for24developingcountries,overtheperiod1983-2005forFMOLSand1976-2005forcross-sectionSUR.
Findings:
TheinteractionofFDIwithsomeFDIdeterminantshaveastrongpositiveeffectoneconomicprogressindevelopingcountries,whiletheinteractionofFDIwiththetotaldebtservice/GDPandinflationhaveanegativeimpact.ThemostimportantdeterminantofFDIisthecommunicationvariable.
1.Introduction
Tradehastraditionallybeentheprincipalmechanismlinkingnationaleconomiesinordertocreateaninternationaleconomy.FDIisasimilarmechanismlinkingnationaleconomies;
therefore,thesetwomechanismsreinforceeachother.ThetradeeffectsofFDIdependonwhetheritisundertakentogainaccesstonaturalresources,toconsumermarketsorwhethertheFDIisaimedatexploitinglocationalcomparativeadvantageorotherstrategicassetssuchasresearchanddevelopmentcapabilities.MostdevelopingcountrieslacktechnologycapabilityandFDItofacilitatetechnologytransferandreducethetechnologygap(TGAP)betweendevelopingcountriesanddevelopedcountries.Infact,itissuggestedthatspilloversortheexternaleffectsfromFDIarethemostsignificantchannelsforthedisseminationofmoderntechnology(Blomstrom,1989).
FDIhasinnumerableothereffectsonthehostcountry'
seconomy.Itinfluencestheincome,production,prices,employment,economicgrowth,developmentandgeneralwelfareoftherecipientcountry.Itisalsoprobablyoneofthemostsignificantfactorsleadingtotheglobalizationoftheinternationaleconomy.Thus,theenormousincreaseinFDIflowsacrosscountriesisoneoftheclearestsignsoftheglobalizationoftheworldeconomyoverthepast20years(UNCTAD,2006).Therefore,wecanconcludethatFDIisakeyingredientforsuccessfuleconomicgrowthindevelopingcountries,becausetheveryessenceofeconomicdevelopmentistherapidandefficienttransferandadoptionof“bestpractice”acrossborders.
Ontheotherhand,ingeneral,foreigninvestorsareinfluencedbythreebroadgroupsoffactors:
Theprofitabilityoftheprojects.
Theeasewithwhichsubsidiaries'
operationscanbeintegratedintoinvestors'
globalstrategies.
Theoverallqualityofthehostcountry'
senablingenvironment.
AlargenumberofstudieshavebeenconductedtoidentifythedeterminantsofFDIbutnoconsensushasemerged,inthesensethatthereisnowidelyacceptedsetofexplanatoryvariablesthatcanberegardedasthe“true”determinantsofFDI.TheresultsproducedbystudiesofFDIaretypicallysensitivetothesefactors,indicatingalackofrobustness.Forexample,factorssuchaslaborcosts,tradebarriers,tradebalance,exchangerate,R&
DandtaxhavebeenfoundtohavebothnegativeandpositiveeffectsonFDI.Chakrabarti(2001)concludesthat“therelationbetweenFDIandmanyofthecontroversialvariables(namely,tax,wages,openness,exchangerate,tariffs,growthandtradebalance)arehighlysensitivetosmallalterationsintheconditioninginformationset”.
Theimportantquestionis“Whydocompaniesinvestabroad?
”Dunning(1993)developedhistheorybysynthesizingthepreviouslypublishedtheories,becauseexistingexplanationscouldnotfullyjustifytheexistenceofFDI.AccordingtoDunning,internationalproductionistheresultofaprocessaffectedbyownership,internalizationandlocalizationadvantages.
Thelatteristhemostimportant:
thefactorsbasedonwhichaninvestorselectsalocationforaproject.Theseincludethefactorsaffectingtheavailabilityoflocalinputssuchasnaturalresources,thesizeofthemarket,geographicallocation,thepositionoftheeconomy,theculturalandpoliticalenvironment,factorprices,transportcostsandcertainelementsoftheeconomicpolicyofthegovernment(tradepolicy,industrialpolicy,budgetpolicy,taxpolicy,etc.).
2.ThedeterminantsofFDI:
theoryandevidence
FDIhasbeenregardedinthelastdecadesasaneffectivechanneltotransfertechnologyandfostergrowthindevelopingcountries.Thispointofviewvividlycontrastswiththecommonbeliefthatwasacceptedinsomeacademicandpoliticalspheresinthe1950sand1960s,accordingtowhichFDIwasharmfulfortheeconomicperformanceoflessdevelopedcountries.Thetheoreticaldiscus