international direct investment国际直接投资中英Word文档下载推荐.docx

international direct investment国际直接投资中英Word文档下载推荐.docx

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Studyingforeigndirectinvestment（FDI）isimportantbecauseproductionfacilitiesabroadcomprisealargeandincreasinglyimportantpartofinternationalcompanies’activitiesandthusareanintegralpartoftheirstrategicthrusts.Infact,FDIisnowmoreimportantthantradeasavehicleforinternationaleconomictransactions.Nooneexplanationortheoryencompassesallthereasonsforsuchinvestment.

1.2TheMeaningofForeignDirectInvestment

1.2.1TheConceptofcontrol

Fordirectinvestmenttotakeplace,controlmustfollowtheinvestment;

otherwise,itisknownasportfolioinvestment.Theshareofownershipnecessaryforcontrolisnotclear-cut.Ifstockownershipiswidelydispersed,thenasmallpercentageoftheholdingsmaybesufficienttoestablishcontrolofmanagerialdecisionmaking.However,evena100-percentsharedoesmotguaranteecontrol.Ifagovernmentdictateswhomacompanycanhire,whatthecompanymustsellataspecifiedprice,andhowearningswillbedistributed,thenitcouldbesaidthatcontrolhaspassedtothegovernment.Governmentsfrequentlydoimposethesedecisionsoncompanies.Butitisnotonlygovernmentsthatmayjeopardizethestockholders’control.Ifsomeresourcethecompanyneedsinordertooperateisnotregulatedbythecompany’sowners,thenthosewhocontrolthatresourcemayexertsubstantialinfluenceonthecompany.Becausedirectinvestmentscanbedifficulttoidentify,governmentshavehadtoestablisharbitrarydefinitions.Usually,theystipulatethatownershipofaminimumof10or25percentofthevotingstockinaforeignenterpriseallowstheinvestmenttobeconsidereddirect.

1.2.2TheConcernaboutControl

GovernmentalConcern

Whyshouldanyonecarewhetheraninvestmentiscontrolledfromabroad?

Manycriticofthepracticeareconcernedthatthenationalinterestofthebestcountrywillnotbebestservedifamultinationalcompanymakesdecisionsfromafaronthebasesofitsownglobalornationalobjectives.Forexample,ontheonehand,GM,aU.S.company,ownsa100-percentinterestonVauxhallMotorsintheUnitedKingdom.GM’scorporatemanagementintheUnitedStatesisconcerneddirectlywithandmakesdecisionsaboutpersonnelstaffing,exportprices,andtheretentionversuspayoutofVauxhall’sprofits.ThislevelofcontrolconcernstheBritishpublicbecausedecisionsthatdirectlyaffecttheBritisheconomyarebeingmade,oratleastcanbemade,intheUnitedStates.PrivateBritishcitizens,ontheotherhand,ownsomesharesofGM.Becausethesearenotenoughforcontrol,theBritishcitizensexpendnotimeoreffortonmakingmanagementdecisionsforGM.NoristheU.S.populaceconcernedthatvitalGMdecisionswillbemadeintheUnitedKingdom.Thisdoesnotmeanthatnoncontrolledinvestmentsareunimportant,however.Theymaysubstantiallyaffectexchangerates,andtheymayplayanimportantpartinacompany’sfinancialmanagementandstrategy.

InvestorConcern

Controlalsoisveryimportanttomanycompanieswhoarereluctanttotransfercertainvitalresourcestoanotherdomesticorforeignorganizationthatcanmakeallitsoperatingdecisionsindependently.Theseresourcesmayincludepatents,trademarks,andmanagementknow-how,whichwhentransferredcanbeusedtounderminethecompetitivepositionoftheoriginalholders.Thisdesiretodenyrivalsaccesstocompetitivereferredtoastheappropriabilitytheory.

Inaddition,operatingcostsmaydecreaseandthespeedoftechnologicaltransfermayincreasewhencontrolisretained,forseveralreasons:

1.Theparentandsubsidiaryarelikelytoshareacommoncorporateculture.

2.Thecompanycanuseitsownmanagers,whounderstanditsobjectives.

3.Thecompanycanavoidprotractednegotiationswithanothercompany.

4.Thecompanycanavoidpossibleproblemsofenforcinganagreement.

Thiscontrolthroughself-handlingofoperations（internaltotheorganization）,ratherthanthroughcontractswithothercompanies,isoftencalledinternalization.Forexample,IntelfoundthatthetransferoftechnologytoindependentmotherboardmanufacturersinTaiwanwastoslow,soitmovedintoTaiwanwithitsownproductionfacility.

Despitetheadvantagesofcontrol,manycircumstancesexistinwhichassetsaretransferredtononcontrolledentities,suchastransferringtrademarksandtechnologythroughlicensingagreements.Inaddition,companieslackresourcestocontrolallaspectsoftheirproduction,supplies,andsale,sotheyfunneltheirresourcestoothoseactivitiesthataremostimportanttotheirstrategiesandtheirperformance.

1.2.3MethodsofAcquisition

Foreigndirectinvestmenttraditionallyhasbeenconsideredaninternationalcapitalmovementthatcrossesborderswhentheanticipatedreturn（accountingfortheriskfactorandthecostoftransfer）ishigheroverseasthanathome.AlthoughmostFDIsinvolvesometypesofinternationalcapitalmovement,aninvestormaytransfermanyothertypesofassets.Forexample,WestinHotelshastransferredverylittlecapitaltoforeigncountries.Instead,ithastransferredmanagers,costcontrolsystemsandreservationscapabilitiesinexchangeforequityinforeignhotels.

Asidefromcommittingnonfinancialresources,therearetwoothermeansofacquiringassetsthatdonotinvolveinternationalcapitalmovementsinanormalsense.Forexample,acompanythatexportsmerchandisebutholdspaymentforthosegoodsabroadcanusesettlementtoacquireaninvestment.Inthecase,thecompanymerelyhasexchangedgoodsforequity.Althoughthismethodisnotusedextensivelyforinitialinvestment,itisamajormeansofexpandingabroad.Initiallyacompanymaytransferassetsabroadinordertoestablishasalesorproductionfacility.Iftheearningfromthefacilityareusedtoincreasethevalueoftheforeignholdings,FDIhasincreasedwithoutanewinternationalcapitalmovement.Second,companiesindifferentcountriescantradeequity.Forexample,KLMintheNetherlandsacquiredashareofNorthwestAirlinesintheUnitedStatesbygivingNorthwestownersstockinKLM,amovethathelpedintegratethecompetitivestrategiesofthetwocompanies.

1.3TheRelationshipofTradeandFactorMobility

Whethercapitalorsomeotherassetistransferredabroadinitiallytoacquireadirectinvestment,theassetisatypeofproductionfactor.Eventually,thedirectinvestmentusuallyinvolvesthemovementofvarioustypesofproductionfactorsasinvestorsinfusecapital,technology,personnel,rawmaterials,orcomponentsintotheiroperatingfacilitiesabroad.Thereforeitisusefultoexaminetherelationshipoftradetheorytothemovementofproductionfactors.

1.3.1TheTradeandFactorMobilityTheory

Tradeoftenoccursbecauseofdifferencesinfactorendowmentsamongcountries.Butcontrarytohistoricaltreatisesontrade,productionfactorsthemselvesalsomaymoveinternationally.Factormovementisanalternativetotradethatmayormaynotbeamoreefficientallocationofresources.Ifneithertradenortheproductionfactorscouldmoveinternationally,acountrywouldhavetoeitherforgoconsumingcertaingoodsorproducethemdifferently,whichineithercasewouldusuallyresultindecreasedworldwideoutputandhigherprices.Insomecases,however,theinabilitytoutilizeforeignproductionfactorsmaystimulateefficientmethodsofsubstitution,suchasthedevelopmentofnewmaterialsasalternativesfortraditionaloneorofmachinestodohandwork.Forexample,theproductionofsyntheticrubberandrayonwasundoubtedlyacceleratedbecausewartimeconditionsmadeitimpracticaltomovesilkandnaturalrubber,nottomentionsilkwormsandrubberplants.

1.3.2Substitution

Whenthefactorproportionsvarywidelyamongcountries,pressureexistforthemostabundantfactorstomovetocountrieswithgreaterscarcity,wheretheycancommandabetterreturn.Thusincountrieswithanabundanceoflaborrelativetolandandcapital,laborerstendtobeunemployedorpoorlypaid;

ifpermitted,theseworkerswellgravitatetocountriesthathaverelativelyfullemploymentandhigherwages.Similarly,capitalwilltendtomoveawayfromcountriesinwhichitisabundanttothoseinwhichitisscarce.Forexample,MexicoisanetrecipientofcapitalfromtheUnitedStates,andtheUnitedStatesisanetrecipientoflaborformMexico.Iffinishedgoodsandproductionfactorswerebothcompletelyfreetomoveinternationally,thecomparativecostsoftransferringgoodsandfactorswoulddeterminethelocationofproduction.（However,asistrueoftrade,therearerestrictionsonfactormovementsthatmakethemonlypartiallymobileinternationally,suchasimmigrationrestrictionsintheUnitedStatesthatlimitthelegalandillegalinfluxofMexicanworkers.）

1.3.3ComplementarityofTradeandDirectInvestment

Despitetheincreaseindirectinvestmenttoproducegoodsforre-importing,companiesusuallysendsubstantialexportstotheirforeignfacilities;

thusFDIusuallyisnotsubstituteforexporting.Infact,aboutathirdofworldtradeisamongcontrolledentities,suchasfromparenttosubsidiary,subsidiarytoparent,andsubsidiarytosubsidiaryofthesamecompany.Manyoftheexportsfromparenttosubsidiarywouldnotoccurifoverseasinvestmentsdidnotexist.Inthesecases,factormovementsstimulatetraderatherthansubsidiaryforit.Onereasonforthisphenomenonisthatdomesticoperatingunitsmayshipmaterialsandcomponentstotheirforeignfacilitiesforuseinafinishedproduct.Forexample,Coca-Colashipsconcentratetoitsbottlingfacilitiesabroad.Foreignsubsidiariesoraffiliatesalsomaybuycapitalequipmentorsu