FDI在发展中国家的决定因素分析外文翻译精品.docx

FDI在发展中国家的决定因素分析外文翻译精品.docx

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FDI在发展中国家的决定因素分析外文翻译精品

中文3568字

毕业论文外文翻译

外文题目：

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