FDI在发展中国家的决定因素分析外文翻译精品Word格式.docx

1、 Analyses of FDI determinants in developing countries 出 处： Economics.2009（36）:105-123. 作 者： Recep Kok,Bernur Acikgoz Erso y 原文： Analyses of FDI determinants in developing countriesRecep Kok,Bernur Acikgoz ErsoyABSTRACTPurpose: The purpose of this paper is to investigate the best determinants of fore

2、ign direct investment （FDI） in developing countries.Design/methodology/approach: This paper investigates whether FDI determinants affect FDI based on both a panel of data （FMOLS-fully modified OLS） and cross-section SUR （seemingly unrelated regression） for 24 developing countries, over the period 19

3、83-2005 for FMOLS and 1976-2005 for cross-section SUR.Findings: The interaction of FDI with some FDI determinants have a strong positive effect on economic progress in developing countries, while the interaction of FDI with the total debt service/GDP and inflation have a negative impact. The most im

4、portant determinant of FDI is the communication variable. 1.IntroductionTrade has traditionally been the principal mechanism linking national economies in order to create an international economy. FDI is a similar mechanism linking national economies; therefore, these two mechanisms reinforce each o

5、ther. The trade effects of FDI depend on whether it is undertaken to gain access to natural resources, to consumer markets or whether the FDI is aimed at exploiting locational comparative advantage or other strategic assets such as research and development capabilities. Most developing countries lac

6、k technology capability and FDI to facilitate technology transfer and reduce the technology gap （TGAP） between developing countries and developed countries. In fact, it is suggested that spillovers or the external effects from FDI are the most significant channels for the dissemination of modern tec

7、hnology （Blomstrom, 1989）.FDI has innumerable other effects on the host countrys economy. It influences the income, production, prices, employment, economic growth, development and general welfare of the recipient country. It is also probably one of the most significant factors leading to the global

8、ization of the international economy. Thus, the enormous increase in FDI flows across countries is one of the clearest signs of the globalization of the world economy over the past 20 years （UNCTAD, 2006）. Therefore, we can conclude that FDI is a key ingredient for successful economic growth in deve

9、loping countries, because the very essence of economic development is the rapid and efficient transfer and adoption of “best practice” across borders.On the other hand, in general, foreign investors are influenced by three broad groups of factors:The profitability of the projects.The ease with which

10、 subsidiaries operations can be integrated into investors global strategies.The overall quality of the host countrys enabling environment.A large number of studies have been conducted to identify the determinants of FDI but no consensus has emerged, in the sense that there is no widely accepted set

11、of explanatory variables that can be regarded as the “true” determinants of FDI. The results produced by studies of FDI are typically sensitive to these factors, indicating a lack of robustness. For example, factors such as labor costs, trade barriers, trade balance, exchange rate, R&D and tax have

12、been found to have both negative and positive effects on FDI. Chakrabarti （2001） concludes that “the relation between FDI and many of the controversial variables （namely, tax, wages, openness, exchange rate, tariffs, growth and trade balance） are highly sensitive to small alterations in the conditio

13、ning information set”.The important question is “Why do companies invest abroad?” Dunning （1993） developed his theory by synthesizing the previously published theories, because existing explanations could not fully justify the existence of FDI. According to Dunning, international production is the r

14、esult of a process affected by ownership, internalization and localization advantages. The latter is the most important: the factors based on which an investor selects a location for a project. These include the factors affecting the availability of local inputs such as natural resources, the size o

15、f the market, geographical location, the position of the economy, the cultural and political environment, factor prices, transport costs and certain elements of the economic policy of the government （trade policy, industrial policy, budget policy, tax policy, etc.）.2.The determinants of FDI: theory

16、and evidenceFDI has been regarded in the last decades as an effective channel to transfer technology and foster growth in developing countries. This point of view vividly contrasts with the common belief that was accepted in some academic and political spheres in the 1950s and 1960s, according to which FDI was harmful for the economic performance of less developed countries. The theoretical discus