外文翻譯--中國(guó)外商投資的決定因素及影響研究

1、<p><b>　　中文1637字</b></p><p><b>　　1 外文翻譯 </b></p><p><b>　　原文 </b></p><p>　　Foreign Direct Investment in China: Determinants and Effects</p

2、><p>　　Material Source: network platform Author: Stephane dees</p><p>　　1. Foreign Direct Investment in China </p><p>　　FDI represents the most important source of foreign capital in

3、 China. It surpassed foreign borrowing for the first time in 1992. Before 1979, no foreign-owned enterprises operated in China as foreign money was viewed with suspicion by Chinese leaders. The Open Door Policy introduce

4、d by Deng Xiaoping in 1979 involved a different attitude toward FDI. This change can be explained by two major factors the disastrous economic performance before 1979 and the successful examples of Japan and the four A&l

5、t;/p><p>　　The first phase, from 1979 to 1983, is a period of sluggish increase. From 1984 to 1991, the inflows of FDI attained an increasing trend. Since 1992, the large-scale expansion of FDI has made China t

6、he second largest recipient of FDI in the world. Before 1983, the growth rate of FDI was quite modest. The number of projects was nearly constant, increasing only from 230 in 1979 to 396 in 1983 (the value increased from

7、 $0.5 billion in 1979 to $1.5 billion in 1983). During this first phase, foreign </p><p>　　Between 1984 and 1991, FDI inflows into China grew 44% per annum in value terms. In 1991, the realized FDI inflow re

8、ached $4.7 billion. From 1992 the flow of FDI has increased dramatically, reaching $31.5 billion in 1994 and $42 billion in 1996 (Work Bank, 1997). Most FDI originates from the Asia-Pacific region (74.5% of total FDI sto

9、ck comes from the East Asian Newly Industrialized Economies – Niles hereafter).Hong Kong has always been China’s major investor. It accounts for 61% of FDI stock in</p><p>　　The United States are an importan

10、t investor with 8% of the FDI stock in 1994 (the third largest source). Even if Western European countries are the main source in international direct investment in the world, their share in China is relatively small; on

11、ly the UK’s share in FDI stock is above 1%. The ‘open-door’-policy encouraged the dramatic development of FDI in China. The growth of FDI was a key-element of the Chinese success, not only because it had positive impacts

12、 on the economy, but also b</p><p>　　The high FDI inflows in China in 1993–95 were exceptional and have fallen back to a more sustainable level in the long run (World Bank, 1997). Many reasons explain this n

13、ecessary reduction on FDI inflows. They include the elimination of tax concessions for foreign investors in 1996 and the slowdown in the upsurge in transfers of labors-intensive assembly operations from East Asian neighb

14、ors. </p><p>　　2． Determinants of Chinese inward FDI </p><p>　　According to Zang (1995), the sharp rise of FDI since 1987 has been due to the improving of the environment and to the impressive g

15、rowth of the Chinese economy. However, prior to then, investors were reluctant to invest in China because of the features peculiar to a Centrally Planned Economy that implied too high risks as compared to profits. Huang

16、and Shirai (1994) show that the pattern usually observed for FDI in developing countries is appropriate for China. After a sluggish inflow and a peri</p><p>　　Grub et al. (1990) have used interviews and ques

17、tionnaires to study the motivations of US firms who invest in China. Among the positive variables, they find that the potential market and cheap labour are the most important determinants of US investments. However, it w

18、as shown that investment incentives provided by the Chinese authorities were only moderately significant for the US firms in making investment decisions. It is worth noting that Chinese inward FDI is not a global phenome

19、non and that</p><p>　　Some empirical evidence is available from econometric work. Using a panel data set? Wei (1995) runs regressions for the flow and the stock of FDI. He finds a positive and significant ef

20、fect of the Chinese GNP: a 1 percent increase in the size of a host country is associated with a 0.53 (0.74) percentage point increase in the flow (stock) of FDI. He finds also a positive correlation between the inflow o

21、f FDI and the stock of human capital in the host country (proxies by literacy). Finally, the ef</p><p>　　In their study, Liu et al. (1997) analyze, through an error-component model, the economic, political a

22、nd cultural determinants of FDI in China. The panel data set covers a time period of 1983–1994 and 22 countries/regions as well as mainland China as the host. Hong Kong and the East Asia Niles are taken into account as i

23、nvestor countries. The results show that bilateral trade, cultural differences and relative changes in market size, wage rates, and exchange rates are important explanatory varia</p><p><b>　　文獻(xiàn) </b&

24、gt;</p><p>　　中國(guó)外商投資的決定因素及影響研究</p><p>　　資料來(lái)源： 期刊網(wǎng) 作者： 斯特夫·德斯 （Stephane dees）</p><p>　　1. 中國(guó)外商投資的決定因素</p><p>　　在1995 年， 中國(guó)外商直接投資急劇上升， 是因?yàn)樵?1987 年， 中國(guó)改善了中國(guó)的投資環(huán)境，發(fā)展具有中

25、國(guó)特色的社會(huì)主義經(jīng)濟(jì)。然而在當(dāng)時(shí)，由于中國(guó)的特色社會(huì)主義經(jīng)濟(jì)， 投資者不愿意投資中國(guó)，因?yàn)檫@意味著過(guò)高的風(fēng)險(xiǎn)，雖然利潤(rùn)也豐厚。這個(gè)模型顯示了外商在中國(guó)投資的情況。在一段呆滯期后，波動(dòng)了一個(gè)時(shí)期后，外國(guó)投資大幅度的增長(zhǎng)了。中國(guó)政府表示，是因?yàn)楦纳屏酥袊?guó)的投資環(huán)境所致。</p><p>　　美國(guó)進(jìn)行了關(guān)于是否投資中國(guó)的問(wèn)卷調(diào)查。他們發(fā)現(xiàn)了中國(guó)市場(chǎng)的潛在投資價(jià)值，廉價(jià)勞動(dòng)力是最主要的決定因素。然而，中國(guó)的政策只有一部分

26、對(duì)外國(guó)投資者有利。其中，中國(guó)的不定因素，外匯匯率風(fēng)險(xiǎn)， 阻礙了外國(guó)投資者投資中國(guó)的熱情。另外，還有中國(guó)的基礎(chǔ)設(shè)施落后也影響了外國(guó)投資者投資中國(guó)。動(dòng)蕩的經(jīng)濟(jì)控制政策也阻礙了外商投資。因此，投資者投資發(fā)展中國(guó)家的動(dòng)機(jī)非常特殊。</p><p>　　魏岳（1993）說(shuō)，投資者投資新興工業(yè)體的中國(guó)最主要因素是利用中國(guó)的廉價(jià)勞動(dòng)力從而降低生產(chǎn)成本，獲得廉價(jià)的自然資源。這個(gè)價(jià)值對(duì)于中國(guó)的外商投資來(lái)說(shuō)不是一個(gè)全球性的問(wèn)題，但是

27、他會(huì)有別于其他國(guó)家的外商投資。他還強(qiáng)調(diào)，地理，民族，文化在新興的中國(guó)社會(huì)主義市場(chǎng)經(jīng)濟(jì)與市場(chǎng)經(jīng)濟(jì)是相近的。有調(diào)查顯示，最初，外國(guó)投資者是被中國(guó)的廉價(jià)勞動(dòng)力所吸引。過(guò)去，外國(guó)直接投資常常對(duì)于在勞動(dòng)密集型的投資地生產(chǎn)產(chǎn)品再度出口到自己的國(guó)家。然而，早在 90 年代，外國(guó)投資者了解到，相對(duì)于廉價(jià)勞動(dòng)力來(lái)說(shuō)，更高的技術(shù)產(chǎn)品更能有市場(chǎng)競(jìng)爭(zhēng)力。因此，勞動(dòng)密集型的投資，對(duì)于外國(guó)直接投資者來(lái)說(shuō)只是低級(jí)形式的投資。 總結(jié)，東方國(guó)家，應(yīng)該考慮到投資者的投資動(dòng)

28、機(jī)，改變其引進(jìn)外資的因素影響，增長(zhǎng)中國(guó)引進(jìn)外國(guó)直接投資市場(chǎng)。</p><p>　　在劉以及其他人通過(guò)一個(gè)研究經(jīng)濟(jì)政治，文化的模型，研究中國(guó)的外商直接投資因素。 數(shù)據(jù)涵蓋 1983 年至今的文件，22 個(gè)國(guó)家及地區(qū)。包括香港，東亞新興工業(yè)體。 結(jié)果顯示， 雙邊貿(mào)易，文化差異，相對(duì)變動(dòng)的計(jì)劃經(jīng)濟(jì)市場(chǎng)，工資率，匯率等影響了 外國(guó)直接投資對(duì)中國(guó)的投資意愿。 另外， 國(guó)家風(fēng)險(xiǎn)和地理距離也會(huì)影響投資意愿。 </p>

29、;<p>　　2. 外國(guó)直接投資對(duì)中國(guó)的影響 </p><p>　　外國(guó)直接投資扮演了一個(gè)對(duì)中國(guó)經(jīng)濟(jì)有促進(jìn)作用的角色。有文件表明，外 6 國(guó)投資者對(duì)中國(guó)經(jīng)濟(jì)的貢獻(xiàn)：在引進(jìn)外國(guó)投資之后中國(guó)工業(yè)生產(chǎn)總值增長(zhǎng)速率從 1978 年的 2%到 1995年的17%。 這是有幾個(gè)對(duì)中國(guó)經(jīng)濟(jì)有促進(jìn)作用的外國(guó)直接投資的刺激的原因。 第一， 在早期的 90 年代，外國(guó)的直接投資意味這技術(shù)進(jìn)口和新型設(shè)備的輸入，縮小了 中

30、國(guó)和世界發(fā)達(dá)國(guó)家的技術(shù)差距。此外，通過(guò)技術(shù)轉(zhuǎn)讓，外國(guó)直接投資者的投資，改善了中國(guó)的生產(chǎn)力要素。 1996 年，生產(chǎn)要素的改善使中國(guó)經(jīng)濟(jì)得到了 32%的增長(zhǎng)。在與中國(guó)相同基礎(chǔ)上的亞洲國(guó)家比較來(lái)說(shuō)，技術(shù)的引進(jìn)在一定程度上改善了中國(guó)的工業(yè)效率。在中國(guó)輸入現(xiàn)代技術(shù)也是打開(kāi)中國(guó)市場(chǎng)的最好方法之一。 第二，外國(guó)直接投資對(duì)中國(guó)輸入了新的管理技術(shù)， 為中國(guó)企業(yè)作為借鑒。第三，對(duì)于中國(guó)國(guó)家財(cái)政收入的增長(zhǎng)作用。最后，外國(guó)直接投資在中國(guó)的生產(chǎn)與出口經(jīng)濟(jì)中已經(jīng)

31、非常重要， 國(guó)際貿(mào)易擴(kuò)張的背景下，外國(guó)直接投資在中國(guó)經(jīng)濟(jì)中扮演了 一個(gè)非常重要的角色。他使中國(guó)的產(chǎn)業(yè)借口合理化，改變了中國(guó)的法律， 經(jīng)濟(jì)， 企業(yè)等一系列經(jīng)濟(jì)政策。 </p><p>　　外國(guó)直接投資對(duì)處于發(fā)展中國(guó)家的中國(guó)有增加其資本的貢獻(xiàn)。資料顯示，外國(guó)投投資這投資在中國(guó)，這個(gè)數(shù)據(jù)在 1983 年起就不斷增長(zhǎng)。在 1994 年。外國(guó)投資額超過(guò)中國(guó)總投資的六分之一，這說(shuō)明中國(guó)在進(jìn)行資本的積累。 </p>

32、<p>　　預(yù)計(jì)外國(guó)直接投資對(duì)中國(guó)經(jīng)濟(jì)的影響。（魏 1995） 他用 city-level 統(tǒng)計(jì)模型進(jìn)行統(tǒng)計(jì)， 他在分析了他的統(tǒng)計(jì)資料后發(fā)現(xiàn)，外國(guó)直接投資對(duì)中國(guó)經(jīng)濟(jì)的勞動(dòng)力，物理，人力資本有促進(jìn)作用。 </p><p>　　但是 WOO（1995）認(rèn)為那個(gè)模型會(huì)夸大外國(guó)直接投資對(duì)中國(guó)經(jīng)濟(jì)的促進(jìn)作用，主要以個(gè)原因是因?yàn)橥鈬?guó)投資的產(chǎn)出效益中涵括了 魏所統(tǒng)計(jì)的某謝要素，因此，這個(gè)模型在這個(gè)模型只是闡述了外