外文翻譯--新加坡外國直接投資的因素和影響

1、<p>　　中文1320字，2225字</p><p><b>　　外文翻譯 </b></p><p><b>　　原文 </b></p><p>　　Some Determinants And Effects Of FDI In Singapore</p><p>　　Mate

2、rial Source: Asia Pacific Journal of Management</p><p>　　Author: Donald J. Lecraw</p><p>　　INTRODUCTION </p><p>　　Singapore, a small, open newly industrializing country NIC, has rel

3、ied heavily on international trade, finance, and foreign direct investment FDI for its economic development. There has also been a significant amount of outward foreign direct investment by firms based in Singapore. Sing

4、apore's economic growth and structural change have been in large measure due to inward and outward FDI and international trade. </p><p>　　Singapore has the most open economy in the world. In 1982, gross

5、exports were 150 per cent of gross domestic product GDP and eight times manufacturing value added. In the same year gross fixed investment by multinational enterprises MNE was almost $S6 billion, equal to one third of GD

6、P, the highest share of any country in the world. Singapore, an island city state with a population of 2.4 million, received 2.2 million tourists in 1982, and was a major transportation, communication, finance and t</

7、p><p>　　In general, the government of Singapore has implemented its overall development strategy through the private enterprise market system and devoted its efforts to influencing the macro-economic environmen

8、t --tariffs and non-tariff barriers to trade, the exchange rate, taxation, savings, the investment climate, finance, labor relations and wages, human resources and infrastructure development so that private enterprises w

9、ould be attracted to invest in industries in which Singapore had a comparative</p><p>　　Foreign direct investment has played a central role in Singapore's economic development strategy.Since foreign-owne

10、d and joint-venture firms have accounted for such large shares of total investment in the manufacturing sector and of exports of manufactured products and will account for similar shares in the future, the patterns of Si

11、ngapore's past and future development and structural change in the manufacturing sector and its exports have been and will continue to be closely linked to the exten</p><p>　　ANALYSIS OF THE DETERMINANTS

12、 AND THE EFFECTS OF FDI </p><p>　　Data on inward FDI in Singapore can be used to test several hypotheses on the determinants and effects of FDI in Singapore. Singapore's location-specific advantages have

13、 attracted FDI to utilize its highly motivated, productive, but still relatively low-wage workforce, its location, its transportation, communication and finance, infrastructure, and, to a lesser extent, its domestic mark

14、et. MNE investing in Singapore have utilized their ownership specific advantages in technology, capital, manage</p><p>　　Singapore's small domestic market combined with no tariffs on most imports and low

15、 tariffs on the remainder have reduced the importance of Singapore's domestic market as a location-specific advantage for import-substituting FDI. Some import- substituting FDI was attracted to Singapore prior to the

16、 late 1960s by the prospect of access to the Singapore-Malaysia market and by Singapore's mild import substitution strategy. The inflows of this type of investment largely ceased in the early 1970s when</p>&l

17、t;p>　　A first impression of the level of FDI in Singapore's manufacturing sector can be obtained from the aggregate statistics. In 1982 wholly and majority owned foreign establishments accounted for a quarter of t

18、otal establishments in the manufacturing sector, almost sixty per cent of employment, over three quarters of output, almost seventy per cent value added, seventy per cent of domestic and almost ninety per cent of export

19、sales, and over seventy per cent of capital expenditure and net fixed ass</p><p>　　At the three-digit Standard Industrial Classification SIC level of disaggregation there is at wide range in the foreign owne

20、rship share in Singapore's manufacturing sector. In 1977 the share of book value of fixed assets value added of foreign- owned and joint venture firms ranged from 6.1 percent 4.9 percent for beverages and 9.6 percent

21、 10.4 percent for leather products to 99.5 percent 98.8 percent for precision equipment and optical goods, 99.5 per cent 97 percent for non-ferrous metals, 99.5</p><p>　　There are several factors which are r

22、elated to the size of the foreign share of the thirty, three-digit industries. These factors can be embodied in seven propositions first used by Dunning 1985 regarding inward and outward FDI in Britain. Dunning received

23、considerable statistical support for these propositions using UK data but, given the open nature of Singapore's economy, they should receive even stronger support there. These seven propositions do not capture all th

24、e many determinants and eff</p><p><b>　　譯文 </b></p><p>　　新加坡外國直接投資的因素和影響</p><p>　　資料來源: 亞太管理期刊 作者:Donald J. Lecraw</p><p><b>　　介紹 </b></

25、p><p>　　新加坡是一個(gè)小的但開放的新工業(yè)化國家NIC,其發(fā)展很大程度上依賴于國際貿(mào)易、金融和外國直接投資FDI,也有大量的對(duì)外直接投資公司設(shè)在新加坡。新加坡的經(jīng)濟(jì)增長與結(jié)構(gòu)變化已經(jīng)在很大程度上依賴于內(nèi)在和外在的外國直接投資和國際貿(mào)易。 </p><p>　　新加坡是世界上經(jīng)濟(jì)最開放的國家。1982年,總出口額為國內(nèi)生產(chǎn)總值的150%和制造價(jià)值8倍的總和。同年跨國企業(yè)跨國公司總固定資產(chǎn)投資

26、將近60億美元,相當(dāng)于國內(nèi)生產(chǎn)總值的三分之一,是世界上任何國家的達(dá)不到的。新加坡是一個(gè)擁有人口240萬的島國城市, 1982年就吸引到2.2萬游客,是一個(gè)負(fù)責(zé)南亞和東南亞等國家和地區(qū)的主要交通、通訊、金融和貿(mào)易中心。 </p><p>　　一般而言,新加坡政府通過私營企業(yè)的市場(chǎng)體系實(shí)施了它的整體發(fā)展戰(zhàn)略,致力于影響宏觀經(jīng)濟(jì)環(huán)境、關(guān)稅和非關(guān)稅貿(mào)易壁壘、匯率、稅務(wù)、儲(chǔ)蓄、投資環(huán)境、金融、勞動(dòng)關(guān)系,工資、人力資源和基礎(chǔ)

27、設(shè)施建設(shè),使私有企業(yè)被吸引投資到這些行業(yè)中去。新加坡,一個(gè)具有比較優(yōu)勢(shì)和私營的國家,才能成功地完成了它的核心作用。許多政府經(jīng)濟(jì)政策已被有意識(shí)地設(shè)計(jì)用來實(shí)現(xiàn)“日式的發(fā)展戰(zhàn)略,他們?cè)噲D預(yù)測(cè)新加坡的要素和產(chǎn)品市場(chǎng)的趨勢(shì),加快促進(jìn)經(jīng)濟(jì)體制改革。然而,一般來說,新加坡的匯率政策有著相反的兩個(gè)方向。就像日本,新加坡政府在對(duì)外匯市場(chǎng)的干預(yù)下,保持新加坡元自由市場(chǎng)的水平。 </p><p>　　外國直接投資在新加坡經(jīng)濟(jì)發(fā)展戰(zhàn)略中

28、扮演著重要的角色。自從外資和合資企業(yè)在制造業(yè)部門和制造產(chǎn)品出口中被認(rèn)為在總投資中占最大的股份,新加坡過去和未來發(fā)展的模式,制造業(yè)結(jié)構(gòu)變化和產(chǎn)品出口將繼續(xù)和新加坡FDI模式保持密切聯(lián)系。新加坡獨(dú)資的對(duì)外直接投資公司數(shù)據(jù)很有限。政府并沒有公布本地或外商獨(dú)資公司對(duì)外直接投資的統(tǒng)計(jì)數(shù)據(jù)。這些數(shù)據(jù)來自于周邊幾個(gè)國家外國直接投資的統(tǒng)計(jì)。不幸的是,這些數(shù)據(jù)錯(cuò)誤率很高,難以解釋并且在眾多資源中不具有優(yōu)勢(shì)。不過,他們支持若干結(jié)論,(1)新加坡獨(dú)資公司取得

29、了實(shí)質(zhì)性的外商直接投資, 到1980年總額可能高達(dá)10億美元。(2)新加坡作為外國直接投資的一個(gè)國家,其收入在非石油輸出國收入和中等收入人群中位居第二,僅次于香港。(3)新加坡公司對(duì)外直接投資隨時(shí)間增長而增長。(4)大多數(shù)新加坡的外國直接投資主要集中在鄰近的國家。有三個(gè)因素影響了這項(xiàng)投資模式。公司總部設(shè)在人均收入水平較低的國家新加坡。新加坡貿(mào)易水平和FDI水平在三個(gè)國家之間有一定的聯(lián)系。種族關(guān)系也是對(duì)外直接投資的模式很重要的決定因素。這

30、些新加坡的對(duì)外直接投資特點(diǎn)將在下一部分結(jié)束時(shí)得到分析。 </p><p>　　對(duì)影響因素和FDI影響的分析 </p><p>　　新加坡的外商直接投資數(shù)據(jù)可以用來測(cè)試新加坡幾個(gè)假說行列式及FDI影響。新加坡的具體區(qū)位優(yōu)越性已吸引外商直接投資充分調(diào)動(dòng)其高度積極性和生產(chǎn)力,相關(guān)的還有廉價(jià)勞動(dòng)力、地理位置、交通、通信、金融、基礎(chǔ)設(shè)施 ,在一個(gè)較小的程度上,包括其國內(nèi)市場(chǎng)?？鐕緦?duì)新加坡資本輸入

31、與輸出中在技術(shù)上擁有具體所有權(quán)優(yōu)勢(shì)、資本、管理和國外市場(chǎng)。 </p><p>　　新加坡小型的國內(nèi)市場(chǎng)與大多數(shù)進(jìn)口零關(guān)稅和低關(guān)稅結(jié)合起來,作為進(jìn)口-替代外商直接投資的特殊區(qū)位優(yōu)勢(shì),來降低新加坡國內(nèi)市場(chǎng)優(yōu)勢(shì)的重要性。一些進(jìn)口-替代外商直接投資被吸引到20世紀(jì)60年代末之前新加坡的前景,就是進(jìn)入新加坡-馬來西亞市場(chǎng)和新加坡適度進(jìn)口子金融機(jī)構(gòu)的策略。早在20世紀(jì)70年代,當(dāng)新加坡從進(jìn)口替代轉(zhuǎn)向積極的出口推廣和剩余股票進(jìn)

32、口替代投資出現(xiàn)了滑坡,從而導(dǎo)致這些公司在20世紀(jì)70年代末面臨工資上漲和關(guān)稅削減,這種投資的流入在很大程度上會(huì)停止。新加坡位于東南亞資源豐富地區(qū),作為一個(gè)歷史悠久的貿(mào)易轉(zhuǎn)口港,它優(yōu)秀的港口和基礎(chǔ)設(shè)施位置引起特定區(qū)位優(yōu)勢(shì)。這就是在1960年以后吸引外國直接投資到新加坡的處理石油提煉、橡膠、木材、植物油、和食品的原因。19世紀(jì)70年代中期開始,新加坡政府在印尼,馬來西亞,泰國和菲律賓制定政策鼓勵(lì)他們的自然資源和農(nóng)產(chǎn)品出口。這些政策包括自然資

33、源投資激勵(lì)升級(jí), 一些未加工的自然資源產(chǎn)品出口限制、出口刺激產(chǎn)品更新以及基礎(chǔ)設(shè)施建設(shè)。這些政策與新加坡不斷增長的工資水平相結(jié)合,推動(dòng)了一些跨國公司搬遷到他們所投資的國家和新加坡獨(dú)資公司對(duì)外直接投資對(duì)鄰國的貿(mào)易和資源更新。 </p><p>　　對(duì)外直接投資在新加坡制造業(yè)在總體統(tǒng)計(jì)中有個(gè)初步水平。1982年,大多數(shù)的獨(dú)資企業(yè)包括制造過程中的四分之一總設(shè)施,約百分之六十的工作,超過四分之三的輸出,約70%產(chǎn)品增值,7

34、0%的國內(nèi)和約90%的出口銷售, 超過70%資本支出和網(wǎng)上固定資產(chǎn)。在外商獨(dú)資和任何國家控股的企業(yè)中,制造業(yè)最高。新加坡對(duì)外直接投資估計(jì)排在外國投資者中低收入國家的第一位。一個(gè)顯著的紀(jì)錄表示一個(gè)只有200萬人口的國家和它一個(gè)外商獨(dú)資的生產(chǎn)部門。 </p><p>　　根據(jù)三維標(biāo)準(zhǔn)工業(yè)分類水平的分布,外資在新加坡的制造業(yè)中具有廣泛分布。1977年,外商獨(dú)資和合資企業(yè)的固定資產(chǎn)的賬面價(jià)值份額從6.1%的飲料類和9.6

35、%的皮革制品到 99.5%的光學(xué)檢測(cè)設(shè)備產(chǎn)品,99.5%的有色金屬、99.5%香煙、以及100%石油產(chǎn)品。 </p><p>　　有關(guān)30個(gè)外商份額大小的三維行業(yè)的因素,這些因素在鄧恩1985年關(guān)于英國對(duì)內(nèi)和對(duì)外直接投資的七個(gè)命題中最先體現(xiàn)。鄧恩通過運(yùn)用英國數(shù)據(jù)而獲得認(rèn)可的統(tǒng)計(jì)支持這些命題,但是在新加坡的開放經(jīng)濟(jì)的條件下,他們應(yīng)該接受更強(qiáng)有力的支持。這七個(gè)命題并沒有擁有所有的因素和新加坡對(duì)內(nèi)和對(duì)外的外商直接投資的