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易、金融和外國直接投資FDI,也有大量的對外直接投資公司設在新加坡。新加坡的經濟增長與結構變化已經在很大程度上依賴于內在和外在的外國直接投資和國際貿易。 </p><p>　　新加坡是世界上經濟最開放的國家。1982年,總出口額為國內生產總值的150%和制造價值8倍的總和。同年跨國企業(yè)跨國公司總固定資產投資

26、將近60億美元,相當于國內生產總值的三分之一,是世界上任何國家的達不到的。新加坡是一個擁有人口240萬的島國城市, 1982年就吸引到2.2萬游客,是一個負責南亞和東南亞等國家和地區(qū)的主要交通、通訊、金融和貿易中心。 </p><p>　　一般而言,新加坡政府通過私營企業(yè)的市場體系實施了它的整體發(fā)展戰(zhàn)略,致力于影響宏觀經濟環(huán)境、關稅和非關稅貿易壁壘、匯率、稅務、儲蓄、投資環(huán)境、金融、勞動關系,工資、人力資源和基礎

27、設施建設,使私有企業(yè)被吸引投資到這些行業(yè)中去。新加坡,一個具有比較優(yōu)勢和私營的國家,才能成功地完成了它的核心作用。許多政府經濟政策已被有意識地設計用來實現(xiàn)“日式的發(fā)展戰(zhàn)略,他們試圖預測新加坡的要素和產品市場的趨勢,加快促進經濟體制改革。然而,一般來說,新加坡的匯率政策有著相反的兩個方向。就像日本,新加坡政府在對外匯市場的干預下,保持新加坡元自由市場的水平。 </p><p>　　外國直接投資在新加坡經濟發(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)部門和制造產品出口中被認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)結構變化和產品出口將繼續(xù)和新加坡FDI模式保持密切聯(lián)系。新加坡獨資的對外直接投資公司數(shù)據(jù)很有限。政府并沒有公布本地或外商獨資公司對外直接投資的統(tǒng)計數(shù)據(jù)。這些數(shù)據(jù)來自于周邊幾個國家外國直接投資的統(tǒng)計。不幸的是,這些數(shù)據(jù)錯誤率很高,難以解釋并且在眾多資源中不具有優(yōu)勢。不過,他們支持若干結論,(1)新加坡獨資公司取得

29、了實質性的外商直接投資, 到1980年總額可能高達10億美元。(2)新加坡作為外國直接投資的一個國家,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)新加坡公司對外直接投資隨時間增長而增長。(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。有三個因素影響了這項投資模式。公司總部設在人均收入水平較低的國家新加坡。新加坡貿易水平和FDI水平在三個國家之間有一定的聯(lián)系。種族關系也是對外直接投資的模式很重要的決定因素。這

30、些新加坡的對外直接投資特點將在下一部分結束時得到分析。 </p><p>　　對影響因素和FDI影響的分析 </p><p>　　新加坡的外商直接投資數(shù)據(jù)可以用來測試新加坡幾個假說行列式及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動其高度積極性和生產力,相關的還有廉價勞動力、地理位置、交通、通信、金融、基礎設施 ,在一個較小的程度上,包括其國內市場。跨國公司對新加坡資本輸入

31、與輸出中在技術上擁有具體所有權優(yōu)勢、資本、管理和國外市場。 </p><p>　　新加坡小型的國內市場與大多數(shù)進口零關稅和低關稅結合起來,作為進口-替代外商直接投資的特殊區(qū)位優(yōu)勢,來降低新加坡國內市場優(yōu)勢的重要性。一些進口-替代外商直接投資被吸引到20世紀60年代末之前新加坡的前景,就是進入新加坡-馬來西亞市場和新加坡適度進口子金融機構的策略。早在20世紀70年代,當新加坡從進口替代轉向積極的出口推廣和剩余股票進

32、口替代投資出現(xiàn)了滑坡,從而導致這些公司在20世紀70年代末面臨工資上漲和關稅削減,這種投資的流入在很大程度上會停止。新加坡位于東南亞資源豐富地區(qū),作為一個歷史悠久的貿易轉口港,它優(yōu)秀的港口和基礎設施位置引起特定區(qū)位優(yōu)勢。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他們的自然資源和農產品出口。這些政策包括自然資

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

34、0%的國內和約90%的出口銷售, 超過70%資本支出和網(wǎng)上固定資產。在外商獨資和任何國家控股的企業(yè)中,制造業(yè)最高。新加坡對外直接投資估計排在外國投資者中低收入國家的第一位。一個顯著的紀錄表示一個只有200萬人口的國家和它一個外商獨資的生產部門。 </p><p>　　根據(jù)三維標準工業(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,外商獨資和合資企業(yè)的固定資產的賬面價值份額從6.1%的飲料類和9.6

35、%的皮革制品到 99.5%的光學檢測設備產品,99.5%的有色金屬、99.5%香煙、以及100%石油產品。 </p><p>　　有關30個外商份額大小的三維行業(yè)的因素,這些因素在鄧恩1985年關于英國對內和對外直接投資的七個命題中最先體現(xiàn)。鄧恩通過運用英國數(shù)據(jù)而獲得認可的統(tǒng)計支持這些命題,但是在新加坡的開放經濟的條件下,他們應該接受更強有力的支持。這七個命題并沒有擁有所有的因素和新加坡對內和對外的外商直接投資的