了解外國直接投資(fdi)【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Understanding Foreign Direct Investment (FDI)</p><p>　　Material Source: http://www.going-global.com/articl

2、es/understanding</p><p>　　_foreign_direct_investment.htm Author: Jeffrey P. Graham and R. Barry Spaulding</p><p>　　Foreign direct investment (FDI) plays an extraordinary and growing role in glob

3、al business. It can provide a firm with new markets and marketing channels, cheaper production facilities, access to new technology, products, skills and financing. For a host country or the foreign firm which receives t

4、he investment, it can provide a source of new technologies, capital, processes, products, organizational technologies and management skills, and as such can provide a strong impetus to economic develop</p><p&g

5、t;　　The most profound effect has been seen in developing countries, where yearly foreign direct investment flows have increased from an average of less than $10 billion in the 1970’s to a yearly average of less than $20

6、billion in the 1980’s, to explode in the 1990s from $26.7billion in 1990 to $179 billion in 1998 and $208 billion in 1999 and now comprise a large portion of global FDI.. Driven by mergers and acquisitions and internat

7、ionalization of production in a range of industries, FDI into de</p><p>　　Proponents of foreign investment point out that the exchange of investment flows benefits both the home country (the country from whi

8、ch the investment originates) and the host country (the destination of the investment). Opponents of FDI note that multinational conglomerates are able to wield great power over smaller and weaker economies and can drive

9、 out much local competition. The truth lies somewhere in the middle.</p><p>　　For small and medium sized companies, FDI represents an opportunity to become more actively involved in international business ac

10、tivities. In the past 15 years, the classic definition of FDI as noted above has changed considerably. This notion of a change in the classic definition, however, must be kept in the proper context. Very clearly, over 2/

11、3 of direct foreign investment is still made in the form of fixtures, machinery, equipment and buildings. Moreover, larger multinational corporations a</p><p>　　How Has FDI Changed in the Past Decade? &

12、lt;/p><p>　　As mentioned above, the overwhelming majority of foreign direct investment is made in the form of fixtures, machinery, equipment and buildings. This investment is achieved or accomplished mostly via

13、 mergers & acquisitions. In the case of traditional manufacturing, this has been the primary mechanism for investment and it has been heretofore very efficient. Within the past decade, however, there has been a drama

14、tic increase in the number of technology startups and this, together with the rise in </p><p>　　In many cases, large companies still play a dominant role in investment activities in small, high tech oriented

15、 companies. However, unlike in the past, these larger companies are not necessarily acquiring smaller companies outright. There are several reasons for this, but the most important one is most likely the risk associated

16、with such high tech ventures. In the case of mature industries, the products are well defined. The manufacturer usually wants to get closer to its foreign market or want</p><p>　　High tech ventures tend to h

17、ave longer incubation periods. That is, the product tends to require significant development time. In the case of software and other intellectual property type products, the product is constantly changing even before it

18、hits the marketplace. This makes the investment decision more complicated. When you invest in fixtures and machinery, you know what the real and book value of your investment will be. When you invest in a high tech ventu

19、re, there is always an element o</p><p>　　Therefore, the expanded role of technology and intellectual property has changed the foreign direct investment playing field. Companies are still motivated to make f

20、oreign investments, but because of the vagaries of technology investments, they are now finding new vehicles to accomplish their goals. Consider the following:</p><p>　　Licensing and technology transfer. Lic

21、ensing and tech transfer have been essential in promoting collaboration between the academic and business communities. Ever since legal hurdles were removed that allowed universities to hold title to research and develop

22、ment done in their labs, licensing agreements have helped turned raw technology into finished products that are viable in competitive marketplaces. With some help from a variety of government agencies in the form of gran

23、ts for R&D as well as </p><p>　　Reciprocal distribution agreements: Actually, this type of strategic alliance is more trade-based, but in a very real sense it does in fact represent a type of direct inve

24、stment. Basically, two companies, usually within the same or affiliated industries, agree to act as a national distributor for each other’s products. The classical example is to be found in the furniture industry. A U.S.

25、-based manufacturer of tables signs a reciprocal distribution agreement with a Spanish-based manufacturer of </p><p>　　Joint venture and other hybrid strategic alliances: The more traditional joint venture i

26、s bi-lateral, that is it involves two parties who are within the same industry who are partnering for some strategic advantage. Typical reasons might include a need for access to proprietary technology that might tip the

27、 competitive edge in another competitor’s favor, desire to gain access to intellectual capital in the form of ultra-expensive human resources, access to heretofore closed channels of distribut</p><p><b&g

28、t;　　譯文</b></p><p>　　了解外國直接投資(FDI)</p><p>　　資料來源: http://www.going-global.com/articles/understanding_foreign _direct_investment.htm 作者：Jeffrey P. Graham and R. Barry Spaulding</p>

29、;<p>　　外商直接投資（FDI）在全球經(jīng)濟(jì)活動(dòng)中發(fā)揮著特殊的作用，它的作用也越來越大。它可以給公司提供新的市場(chǎng)和銷售渠道，更廉價(jià)的生產(chǎn)設(shè)備，獲得新的技術(shù)，產(chǎn)品和融資。對(duì)于東道國或被投資的外國公司，外商直接投資可以提供一系列的新技術(shù)、資金、產(chǎn)品和管理經(jīng)驗(yàn)，因此可以有力地推動(dòng)經(jīng)濟(jì)的發(fā)展。外商直接投資，其經(jīng)典的定義是指一個(gè)公司在一國有實(shí)物投資又到另一個(gè)國家建立另外一個(gè)工廠。在建筑，機(jī)械和設(shè)備的直接投資，這被認(rèn)為是間接投資的對(duì)

30、比。近年來，由于外商直接投資快速增長和全球投資格局的變化，這個(gè)定義已經(jīng)擴(kuò)大到包括在一個(gè)公司或企業(yè)離開自己的母國收購境外企業(yè)的永久經(jīng)營股權(quán)。因此，它可以通過許多形式進(jìn)行投資如外國公司直接收購企業(yè)，或與當(dāng)?shù)仄髽I(yè)聯(lián)盟成為合資企業(yè)，隨之而來的是技術(shù)的輸入，知識(shí)產(chǎn)權(quán)被許可。在過去十年中，外商直接投資在企業(yè)的國際化中發(fā)揮著重要作用。在資本市場(chǎng)變化，企業(yè)技術(shù)變革，日益自由化和國際化的投資調(diào)整和結(jié)構(gòu)調(diào)整中，使外商直接投資在規(guī)模、范圍、方式發(fā)生著巨大的變

31、化。新的信息技術(shù)系統(tǒng)使全球通訊費(fèi)用的下降，也使外商投資管理比過去容易得多。在過去10年海上貿(mào)易的變化和投資政策及環(huán)境的調(diào)整包括貿(mào)易政策和關(guān)稅自由化，</p><p>　　發(fā)展中國家被認(rèn)為是影響最深刻的，它吸引外國直接投資流量的增加從1970年每年不到100億美元，到20世紀(jì)80年代少于200億美元，到90年代的爆炸式增加由1990年的267億美元到1998年的1790億美元和1999年的2080億美元，占全球外商

32、直接投資的很大一部分……通過兼并和收購以及各行業(yè)產(chǎn)品的國際化，2003年外國直接投資在發(fā)達(dá)國家的投資，從1998年的4810億美元上升到6360億美元（資料來源：聯(lián)合國貿(mào)易及發(fā)展會(huì)議）</p><p>　　支持者指出，對(duì)投資流動(dòng)的利益包括母國（該國的外國投資來源）和東道國（該項(xiàng)投資的目的地）。外商直接投資的反對(duì)者認(rèn)為跨國企業(yè)集團(tuán)能夠執(zhí)掌對(duì)較小和較弱的經(jīng)濟(jì)大國，可以驅(qū)動(dòng)出許多地方的過度競(jìng)爭。真理介于中間。</

33、p><p>　　對(duì)于中小型企業(yè)，外商直接投資提供一個(gè)更加積極地參與國際商務(wù)活動(dòng)的機(jī)會(huì)。在過去15年中，外商直接投資的經(jīng)典定義如上所述發(fā)生了巨大的變化。外商直接投資經(jīng)典定義的改變，必須保持在適當(dāng)?shù)姆秶鷥?nèi)。很明顯，超過2/3外資還是以數(shù)控、機(jī)器、設(shè)備和建筑形式投資。此外，大型跨國公司和企業(yè)集團(tuán)仍然在外商直接投資的占絕大部分比例。但是，隨著互聯(lián)網(wǎng)的出現(xiàn)，技術(shù)的作用越來越大，在許多市場(chǎng)的直接投資限制的放寬，新的通信成本的降低

34、，非傳統(tǒng)形式的投資將在未來發(fā)揮重要作用。許多國家的政府，特別是在工業(yè)化國家和發(fā)達(dá)國家，都十分關(guān)注外國直接投資，因?yàn)樗麄冑Y金的流動(dòng)可以，而且對(duì)經(jīng)濟(jì)確實(shí)有重大作用。經(jīng)濟(jì)分析局，是美國商務(wù)部分支，負(fù)責(zé)收集有關(guān)經(jīng)濟(jì)的數(shù)據(jù)信息包括關(guān)于外商直接投資流量。數(shù)據(jù)監(jiān)測(cè)能有效地確定外商直接投資對(duì)整體經(jīng)濟(jì)的影響，在工業(yè)領(lǐng)域也特別有用。國家和地方政府密切關(guān)注外商直接投資，因?yàn)樗麄円櫵麄兊耐馍掏顿Y項(xiàng)目取得的成果。</p><p>　　

35、在過去十年的外商直接投資是如何改變的呢？</p><p>　　如上所述，外商直接投資的絕大部分是以數(shù)控、機(jī)械、設(shè)備和建筑形式投資。這些投資的主要通過并購?fù)瓿伞?duì)于傳統(tǒng)制造業(yè)而言，這一直是投資的主要機(jī)制，迄今也非常的有效。然而，在過去十年中，在技術(shù)不斷的創(chuàng)新和隨著互聯(lián)網(wǎng)的使用，促進(jìn)了外商投資格局的快速變化。這些高科技創(chuàng)業(yè)公司，很多都非常小，經(jīng)常進(jìn)行研究和開發(fā)項(xiàng)目，與各主要大學(xué)關(guān)聯(lián)且能得到政府的贊助。與傳統(tǒng)的制造商，

36、這些企業(yè)往往并不需要龐大的生產(chǎn)基地和巨大的倉庫來儲(chǔ)存庫存。另一個(gè)需要考慮的因素是一些公司，其主要產(chǎn)品是知識(shí)產(chǎn)權(quán)，如軟件程序或軟件的知識(shí)產(chǎn)權(quán)為基礎(chǔ)的技術(shù)或程序。像這樣幾乎可以在任何地方建立其公司，因此他們?cè)跀?shù)控、機(jī)械、設(shè)備和建筑作出投資并不需要巨大的支出。</p><p>　　在許多情況下，投資活動(dòng)中大公司仍然發(fā)揮較小，高科技型企業(yè)占主導(dǎo)作用。然而，與過去不同，這些大公司并不一定直接收購小公司。原因有很多，但最重要

37、的是最有可能與這些高科技企業(yè)的風(fēng)險(xiǎn)有關(guān)。成熟的行業(yè)產(chǎn)品有明確的界定。制造商通常會(huì)想靠近它的國外市場(chǎng)，或要作出規(guī)避外商直接投資的一些貿(mào)易障礙。主要的風(fēng)險(xiǎn)是你沒有銷售出足夠的你制造的產(chǎn)品。但是，您必須添加額外的資金，這些資金跨國公司本來可以用在其他的地方。</p><p>　　高科技企業(yè)往往有較長的潛伏期。也就是說，產(chǎn)品往往需要大量的開發(fā)時(shí)間。在軟件和其他知識(shí)產(chǎn)權(quán)這類型的產(chǎn)品，即使很受市場(chǎng)歡迎，產(chǎn)品也是在不斷變化。這

38、使投資決策更為復(fù)雜。當(dāng)您在裝置和機(jī)械投資時(shí)，你知道你投資的實(shí)際的或預(yù)計(jì)的價(jià)值。當(dāng)您在高科技投資，總是有不確定的因素。不幸的是，道爾德康姆近期一連串的失敗說明了這一點(diǎn)。</p><p>　　因此，技術(shù)和知識(shí)產(chǎn)權(quán)作用的擴(kuò)大，改變了外商直接投資的競(jìng)爭環(huán)境。公司仍熱衷外國投資，但由于技術(shù)投資的波動(dòng)，他們現(xiàn)在尋找新的市場(chǎng)，實(shí)現(xiàn)他們的目標(biāo)。考慮以下幾點(diǎn)：</p><p>　　許可和技術(shù)轉(zhuǎn)讓。許可和技術(shù)

39、轉(zhuǎn)讓是促進(jìn)學(xué)術(shù)界與企業(yè)界人士參加必不可少的過程。自從法律障礙被消除，允許大學(xué)擁有所有權(quán)在實(shí)驗(yàn)室研究和進(jìn)行開發(fā)，在競(jìng)爭性市場(chǎng)中許可協(xié)議把技術(shù)變成了一種商品。政府也為一些研發(fā)機(jī)構(gòu)提供各種形式的補(bǔ)助，以及其他保障計(jì)劃，如資金援助，這樣不起眼的大學(xué)正加緊研究，也能成為最前沿的企業(yè)。這些戰(zhàn)略聯(lián)盟曾在若干高技術(shù)產(chǎn)業(yè)發(fā)揮重要作用，包括不受限制的：醫(yī)療和農(nóng)業(yè)生物技術(shù)、計(jì)算機(jī)軟件工程、通訊、先進(jìn)材料加工、陶瓷、薄材料加工、光電子、數(shù)字多媒體制作和出版，光

40、學(xué)及影像和機(jī)械及自動(dòng)化。許可協(xié)議使公司能夠充分利用新的令人興奮的技術(shù)，同時(shí)降低了使用專利整體風(fēng)險(xiǎn)，直到技術(shù)完全研發(fā)出來和產(chǎn)品產(chǎn)業(yè)化生產(chǎn)。</p><p>　　互惠經(jīng)銷協(xié)議。事實(shí)上，這種類型的戰(zhàn)略聯(lián)盟是以貿(mào)易為基礎(chǔ)的，但在現(xiàn)實(shí)的意義上，它事實(shí)上也代表了直接投資的類型?；旧?，兩家公司在同一或相關(guān)行業(yè)，通常同意充當(dāng)對(duì)方的產(chǎn)品全國經(jīng)銷商。經(jīng)典的例子是在家具行業(yè)中。總部設(shè)在美國的桌子生產(chǎn)商與西班牙的椅子制造商基于互惠簽署

41、分銷協(xié)議。兩家公司獲得直接進(jìn)入對(duì)方的分銷網(wǎng)絡(luò)，而不必支付給分銷商費(fèi)用和渠道分銷時(shí)產(chǎn)生的其他相關(guān)費(fèi)用，避免公司其產(chǎn)品在對(duì)方的市場(chǎng)產(chǎn)生競(jìng)爭。如果沒有這樣的一個(gè)地方性協(xié)議，西班牙制造商很可能要在全國設(shè)立銷售辦事處，以協(xié)調(diào)其投資的分銷商網(wǎng)絡(luò)、管理倉儲(chǔ)、庫存和運(yùn)輸以及處理問題，如會(huì)計(jì)、公共關(guān)系和廣告的管理任務(wù)。</p><p>　　其他混合型的戰(zhàn)略聯(lián)盟。比傳統(tǒng)的合資企業(yè)有更多的合作，即涉及兩方在同一行業(yè)內(nèi)合作的戰(zhàn)略優(yōu)勢(shì)。典

42、型的目的可能是獲取專利技術(shù)，包括給獎(jiǎng)金，希望獲得有技術(shù)的昂貴的人力資源，進(jìn)入迄今為止未開放的主要地區(qū)的分銷渠道，在另一個(gè)競(jìng)爭對(duì)手面前擁有競(jìng)爭優(yōu)勢(shì)。一個(gè)很好的原因是如許多合資公司只涉及兩方，但是由于不同的企業(yè)文化很難整合。即使有兩個(gè)來自同一個(gè)國家的國內(nèi)公司，仍然非常困難。所以，有兩個(gè)來自不同文化的公司之間整合，這幾乎是不可能的。這可能是為什么純合資企業(yè)失敗率相當(dāng)高。合資企業(yè)，涉及三個(gè)或三個(gè)以上當(dāng)事方通常被稱為集團(tuán)，常用于的具體項(xiàng)目，如大型