FDI外商直接投资文献综述及外文文献资料

本文档包括改专题的：外文文献、文献综述

一、外文文献

A Snapshot of Foreign Direct Investment (FDI) with Recent Trends Worldwide

Jha, Hem Chandra; Ghosh, Jagannath

Abstract

FDI indicates net inward flows of investment to achieve a long lasting management interest operating in a nation other than the nation of the investment. FDI may be of 2 types as inward FDI and outward FDI. Foreign direct investor might take place through creating a wholly owned subsidiary or company, engaging in an equity joint venture with another organization, or through merger/acquisition of an enterprise. Organizations are considering FDI as a way to be globalised. It ensures that companies are closer to their demanded consumer market. It assists in economic development of that nation where the investment is applied and has rescued several countries facing economic down turn. Inward FDI has good effect for job creation-employment for host countries with resource transfer. If a province has huge natural resources, it makes investors invest in that country. Its population plays a vital role for pulling FDI. Major determinants of FDI are size of the host country, future growth prospects of the economy, infrastructural facility, cheap labour force etc. Again if there is high per capita income of that nation or if the people have sound spending capabilities then it will pull high FDI. In 2010 and 2009, FDI was $1,122 billion and $1,114 billion respectively. World's largest receiver of FDI is US whose total figure of FDI has been $194 billion in 2010.25% of FDI in U.S came in 2010 from France, Japan, UK, Canada, Switzerland, Netherlands etc. China is next largest recipient of FDI. It has reached $185 billion in 2010. India is destination for FDI after China. Telecomm, electronics, construction, automobile, and computer attract most inflows. Significant sources of FDI are Mauritius, Singapore, US and UK. FDI in Europe increased in this decade. Extent of European FDI projects in 2010 topped with 14% increase reaching 3,757 FDI project announcements. UK and France remain leaders in Europe in FDI context. Promotional effort to bring FDI is the trend of every nation. Many countries liberalise their standards/economic policies to pull FDI.

Credits go to the expansion in IT, communication technologies and logistics. These allow production to be close to markets utilising advantage of the particular features of several locations. Many nations offer financial benefits like cash grants, tax concessions, and emphasise on modifying the skill parameter, infrastructure and form a platform to meet the demands and expectations.

Keywords: FDI, investment, inflow, US, trend, growth

Introduction

Foreign Direct Investment or FDI indicates the net inward flows of investment to achieve a long lasting management interest operating in a nation other than the nation of the investor. It may be in the form of equity capital, long-term capital, and short-term capital etc. It consists participation in management, sharing of man power, joint-venture, transfer of technology and skills/expertise. FDI may be of two types as inward foreign direct investment and outward foreign direct investment. These two FDIs result in a net FDI inflow which may be positive or negative. These also determine "stock of foreign direct investment", that is the cumulative number of FDIs for a given period. Foreign direct investment does not include investment through purchase of shares. FDI is considered as an example of international factor movements.

Materials and Methods

For the purpose of in depth study the contents have been taken from relevant books, articles, journals and websites. The method used is analytical and descriptive. Both primary as well as secondary sources of information have been taken.

Results and Discussions

Types of FDI

1. Horizontal FDI : It takes place when an organisation copies its home countrybased activities in a host country at the same value stage through Foreign direct investmenty.

2. Vertical FDI: It happens when an organisation goes upstream or downstream in different value chains through FDI. It also takes place when companies execute valueadding activities gradually in a vertical fashion in a host country.

Methods of FDI : The foreign direct investor might take place through the following methods:

By creating a wholly owned subsidiary or company

Engaging in an equity joint venture with another investor organisation.

Through merger or acquisition of an enterprise.

Trends of FDI : Generally FDI is propagated at developing countries as companies from advanced economies invested in other markets. US captures most of the FDI inflows. While developed countries still are considered for the largest proportion of FDI inflows. According to data, the stock and flow of FDI has raised and it is going towards developing countries, especially in the emerging economies world wide.

Also many companies and organizations are now considering FDI as a way to be globalised. FDIs permits corporations to avoid government pressure on local production and cope with measures by handling trade barriers. The move also ensures that companies are closer to their demanded consumer market, especially if companies establish locallybased sales offices.

Benefits of FDI : The major advantage of foreign direct investment is that it assists in the economic development of that nation where the investment is applied. This logic is more applicable for developing countries. FDI has been one major external sources of finance for maximum nations that were developing economically. It is also true that foreign direct investment has rescued several countries when they encountered economic down turn. For example, during the 1997, Asia suffered from financial crisis. The foreign direct investment made in these countries during this duration was steady yet. But other forms of cash inflows suffered a lot. Same thing happened in Latin America in the 1980s and in Mexico in 1994-95.

Inward FDI has the good effect for job creation and employment for host countries. It also results in higher wages. Other benefits of FDI are resource transfer, in terms of capital and technical knowledge. In this century, FDI is used as a strategy of new market entry for investors as well as an investment strategy. FDI growth has increased at a higher rate than the level of world trade. Globalization has made the

horizons extended and corporations now treat the whole world economy as their potential market. Also FDI renders reduced cost for investors, through the coordination advantages and it is more true for integrated supply chains. The preference for a direct investment approach is a good means of strategic control, where the head authority keeps right for technological know-how and intellectual property to be kept in-house.

Determinants of FDI : If a province has huge natural resources, then it always makes investors eager to invest their money in that country. For example, Saudi Arabia has attracted foreign companies to invest in that nation to grasp the precious oil resources at their disposal. For export based FDIs, the dimensions of the host country are vital because there are scopes for bigger economies of scale. In this context, the population of corresponding nation plays a vital role for pulling foreign direct investors to that nation. In this situation, the investors are attracted by the prospects of a huge customer base. One major determinant of FDI is the size of the economy of the host country as well as the future growth prospects of the economy of that nation where the investment is to be made. It is generally presumed that if the host country own a massive market, it can develop fast from an economic context. The investors would make most of the investments in prospective country.

Another factor is infrastructural facility. Examples are the status of telecommunications, road ways and railways. This factor plays a vital role for attracting the foreign direct investors into a particular country. If the infrastructural facilities are well in a country then there is a notable amount of foreign direct investment. If a nation invites overseas investors and has access to the international markets then it receives higher amounts of foreign direct investment. Some countries have reset their economic policies to cope with the needs of the overseas investors. In this case, the investor companies maintain transparency according to the legal platforms in that place. Outsider companies should understand the implications of their investment in a particular country and adopt perfect decisions. Cheap labour force is also a vital factor for pulling foreign direct investment. The boom of BPO culture and the revolution of I.T companies in India show that availability of cheap

labor force plays vital part for attracting global direct investment.

Again if there is high per capita income of citizens of that nation or if the people of that country have sound spending capabilities then it will result the excellent performances for foreign direct investors. Current status of the citizens in a province is also a determinant in pulling direct investment from global base. Countries like China etc have taken an steps in increasing the quality of their citizens. China has laid down compulsion for every Chinese citizen to have minimum nine years of education. This step has enhanced the standards of the citizens in that nation.

According to the United Nations Conference on Trade and Development, there has not been significant growth of Global FDI in 2010. In 2010 and 2009, it was $1,122 billion and $1,114 billion respectively. The amount was below the average between 2005 & 2007. The following table shows US International Direct Investment Flows:

FDI in the United States : World's largest receiver of FDI is United States. The total figure of FDI in this nation has been $194 billion in 2010. More than one fourth of FDI in U.S came in 2010 from eight countries named as France, Japan, Luxembourg, United Kingdom, Canada, Switzerland, Germany, and Netherlands. In United States, the stock of FDI in 2008 has been the equivalent of near 16 percent of U.S. gross domestic product (GDP). In the same way, we can feel the benefits of FDI in America also. After 2005, more than 4000 new projects and 630,000 new jobs have been incorporated by overseas companies. This has resulted investment of about $314 billion. Overseas companies generally have a tradition of paying higher wages than local enterprises. Overseas companies give an average annual compensation of $68,000 per employee. Exports have increased through the use of multinational distribution networks in United states. Foreign direct investment has resulted 12% of all manufacturing jobs in the US. Affiliating bodies of foreign enterprises spent over $34 billion on research and development in 2006. They also support many national projects. Inward FDI has resulted in this nation higher productivity through increased capital. This has brought high living standards.

FDI in China : FDI in China has raised notably in the last decade. It has reached

$ 185 bill ion in 2010. After U.S, China is the next largest recipient of FDI world wide. FDI had slowed down and became one-third in 2009 because of Global Financial Crisis butd in 2010, it again got its form.

FDI in India : At the beginning, the FDI has been less than $1 billion in India in year 1990. In the contrary, at present India is the most important destination for FDI after China. Telecommunication, electronics, construction activities, automobile, and computer software/ hardware are the sectors which attract most inflows. The significant sources of FDI are Mauritius, Singapore, the US and the UK. FDI in 2010 was significantly decreased from both 2008 and 2009. Foreign direct investment in 2010 reduced to approx $34 billion having decrease rate about 60%. Again in 2011, FDI inflow became high of $7.78 billion up from $4.4 billion having increase of 77% than previous year.

WalMart, world's largest retailer has caused India to decide to allow 51% FDI in multi-brand retail as an important step. But this decision is under suspension at present due to opposition from several political levels.

FDI in Europe : Foreign direct investment in Europe have been subjected an increase in foreign direct investment inflows between 2003 and 2008. In this duration, FDI increased from $30 billion to $155 billion. Russia attracted most of thiese additional investment as its inflows rose from less than $8 billion in 2003 to $70 billion in 2008. The recession collapsed FDI inflows to the Europe region. In the Europe, FDI inflows have been 50% lower in 2009 in comparison to 2008. The real estate sector, which has pulled a quarter of all FDI inflows in Europe since 2008, accounted for much of the aggregate investment fall in the region during recession. The number of European FDI projects in 2010 topped, with a 14% increase, reaching 3,757 FDI project announcements. UK and France remain leaders in Europe in FDI context. But they are losing market share in comparison to countries such as Germany, Poland, Hungary etc. FDI in Europe have been centered on services, software industry and automotive sector. These sectors have been the top most sectors having maximum numbers of FDI projects and job creation. 33% of foreign investors plan to establish their business operations in Europe in 2011 and 2012.

FDI and the developing world : FDI renders import of foreign investment. Additionally it offers transfer of skills, technology, adoption of better strategy and job opportunities. All the host countries are benefited from foreign investment. There are significant effects of foreign direct investment on local firms in development. Foreign investment increases local productivity growth rigorously. FDI is one of the major contributors of economic development fordeveloping countries.

FDI Investment : Promotional effort to bring more and more FDI is the trend of every nation. Pulling foreign direct investment has become vital for surviving in race among developed and developing countries. This race is carried on too when these countries adopt economic integration in different levels. Many countries liberalise their standards to pull FDI in a competitive manner. Home countries appreciate FDI for raising standards and welfare in their nations.

So many factors are there which reinforce foreign direct investment which is access to natural resources, markets, and low-cost labor, technology transfer, good market etc. Advancement of technology permits for the variety of production into more discrete stages and break national barriers due to emergence of globalisation. The significant credits go to the expansion in information technology, advancement in communication technologies and development in logistics. These allow production to be close to markets as well as utilising advantage of the particular features of several production locations. Different nations have laid down their respective policies for inviting more foreign investment. Many nations offer financial benefits like cash grants, tax concessions, and specific subsidies. Many countries at the same time emphasise on modifying the skill parameter, infrastructure and form a platform to meet the demands and expectations of overseas investors. Also some nations target to improve the business climate of those lands by altering the administrative hindrances. Some governments organise state agencies in order to assist investors. Simultaneously a lot of countries have come into international governing arrangements to raise the attraction of investors for more investment.

Conclusion

There should exist a sound investment climate in a country because this will

bring further economic growth. Reforms that will improve labor market flexibility, strengthen property rights, simplify business regulations, and increase firms' access to finance are vital. These can increase living standards of that country and reduce poverty in that country. Economic reform is required for creating an investment-oriented climate. Reform would be fruitful because investment climate depends on that. Thus long term benefits can be brought. In this context, cost is main criterian. In this aspect, political environment is a vital determiner. Through out the world, every nation is striving to mould the climate which is suitable for more investment. So the ultimate concept is that "Proper Investment Climate is the need of the Hour".

二、文献综述

外商直接投资与经济增长关系综述

摘要

近年来，外商直接投资和经济增长之间的关系已成为学者关注的研究焦点，国内外众多学者对两者之间的关系分别从理论和实证方面进行了论证和分析。本文在对这些文章进行评述的基础上，进行了归纳和总结，并就将来的研究方向提出了自己的见解。

关键词：外商直接投资；经济增长；文献综述

一、国外研究现状

1．FDI对经济增长有明确的促进作用。

ChungChen和Lawrance Chang等人（1995）运用线性回归方法，得出FDI 与中国经济增长正相关的结论。不过，他们同时指出，FDI与中国沿海和内陆省市经济发展不均衡，以及收入分配状况的恶化有关。在总体上，作者认为，尽管中国经济对FDI还处于开放过程当中，但已经可以观察到，FDI对中国经济增长产生了正的促进作用，是改革开放走向成功的重要促进因素。

Ray Barrell and Nigel Pain （1997）探讨了欧洲范围内持续增长的FDI的影响因素以及其对东道国所带来的影响，认为FDI对经济增长有促进作用，并着重探讨了FDI在技术扩散方面所起的作用。通过研究外资企业带来的技术转移对德

国和英国技术进步速度的影响，Barrel and Pain指出，FDI的增长背后伴随着企业专有知识性资产的扩散，如生产技术、管理方法等，这表明FDI是知识和技术扩散的重要途径，对经济增长起着重要作用。

A. Bende- Nabende和J.L.Ford(1998)基于内生增长理论，建立了联立方程模型，对台湾宏观经济进行了研究。作者通过计算得到在基于9个外生变量的情况下，FDI以及其他7个内生变量对经济的影响和动态乘数效应，最后得出结论，FDI对经济有促进作用，而加强基础设施建设和经济自由化都是对经济增长有利的政策变量。

Borensztein 等人(1998) 对1970～1989年从发达国家向69个发展中国家的FDI流入量数据，采用工具变量法，研究了FDI对经济增长的作用，提出FDI 是技术扩散的重要渠道，对经济增长能发挥比国内投资更大的促进作用。而不同国家FDI对增长作用的程度不同，可以解释为技术吸收水平的差异。根据其分析框架的设定，人力资本的水平，决定了对外国技术的吸收能力。这样，在给定FDI引入规模的情况下，拥有更多的人力资本禀赋，可以带来更高的增长率。Borensztein 等人(1998)进一步指出，一个国家需要达到人力资本量的一个最低门槛——以获得对先进技术的必要吸收能力，才能体验到FDI对经济增长的促进作用。Ram和Zhang（2002）采用20世纪90年代85个国家的数据，用线性回归方法对FDI与东道国经济增长的关系进行了研究，发现在20世纪90年代，总体上FDI对东道国经济增长起到促进作用。Bengoa 和Sanchez- Robles(2003)使用拉丁美洲18个国家从1970到1999年的数据，探讨了FDI、经济自由和经济增长之间的关系，指出FDI与东道国的经济增长是正相关的，并且，东道国的经济自由化有利于促进FDI的引入。但东道国需要达到人力资本、经济稳定性和自由市场的一定要求，才能从长期的FDI引入中获益。

Shiva 和Somwaru （2004）对66个发展中国家近30年的数据进行了分析，发现在这些发展中国家中，FDI和贸易都对经济增长起到促进作用，且FDI与贸易间有很强的正互动关系。并指出，FDI是先进技术扩散到发展中国家的主要渠道，如果东道国有较好的人力资本储备，FDI对经济增长的促进作用将会大大增强。另外，好的宏观经济政策和机构稳定性是FDI得以促进经济增长的前提条件。

Li （2004）使用84个国家从1970～1999年的面板数据，分别采用单方程

和联立方程组两种方法，对FDI与经济增长的关系进行了研究。结果显示，自20世纪80年代中期起，FDI和经济增长存在着显著的内生关系，且相互关系在逐渐变强。FDI不仅直接促进经济的增长，还通过与它相关的互动因素影响经济增长。FDI与人力资本的互动作用可以对发展中国家经济增长起到强的促进作用，而FDI与技术差距的互动则有显著的副作用。

Baharumshah 和Thanoon(2005)基于动态的面板数据，对东亚各国（包括中国）的各种资本流入对经济增长所起的作用进行了定量分析，实证结果表明，FDI 对东亚国家经济增长起到促进作用。同时，与国内投资相比，FDI的促进作用更大，且它的作用在长期和短期都有体现。所以，能成功吸引FDI的国家，会得到更多的投资，比阻滞FDI的国家取得更快的经济增长。

2．FDI 对经济增长的作用不明确

Kholdy(1995)根据墨西哥、巴西、智利、新加坡和赞比亚的相关数据，进行了格兰杰因果检验，没有发现FDI与生产率有因果关系。Kholdy认为，原因可能是FDI只产生了有限的效率溢出作用，所以对技术转移的促进不如之前预想的大。Balasubramanyam 等人(1996)使用46个国家的截面数据，研究了FDI在不同贸易政策下发展中国家的经济增长中所起的作用，研究结果显示，FDI在出口促进型国家，比在进口替代型的国家对经济增长起到更重要的作用。这说明，在不同的国家，FDI对增长的作用是不同的，而贸易政策可以对其有影响。

UNCTAD (1999)的研究报告指出，FDI到底对产出起到正面或负面的效应，取决于在方程设定时与其一同输入的其他变量，如最初的人均GDP、教育水平、国内投资率、政策稳定性、贸易条款、黑市溢价以及金融状况等。Alfaro等人（2004）通过对1975～1995年多国数据的实证分析，研究了FDI、金融市场和经济增长之间的关系，并探讨了拥有好的金融体系的国家是否在利用FDI上会更有效率的问题。研究结果显示，FDI对经济增长的作用并不明确。但是，在金融市场发展良好的国家，FDI对于经济增长的影响显著为正。在采用不同的金融市场发展测度方法，包含其他经济增长变量和考虑内生关系的情况下，这个结果仍然显著成立。

Durham (2004)尝试将经济增长、投资率、滞后的FDI、吸收能力变量和交互项作为内生变量，建立五方程的两阶段最小二乘体系，并采用工具变量法进行了

估计。通过对80个国家从1979到1998年数据的研究，Durham (2004)没有发现FDI与经济增长的显著正相关关系，不过，有数据显示，FDI的具体作用依赖于东道国的吸收能力，尤其是其国内机构的吸收能力。

根据人力资本影响理论，发达国家的人力资本水平更高，所以在利用FDI 上应该比发展中国家更具优势。Xu（2000）研究了从1966年到1994年，美国的跨国企业作为技术扩散渠道在40个国家所起的作用。他发现，美国跨国企业所导致的技术扩散促进了发达国家的生产率增长，但对发展中国家却不起作用，因为大多的欠发达国家都达不到门槛要求，很难从FDI流入中得到好处。

不过，也有实证研究表明，FDI对增长的促进作用并不必然同人力资本导致的吸收能力正相关。Bende- Nabende 等人(2003)使用APEC国家1965 ～1999相关数据，将FDI和经济增长作为内生变量建立联立方程组，研究FDI是否能直接影响这些国家的经济增长，还是要通过间接的技术扩散作用。结果，在所研究的样本中，FDI对经济的正和负的相关作用都有出现，而间接的技术扩散作用也存在，所起作用因国家的不同有正有负。同时，统计上显著的正的技术扩散作用发生在经济的欠发达国家，在经济相对不发达国家，如菲律宾和泰国来说，FDI 对产出的长期作用显著为正；而在经济相对发达国家和地区，如日本和台湾，FDI 的作用却为负。因为菲律宾和泰国的人力资本水平和吸收能力明显要比日本和台湾较弱,所以这就表明FDI对增长的促进作用并不必然同人力资本带来的吸收能力正相关。这个结果的可能解释是在所研究情况中，国内与国外的技术差距越大，FDI带来的生产率溢出越明显。

二、国内研究现状

梁志成(2000)在内生经济增长模型的理论框架内建立了FDI的一般均衡模型，并且对我国现有的FDI规模以及FDI对我国经济增长的实际作用和贡献进行了统计检验和实证分析，结论是目前我国FDI的总体规模水平仍然是合理的，FDI对我国经济增长的作用和贡献也是较为显著的。李静萍（2001）利用协整与误差修正模型对经济全球化与中国经济增长的关系进行了分析，认为全球化（包括外商投资）对中国经济增长具有积极的促进作用，但国内投资仍然是我国经济增长的主要推动力。

沈坤荣和耿强（2001）（完整内容请到不断文库）等通过构建内生增长模型，