Foreign Direct Investment

Whether foreign direct investment will lead to deindustrialisation at home depends on the investing country's capability to restructure itself on the intra-firm, intra-industry, and intersectoral levels. This paper divides FDI into defensive and expansionary types and argues that defensive FDI is an indication of deteriorating comparative advantage at home. The industry in which defensive FDI prevails lacks the capacity for restructuring. Data from Taiwan show that domestic production declines in an industry when defensive FDI dominates expansionary FDI in that industry.     

Foreign Direct Investment vs. Foreign Portfolio Investment

• We examine the effect of a country??s governance environment on the foreign investment it attracts. We classify countries based on the dominant mode of governance into three types: (1) rule-based (strong public rule of law), (2) relation-based (weak rule of law and strong informal networks), and (3) family-based (absence of both public rules and informal networks).
• We then examine how different governance types affect foreign investment patterns among 45 countries. Our main argument is that the choice of investment??direct or portfolio??is influenced by the type of property protection associated with different governance modes.
• We find that rule-based countries attract the lowest amount of FDI relative to the total amount of foreign investment, and they have the largest stock market size relative to their economies.
• Our study contributes to the foreign investment literature by bringing the governance environment into the equation and more successfully explaining why some countries have relatively large foreign direct investment ratios and relatively small foreign portfolio investment ratios.

     

外商直接投资对上海国内投资的挤出效应研究

建立了衡量挤入、挤出效应的数量模型，利用模型定量地讨论了外商直接投资(FDI)对上海国内投资的挤入、挤出效应，得到了外商直接投资对上海国内投资存在挤出效应的结论，并分析了产生挤出效应的原因。     

Location Decisions of Spin-offs from Public Research Institutions

Researchers who start their own businesses are expected to locate close to the parent organisation (i.e. universities, public research labs) in order to benefit from spillovers, thus transferring localised knowledge into the regional economy. However, empirical evidence on location patterns of public research spin-offs is rather limited and usually restricted to case studies for certain universities and regions. This paper provides a comprehensive analysis of the spatial distribution of new firm formations by researchers from universities and public research organisations, based on a representative data set for Germany. It shows that location patterns of public research spin-offs do not differ from other new firm formations. Proximity to the parent institution is of little significance for location decisions, whereas spin-offs are attracted by locations with a high number of potential customers and a large supply of highly qualified labour. Public research spin-offs rather contribute to an interregional than to an intraregional knowledge transfer.     

基于层次分析法的外商直接投资中主导产业分析

运用系统演化理论中状态变量的确定方法和AHP法对FDI产业系统进行分析,以便找出其中的主导子系统。利用此方法对天津市FDI产业系统77个子系统进行实证分析,找出对整个FDI产业系统状态变量影响较大的主导子系统产业为4个,它们的综合指数均超过了2个单位。     

投资决策风险的多特征效用评估

风险的评估和管理是投资决策的一个关键环节，以往研究，比较局限于非行为领域和大量的定性分析。在有关决策评估的某些定量化研究中，比较忽视人和组织的因素。该研究运用多特征效用理论与方法，重视人员和组织因素在风险评估中的关键作用，从而在理论上对投资决策风险及其特征作出新的界定，并运用多特征效用方法进行风险分析，构建了关于人员行为、组织管理与环境因素的风险识别模型，并进行了因素结构分析。该文还讨论了多特征效用的广泛应用前景。     

Internalisation Theory and Outward Direct Investment by Emerging Market Multinationals

The rise of multinational enterprises from emerging countries (EMNEs) poses an important test for theories of the multinational enterprise such as internalisation theory. It has been contended that new phenomena need new theory. This paper proposes that internalisation theory is appropriate to analyse EMNEs. This paper examines four approaches to EMNEs—international investment strategies, domestic market imperfections, international corporate networks and domestic institutions—and three case studies—Chinese outward FDI, Indian foreign acquisitions and investment in tax havens—to show the enduring relevance and predictive power of internalisation theory. This analysis encompasses many other approaches as special cases of internalisation theory. The use of internalisation theory to analyse EMNEs is to be commended, not only because of its theoretical inclusivity, but also because it has the ability to connect and to explain seemingly desperate phenomena.     

Experience,Equity and Foreign Investment Risk: A PIC Perspective

We analyze foreign investment risk-mitigating effects of host-country policy stability, firm experience and equity stakes using an empirical context largely ignored by international business (IB) research: project investment companies (PICs). PICs permit cleaner separation of individual investment project risk from the parent firm, which may otherwise pool risk characteristics from managing multiple projects across different industries and countries. PICs also permit potentially unbiased, prospective risk assessment at the time of a project’s initial announcement based on the mix of debt and equity funding the project. Consistent with previous IB research, our analyses of 396 PICs announced in 53 countries from 1990–2006 indicate that investment risk measured as the percentage of equity-to-total capital funding a PIC decreases with greater host-country policy stability, lead-investor experience in the host country, and lead-investor equity stakes. But contrary to previous IB research, we find that lead-sponsor experience and equity stakes reduce investment risk less as host-country policy stability decreases. From a PIC perspective, investor experience and equity stakes are complements to (not substitutes for) host-country policy stability. Our PIC-based evidence re-invigorates research and related practice and policy debates about how investor experience and equity holdings affect foreign project decisions and suggests new avenues for future work.     

外资项目总承包管理及投标实践

1　外资项目工程总承包模式投资的外商一般不拥有建设方面的专业人才 ,加上对中国的建设市场缺乏了解 ,为节省公司的运营成本 ,外商愿意采用总承包的方式实施对工程的全过程管理。外商采用的总承包方式工作范围较广 ,一般有以下七个阶段的工作 :土地购买、设计、报建、招标、施     

基于目标轮廓的附着物定位与剔除方法

工业现场清洁过的微型工件表面仍会有少量灰尘、发屑等附着物存在,在微型工件的视觉检测系统中会因其改变提取的目标轮廓而影响检测结果.为此,以灰尘与工件存在较小差异的任意位置和形状的一类附着物为考察对象,以区域生长提取的目标轮廓为先验背景,研究附着物定位与剔除算法.首先,荻取沾染附着物的工件图像,采用基于区域的分割算法做处理,以建立工件轮廓的先验知识;其次,从曲率角度定位附着物轮廓角点,以此剔除附着物轮廓;最后,根据先验知识自动修复断开的外轮廓.实验结果显示,加入附着物去除与修复算法后测量精度没有降低,测量结果误差6 μm以内,图像边缘的定位准确度能够给予保证.表明所研究的附着物定位与剔除方法使检测系统在允许微小附着物存在并且不影响测量精度的情况下,实现了目标轮廓的正确判别,提高了视觉检测系统的可靠性.     

On the Direct Search Approach to the Rectilinear Facilities Location Problem

A direct search approach to the rectilinear facilities location problem is considered in detail. This approach is shown to be a specialization of the primal simplex method for linear programming. A necessary condition for optimality is also shown to be sufficient in special cases. The main difficulties associated with the direct search approach are discussed, and a few simple examples are given as an illustration.