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。     

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。     

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.     

The Impact of Psychic Distance on Chinese Outward Foreign Direct Investments

• The aim of this paper is to investigate the value of the well-known construct of psychic distance, developed to explain the internationalization path of firms from developed countries, for the internationalization of Chinese firms.
• Our research question is: Does psychic distance and its individual stimuli (differences in language, religion, culture, economic development, political systems, education, and geographic distance) explain Chinese investments abroad?
• We test hypotheses on the relation between psychic distance and its stimuli and Chinese outward direct investments with OLS regression analyses.
• We find that Chinese OFDI indeed is influenced by an aggregate construct of psychic distance and by certain psychic distance stimuli, but not by all; in particular, similarities or differences with regard to language and culture, the level of industrialization and the level of democracy relate to Chinese firms’ internationalization.
• Our findings suggest that psychic distance and its stimuli cannot be ignored as explanatory factors for Chinese outward FDI but that the explanatory value of these constructs depends on the context of the phenomenon under study.
• We conclude that it is important to understand how the home country context influences managerial perceptions and thereby patterns of international expansion from different regions.

     

Capital Structure of Foreign Direct Investments: A Transaction Cost Analysis

Transaction cost theory (TCT) plays a major role in theorizing about the boundaries of the multinational enterprise (MNE), and is increasingly being applied to intra-MNE governance. We apply TCT to capital structure decisions for MNE subsidiaries. According to TCT, equity and debt are not just financial instruments, but alternative governance structures. Equity is useful for projects involving specific assets that do not serve well as collateral, and for knowledge intensive activities where information asymmetry and public good issues make external financing more costly. We study under what conditions MNE headquarters may wish to partially re-introduce market mechanisms inside the MNE through the use of external or internal debt to finance subsidiaries. This can allow economizing on governance costs and strengthen subsidiary manager incentives, but may be inappropriate if subsidiary assets are MNE-specific or subsidiary-specific. Empirically testable propositions are developed.     

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     

论我国外资国民待遇参照对象的重新定位

中国的经济改革造就了近年来国有企业和私营企业完全不同的发展轨迹，这些内资企业的各种数量、比重和地位作用的变化，决定了我国外资国民待遇参照对象从国有企业转换为私营企业。     

不同决策支持层次对投资风险决策的影响

本研究在着重考察决策支持信息的结构层次、决策的知识结构以及它们之间交互作用对决策质量的影响。围绕投资风险决策问题运用不同决策支持信息层次,利用Q分类技术和多维量表分析法(MDS),对决策的知识结构进行获取和分析,以决策的认知偏差的大小作为决策质量的指标,从而考查决策支持信息对于降低决策的认知偏差的作用,以及决策的知识结构和决策支持层次的交互作用。结果发现,决策支持信息能够将决策任务中所包含的信息更加明确、更加结构化地展示在决策的面前,有利于决策更加理性地作出决策判断,降低决策的认知偏差,提高决策质量;决策的知识结构以及知识结构和支持层次之间的交互作用对决策质量也有一定影响,但并未达到显。     

Direct Evidence of Macroscopic Quantum Effects at High Temperature

We present experiments on macroscopic quantum effects in Josephson junctions with different relevant junction parameters at a temperature well above the classical-quantum crossover temperature. This has been possible by extending the measurements on the escape rate out of the metastable state at higher sweeping frequency (dI/dt up to 100 A/sec.) in order to induce non-stationary conditions in the energy potential describing the junction dynamics. The non-stationary regime for the system allows a direct observation of energy level quantitation when the rate of change of the external energy, measured in terms of the level spacing, is fast with respect to the thermal transitions between levels.     

Analysis of Power-Supply Interference Effects on Direct Sensor-to-Microcontroller Interfaces

This paper analyzes the effects of power-supply interference on direct sensor-to-microcontroller interfaces based on measuring the charging/discharging time of an RC circuit that includes the sensor. Power-supply interference becomes a source of trigger noise that affects the measurement of the charging/discharging time and, hence, the measurement of the sensor resistance or capacitance. The measurement uncertainty increases proportionally to the amplitude of the interference and depends on its frequency. Such interference effects are smaller when measuring the discharging time and can be further reduced by placing an additional resistor in the interface circuit. Experimental data obtained from a PIC microcontroller agree with the theoretical predictions