对外直接投资的决定因素：以罗马尼亚为例【外文翻译】.doc

1、1本科毕业论文外文翻译外文文献译文标题对外直接投资的决定因素以罗马尼亚为例资料来源施普林格数据库作者玛利亚波塞和阿努塔布伊加摘要虽然对外直接投资对所有东道国来说是很重要的，对于这些国家而言在转向市场经济国家的进程中对外直接投资在很多方面是危险的。几个决定性因素可以解释这个不同。在最初的910年的转变中，罗马尼亚的现实落后于海外投资者的兴趣。不过现在情况已经变好很多。本文的目标是确定在FDI演变过程中的主要因素的变化，我们采用因素分析方法。这四个最终决定因素是市场容量和潜力，改革进程，商业自由化程度和劳动力成本。线性回归模型可以解释因变量和这四个决定因素。本文的结论具有一定的政治影响。关键词罗马

2、尼亚的FDIFDI的原因因素分析回归分析主决定因素序言考察FDI对母国和东道国的优势和成本等各个方面的作用。我们会根据我们的调查结果提出一些问题,比如FDI和经济增长之间的关系（原因和效益），对外直接投资对现代化的经济结构和出口，对就业，技术转让和管理的影响，对区域发展，支付平衡，外商直接投资与对外贸易的平衡的影响，对汇率的影响等。对外国直接投资的决定因素和决定企业对外投资的原因，即吸引力因素进行连续评估分析。除了上述提到的问题，在谈到作为东道国经济的东欧国家时，FDI在促进国有经济私有化和促进市场经济过程中扮演了重要的角色，同时对提高这个新兴市场的竞争水平也作出了重要的贡献。为什么外国投资者

3、会选择这样一个新兴市场呢在FDI流向一个国家或国家集团时什么是最主要的决定因素呢，在一个企业做出投资某国决定时是什么促使其做出了这个决定通常根据外国投资者对外投资的原因分类如下市场人士投资者寻找新市场。通常这种方式的FDI以国内市场为导向，他们的产品是横向一体化。效率人士投资者是为了寻找更廉价的生产要素劳动力和自然资源。这种类型的FDI主要是出口导向型，东道国更被视为是一个出口平台。他们的产品是垂直一体2化这些传统的经典的对外直接投资原因在现在已经被补充了新的动因，即成为国际化的公司比如管理能力，创新能力，参与性，社会责任/生态道德等（邓宁2007）中东欧国家一般都提供了比较有吸引力的投资条件

4、，特别是比较低的劳动力成本加上良好的受教育程度和技术水平劳动力。而且这些国家实行积极地财政政策，他们甚至他们甚至竞相吸引外国直接投资。因此重要的外国投资者会重新定位他们的整个或部分活动或者在这些新兴地区开设分支机构，进入这些新兴经济体的方式如下创建投资（绿地投资）股权投资私营公司并购现有国有企业和私营企业进入方式的选择对企业来说是一个很重要的决定。关于这一问题，一个简短的理论和实践的研究由学敏和德克尔2004年提出。在一个公司作海外投资决定和采取一定模式时，以上没有一个原因是被考虑的。罗马尼亚是东欧国家之一并且其对外直接投资的吸引力远远落后于其他国家许多年。这种情况已发生变化，人们可以发现一个

5、新的，积极的吸引外商直接投资的趋势。我们的论文旨在揭示在FDI/GDP进程中最主要的最相关的起决定作用的指标数据来源是UNCTAD,ERDB,罗马尼亚国家银行,同时采用SPSS分析方法进行分析通过提取一些变量，最后研究结果表明最主要的因素本文结构如下。第一部分是说明普遍接受的对外直接投资决定因素，还有一些特殊新兴市场的特例如东欧。第二部分是展示研究方法和分析的道德结果，分析这些决定因素对投资罗马尼亚的贡献。最后一部分是我们的结论和政策含义。FDI主要决定因素发表的一些综合的理论和实证研究强调指出，外国直接投资一般吸引因素如下S市场容量和发展潜力，成本要素特别是劳动力成本，还有人力资本要素（受教

6、育程度和技能水平），贸易开放度，基础设施的建设，放开价格水平，财政政策，机构体制发展，技术吸收能力等外商直接投资的决定因素可能会分为几个基本因素，其中提到的主要有东道国吸引力的条件比较（市场大小，区位）和执行或者相反的，减弱或者减少东道国的吸引力互补因素/决定因素。换言之，他是关于具体的创建国家吸引力（市场潜力，劳动力成本和技术或者其他成本，商业环境，包括体制发展）。所有这些因素的综合解释了为3什么跨国公司决定投资某国或者某一地区。某些决定因素同时存在可以解释这一模式，而且还解释某国FDI流入量的大小。一个或多个优势因素和企业所做的决定给予各个条件相应的投资。而且，已有文章说明关于在东道国的外

7、国投资的主要类型传统的调查结果（见KAZUHIKOANDTOMOHARA2007）横向投资（寻找市场）和纵向投资（追求效率）一个或者多个因素在时间上的变化时很重要的额。比如，在东欧国家过渡期的第一年，政治稳定和宏观经济稳定，包括体制的发展是任何国外投资者会考虑的前提。随着政治和经济变革的进程发展，特别是在向欧盟靠近的过程中，这些国家具有比较优势低的劳动力成本，相对较高的经济增长速度和不断增长的市场潜力在FDI投资该领域成为最主要的决定因素。BOTRICANDSKUFLIC2005重新登记注册的公司相当频繁，特别是那些从事产品生产领域的劳动密集型商品制造。值得一提的是，这种优势是暂时的（劳动力成

8、本，资源可利用性），在一定时间后会减少。由于企业的竞争地位越来越依赖于技术创新和吸收能力，人力资本（教育和技能）并在发展创新型的条件中存在竞争集群活动DUNNING2007B，新要素促进吸引力的作用要提升。当解释对外直接投资流向时，有两类解释变量第一个是由多种因素构成一个国家的潜在吸引力，第二个是公司的具体决定的投资动机。这两种方法没有界限决定因素和动机。其实，决定因素（即该国的吸引力）或其中的一部分成为公司决定投资的原因。是评价方法的不同国家（位置）的吸引力成为外国直接投资或外国直接投资流量为因变量的存货，通过定量衡量的几个变量解释。对企业的投资动机的评估是基于调查和决定公司在决定时各自的看

9、法。由于不是所有的决定因素是可衡量的，也不是所有的决定因素的影响可以被观察到的。在我们的论文中，我们评估/国内生产总值（）和几个因素之间决定在罗马尼亚的外国直接投资存量总额的相关性。4外文文献原文TITLEFDIDETERMINANTSCASEOFROMANIAMATERIALSOURCESPRINGERLINKAUTHORMARIABIRSANAEANUTABUIGAABSTRACTEVENIFTHEFDIISIMPORTANTFORALLHOSTCOUNTRIES,FORTHOSEINTHEPROCESSOFTRANSITIONTOAMARKETECONOMYTHEFDIPRESENCEI

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48、RESIDUALS,CLEARLYSHOWSTHATTHEVALUESAREDISTRIBUTEDONBOTHSIDESOFTHEMEANTHEREISNOEVIDENTCONNECTIONTHATMIGHTEXPLAINTHEDEVIATIONFROMTHATMEANWEMAYSAYTHATTHEVARIANCEOFERRORISCONSTANTTHEREFORE,THEERRORSAREHOMOSCEDASTICWEHAVEALSOUSEDTHESTUDENTZEDRESIDUALSRESIDUALISDIVIDEDTOEACHCASEOFESTIMATEDSTANDARDDEVIATIO

49、NUNLIKEOTHERTYPESOFRESIDUALS,VALUESOFTHESTUDENTZEDRESIDUALSARENOTINFLUENCEDBYTHEVALUESOFTHEEXPLICATIVEVARIABLESWEMAYCONCLUDETHATBYTESTINGTHEVALIDITYOFTHELINEARREGRESSIONMODELINOURCASEWEDEMONSTRATEDTHATTHEMODELISCORRECTANDEXPRESSESVERYWELLTHERELATIONSBETWEENFDI/GDPANDTHEFOURFACTORSSIGNIFICANCEOFRESULTSTHESIGNIFICANCEOFTHEFOURFACTORSISASFOLLOWSFACTOR1ISTHEMOSTIMPORTANT,ANDMAYBENAMEDMARKETSIZEANDPOTENTIALTHEVARIABLESPOSITIVELYCORRELATEDWITHTHISFACTORAREGDP/CAPITAWHICHMEANSPURCHASINGPOWERINCREASINGSHAREOFTRADEINGDP,WHICHEXPRESSESTHEOPENNESSOFTHEECONOMYAVERYIMPORTANTREASONFORINV