外商直接投资优惠政策【外文翻译】.doc

1、1外文文献译文标题外商直接投资优惠政策资料来源2007年，商业统计经济信息学，149152作者CONSTANTINSANDALUPSADANA因为大多数国家开放他们的政策来吸引外国跨国公司投资越来越多的主办国政府提供各种形式的投资的激励措施来鼓励外资企业投资于自己的国家。这些包括财政激励如免税期为对外投资者和降低税收，财务激励措施，例如助学金和优惠贷款给跨国公司、以及解决措施如市场偏好、基础设施，有时甚至垄断权利。有一些解释投资的兴趣大大增加像低增长率和不断上升的失业率，但看来，经济全球化和一体化的国际经济取得了外商直接投资激励更有趣和重要的国家政府。即使一个很小的国家现在也可以竞争对外直接投

2、资，因为它可以提供一个足够吸引力激励包裹。与此同时，国家决策者已经失去了很多传统使用的工具，以推广本地的竞争力、就业和福利。为活跃的贸易政策范围减少由于成功的贸易自由化、国际化的资本市场中的可能性限制了使用汇率政策作为一个工具，相对竞争力的影响。最显而易见的，已经出现在欧洲，美国和欧洲单一市场计划已把负责贸易和汇率政策从各国政府来说，欧盟委员会和欧洲中央银行。尽管如此，国家决策者继续推动的竞争力和福利使用这些政策工具在处理他们剩下的，包括对外直接投资激励。为了确保我们能在外国市场企业必须具备某些特定资产所有权在知识、技术、组织、管理、营销技巧。这样的公司已经有好几种声称，他们将产量的租金，在国

3、外市场，包括子公司生产、合资企业、许可、特许经营、管理合同、销售合同、交钥匙工程合同。其中，涉及生产、合资子公司存在不同程度的外国，迫使公司决定在哪里找到他们的外交活动。在过去，人们曾经认为跨国公司主要被强大的经济根据市场规模和水平的实际收入，在主人的经济技术水平、基础设施和其它方面的有效性，促进资源有效的专业化生产、贸易政策、政治和宏观经济的稳定，寻求国外直接投资市场。对外投资者寻找一个出口基地集中在当地市场减少尺寸以及更多的关注相对的生产成本，而投资激励因素被视为相对次要的对外直接投资决策。近年来的观点开始改变的重要性和激励一个迹象是投资激励扩散到世界各地。很2少有国家争夺国外投资没有任何

4、形式的补贴的今天。除了出口加工区和工业园区，在基础设施和土地补助，发展中国家更有可能以税收激励计划假期以及其他的财政措施，不需要直接支付的稀缺公共基金。直接财政补贴可能要主要影响的位置决定本身，而免税期的运作决策可能影响了好几年。最近的影响计量研究外商直接投资激励，尤其是财政的偏好，建议他们已经变得更有意义的国际直接投资流量的主要因素，尽管大多数对外直接投资激励适用于特定至绿地投资而不是对外投资者并购公司现有。导致其消失的主要原因，是世界经济内部化。全球贸易自由化使得更容易为跨国公司建立国际生产网络，所以一个较大份额运到国际客户输出或联营公司在其他国家而不是卖给当地的客户。这大大降低了市场容量

5、和允许的影响较小的国家竞争的投资,将自动被指向主要市场在过去。区域一体化也有类似的影响，使得跨国公司提供全部或几个成员国也从一个位置区域内。刺激也成为越来越重要的国家政策制定者试图推动当地生产、就业和福利。活跃民族贸易的范围和汇率政策已经减弱，最清楚地为现在和潜在的欧盟成员，在很大程度上受决定所欧盟委员会和欧洲中央银行，且改变注意产业政策，包括措施，诸如投资激励。因此，许多国家的激励已经成为提供更慷慨的多年了。考虑到市场一体化已经达到进一步在区域，而不是全球幅面，同样清楚的是，激励的影响可能是非常强的在竞争外商直接投资区域内，当初始投资决策已经采取了和投资者选择其他的地点是在一个特定的地区。问

6、题是投资刺激或不可能产生利益至少大如成本，如果这些代价是正确的。即使外国跨国公司根本不不同从本地公司，成本的初始投资激励可能是收回随时间过去，当经济增长多亏了对外直接投资流入。然而，至少有两个反对这种类型的奖励。它是很难计算的可靠预计未来效益而言经济增长、就业、税收收入，需要确定补贴应该多大。这是特别复杂的情况下，外商直接投资项目的驱使下，投资激励而不是本国经济的基本面。究其原因，这些投资者可能会带来相对自由自在，可以很容易地决定继续前进到其他的地点提供更多的预期利益丰厚的好处之前在第一的位置实现了。此外如果对外投资者并不在任何根本途径不同本地投资者资助国外直接投资可能扭曲竞争和产生重大亏损在

7、本地公司。3因此，它是很难证明投资激励关注外国跨国公司根本没有两样从本地公司。与此同时，应该注意到的是，这个结论并不能排除一个公共政策干预形式的投资补贴，那么在特定情况下失业、投入不足，还是疲软的经济增长是至关重要的政策问题。相反，政策处方应解决的问题与政策，不区分国外和国内的投资者。在更为现实的情形，外国企业的情况不同于本地公司，很容易激发动力与外商直接投资的论点，可能会有一些扭曲或市场失灵是根据具体的跨国公司生产。最明显的扭曲时，如果法规对外国所有者都是偏见。在这样的情况下，对外直接投资激励很可能需要克服各种各样的障碍时面临对外投资者。如果没有一个正式歧视外国所有者、控制为本,最常见的来源

8、与外部性市场失灵的对外直接投资或溢出。企业必须具备某些资产的形式，知识的一个公共良好品格能够参加国外市场。如果跨国公司不能捕获所有准租金由于其在经济生产活动举办，或者如果从属增加的竞争压力和去除扭曲，东道国的私营部门可以获得间接当生产力溢出到当地人经营的公司。因此，当市场无法反映的社会益处外商直接投资、政府的行动，我们可以为社会间的代沟和私人换取对外直接投资创造正面溢出的项目。可以增加竞争力吸引更多的对外投资者进入美国，提高国民收入和福利。这更激发新兴市场国家资助的对外直接投资、在竞争中与其它主办国家看到同样的潜在收益。在国家不同大小、生产成本和预期收益的影响外商直接投资流入每个国家的最优激励

9、方案。均衡分布，国与国之间的外商直接投资与补贴很可能显著不同，甚至在没有补贴的一套完善的信息设置，此时每个国家的最优激励方案实施。对外直接投资激励预计可能产生重大的影响，国际投资的格局。虽然理论内在的对外直接投资补贴是正确的市场反映失败外溢效益，应该指出的是，政策制定正式的理论也没有太多的精力集中到匹配的补贴金额大小预计溢出效益。相反，它是假定的外溢效益足够大来证明投资激励。换句话说，一些评论员已经评估了实证研究对于这个特殊的技术外溢效应有关政策辩论。4外文文献原文TITLEFOREIGNDIRECTINVESTMENTINCENTIVESMATERIALSOURCE2007,BUSINESS

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16、SSEVERALALTERNATIVEWAYSTOCLAIMTHERENTSTHATTHEYWILLYIELDINFOREIGNMARKETS,INCLUDINGSUBSIDIARYPRODUCTION,JOINTVENTURES,LICENSING,FRANCHISING,MANAGEMENTCONTRACTS,MARKETINGCONTRACTS,ANDTURNKEYCONTRACTSOFTHESE,SUBSIDIARYPRODUCTIONANDJOINTVENTURESINVOLVEVARYINGDEGREESOFFOREIGNPRESENCE,ANDFORCETHEFIRMTODECI

17、DEWHERETOLOCATETHEIRFOREIGNACTIVITYINTHEPAST,THEVIEWWASTHATMULTINATIONALCORPORATIONSAREMAINLYATTRACTEDBYSTRONGECONOMIESBASEDONMARKETSIZEANDTHELEVELOFREALINCOME,WITHSKILLLEVELSINTHEHOSTECONOMY,THEAVAILABILITYOFINFRASTRUCTUREANDOTHERRESOURCESTHATFACILITATEEFFICIENTSPECIALIZATIONOFPRODUCTION,TRADEPOLIC

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22、ISTINGCOMPANIESTHEMAINREASONFORTHATISTHEINTERNALIZATIONOFWORLDECONOMYGLOBALTRADELIBERALIZATIONHASMADEEASIERFORMULTINATIONALCORPORATIONSTOSETUPINTERNATIONALPRODUCTIONNETWORKS,SOTHATALARGERSHAREOFOUTPUTISSHIPPEDTOINTERNATIONALCUSTOMERSORAFFILIATEDCOMPANIESINOTHERCOUNTRIESRATHERTHANSOLDTOLOCALCUSTOMERS

23、THISHASREDUCED6THEIMPACTOFMARKETSIZEANDALLOWEDSMALLERCOUNTRIESTOCOMPETEFORINVESTMENTSTHATWOULDAUTOMATICALLYHAVEBEENDIRECTEDTOTHEMAJORMARKETSINTHEPASTREGIONALINTEGRATIONHASSIMILAREFFECTS,ALLOWINGMULTINATIONALCORPORATIONSTOSUPPLYALLORSEVERALMEMBERSTATESFROMASINGLELOCATIONWITHINTHEREGIONINCENTIVESHAVEA

24、LSOBECOMEINCREASINGLYIMPORTANTFORNATIONALPOLICYMAKERSWHOARETRYINGTOPROMOTELOCALPRODUCTION,EMPLOYMENTANDWELFARETHESCOPEFORACTIVENATIONALTRADEANDEXCHANGERATEPOLICYHASDIMINISHED,MOSTCLEARLYFORPRESENTANDPOTENTIALEUROPEANUNIONMEMBERS,WHOARELARGELYBOUNDBYDECISIONSTAKENBYTHEEUROPEANUNIONCOMMISSIONANDTHEEUR

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26、SARELIKELYTOBEPARTICULARLYSTRONGINTHECOMPETITIONFORFOREIGNDIRECTINVESTMENTWITHINREGIONS,WHENTHEINITIALINVESTMENTDECISIONHASBEENTAKENANDTHEINVESTORISCHOOSINGBETWEENALTERNATIVELOCATIONSINAGIVENREGIONTHEPROBLEMISTHATINVESTMENTINCENTIVESAREORARENOTLIKELYTOYIELDBENEFITSTHATAREATLEASTASLARGEASTHECOSTSANDI

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28、SDIFFICULTTOMAKERELIABLECALCULATIONSABOUTTHEEXPECTEDFUTUREBENEFITSINTERMSOFGROWTH,EMPLOYMENT,ORTAXREVENUE,WHICHISNECESSARYTODETERMINEHOWLARGETHESUBSIDIESSHOULDBETHISISPARTICULARLYCOMPLEXINCASESWHEREFOREIGNDIRECTINVESTMENTSPROJECTSTHATAREDRIVENBYINVESTMENTINCENTIVESRATHERTHANECONOMICFUNDAMENTALSOFTHE

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