1、本科毕业论文外文翻译外文题目HOWBENEFICIALISFOREIGNDIRECTINVESTMENTFORDEVELOPINGCOUNTRIES出处FINANCEANDLIPSEY,2001THERESILIENCEOFFDIDURINGFINANCIALCRISESWASALSOEVIDENTDURINGTHEMEXICANCRISISOF199495ANDTHELATINAMERICANDEBTCRISISOFTHE1980STHISRESILIENCECOULDLEADMANYDEVELOPINGCOUNTRIESTOFAVORFDIOVEROTHERFORMSOFCAPITALFL
2、OWS,FURTHERINGATRENDTHATHASBEENINEVIDENCEFORMANYYEARSSEECHART1ISTHEPREFERENCEFORFDIOVEROTHERFORMSOFPRIVATECAPITALINFLOWSJUSTIFIEDTHISARTICLESHEDSSOMELIGHTONTHISISSUEBYREVIEWINGRECENTTHEORETICALANDEMPIRICALWORKONITSIMPACTONDEVELOPINGCOUNTRIESINVESTMENTANDGROWTHTHECASEFORFREECAPITALFLOWSECONOMISTSTEND
3、TOFAVORTHEFREEFLOWOFCAPITALACROSSNATIONALBORDERSBECAUSEITALLOWSCAPITALTOSEEKOUTTHEHIGHESTRATEOFRETURNUNRESTRICTEDCAPITALFLOWSMAYALSOOFFERSEVERALOTHERADVANTAGES,ASNOTEDBYFELDSTEIN2000FIRST,INTERNATIONALFLOWSOFCAPITALREDUCETHERISKFACEDBYOWNERSOFCAPITALBYALLOWINGTHEMTODIVERSIFYTHEIRLENDINGANDINVESTMENT
4、SECOND,THEGLOBALINTEGRATIONOFCAPITALMARKETSCANCONTRIBUTETOTHESPREADOFBESTPRACTICESINCORPORATEGOVERNANCE,ACCOUNTINGRULES,ANDLEGALTRADITIONSTHIRD,THEGLOBALMOBILITYOFCAPITALLIMITSTHEABILITYOFGOVERNMENTSTOPURSUEBADPOLICIESINADDITIONTOTHESEADVANTAGES,WHICHINPRINCIPLEAPPLYTOALLKINDSOFPRIVATECAPITALINFLOWS
5、,FELDSTEIN2000ANDRAZINANDSADKAFORTHCOMINGNOTETHATTHEGAINSTOHOSTCOUNTRIESFROMFDICANTAKESEVERALOTHERFORMS（1）FDIALLOWSTHETRANSFEROFTECHNOLOGYPARTICULARLYINTHEFORMOFNEWVARIETIESOFCAPITALINPUTSTHATCANNOTBEACHIEVEDTHROUGHFINANCIALINVESTMENTSORTRADEINGOODSANDSERVICESFDICANALSOPROMOTECOMPETITIONINTHEDOMESTI
6、CINPUTMARKET（2）RECIPIENTSOFFDIOFTENGAINEMPLOYEETRAININGINTHECOURSEOFOPERATINGTHENEWBUSINESSES,WHICHCONTRIBUTESTOHUMANCAPITALDEVELOPMENTINTHEHOSTCOUNTRY（3）PROFITSGENERATEDBYFDICONTRIBUTETOCORPORATETAXREVENUESINTHEHOSTCOUNTRYOFCOURSE,COUNTRIESOFTENCHOOSETOFORGOSOMEOFTHISREVENUEWHENTHEYCUTCORPORATETAXR
7、ATESINANATTEMPTTOATTRACTFDIFROMOTHERLOCATIONSFORINSTANCE,THESHARPDECLINEINCORPORATETAXREVENUESINSOMEOFTHEMEMBERCOUNTRIESOFTHEORGANIZATIONFORECONOMICCOOPERATIONANDDEVELOPMENTMAYBETHERESULTOFSUCHCOMPETITIONFORADISCUSSION,SEETHEARTICLEBYREINTGROPPANDKRISTINAKOSTIALINTHISISSUEINPRINCIPLE,THEREFORE,FDISH
8、OULDCONTRIBUTETOINVESTMENTANDGROWTHINHOSTCOUNTRIESTHROUGHTHESEVARIOUSCHANNELSFDIVERSUSOTHERFLOWSDESPITETHESTRONGTHEORETICALCASEFORTHEADVANTAGESOFFREECAPITALFLOWS,THECONVENTIONALWISDOMNOWSEEMSTOBETHATMANYPRIVATECAPITALFLOWSPOSECOUNTERVAILINGRISKSHAUSMANNANDFERNNDEZARIAS2000SUGGESTWHYMANYHOSTCOUNTRIES
9、,EVENWHENTHEYAREINFAVOROFCAPITALINFLOWS,VIEWINTERNATIONALDEBTFLOWS,ESPECIALLYOFTHESHORTTERMVARIETY,AS“BADCHOLESTEROL“ITSHORTTERMLENDINGFROMABROADISDRIVENBYSPECULATIVECONSIDERATIONSBASEDONINTERESTRATEDIFFERENTIALSANDEXCHANGERATEEXPECTATIONS,NOTONLONGTERMCONSIDERATIONSITSMOVEMENTISOFTENTHERESULTOFMORA
10、LHAZARDDISTORTIONSSUCHASIMPLICITEXCHANGERATEGUARANTEESORTHEWILLINGNESSOFGOVERNMENTSTOBAILOUTTHEBANKINGSYSTEMITISTHEFIRSTTORUNFORTHEEXITSINTIMESOFTROUBLEANDISRESPONSIBLEFORTHEBOOMBUSTCYCLESOFTHE1990SINCONTRAST,FDIISVIEWEDAS“GOODCHOLESTEROL“BECAUSEITCANCONFERTHEBENEFITSENUMERATEDEARLIERANADDITIONALBEN
11、EFITISTHATFDIISTHOUGHTTOBE“BOLTEDDOWNANDCANNOTLEAVESOEASILYATTHEFIRSTSIGNOFTROUBLE“UNLIKESHORTTERMDEBT,DIRECTINVESTMENTSINACOUNTRYAREIMMEDIATELYREPRICEDINTHEEVENTOFACRISISRECENTEVIDENCETOWHATEXTENTISTHEREEMPIRICALSUPPORTFORSUCHCLAIMSOFTHEBENEFICIALIMPACTOFFDIACOMPREHENSIVESTUDYBYBOSWORTHANDCOLLINS19
12、99PROVIDESEVIDENCEONTHEEFFECTOFCAPITALINFLOWSONDOMESTICINVESTMENTFOR58DEVELOPINGCOUNTRIESDURING197895THESAMPLECOVERSNEARLYALLOFLATINAMERICAANDASIA,ASWELLASMANYCOUNTRIESINAFRICATHEAUTHORSDISTINGUISHAMONGTHREETYPESOFINFLOWSFDI,PORTFOLIOINVESTMENT,ANDOTHERFINANCIALFLOWSPRIMARILYBANKLOANSBOSWORTHANDCOLL
13、INSFINDTHATANINCREASEOFADOLLARINCAPITALINFLOWSISASSOCIATEDWITHANINCREASEINDOMESTICINVESTMENTOFABOUT50CENTSBOTHCAPITALINFLOWSANDDOMESTICINVESTMENTAREEXPRESSEDASPERCENTAGESOFGDPTHISRESULT,HOWEVER,MASKSSIGNIFICANTDIFFERENCESAMONGTYPESOFINFLOWFDIAPPEARSTOBRINGABOUTAONEFORONEINCREASEINDOMESTICINVESTMENTT
14、HEREISVIRTUALLYNODISCERNIBLERELATIONSHIPBETWEENPORTFOLIOINFLOWSANDINVESTMENTLITTLEORNOIMPACTANDTHEIMPACTOFLOANSFALLSBETWEENTHOSEOFTHEOTHERTWOTHESERESULTSHOLDBOTHFORTHE58COUNTRYSAMPLEANDFORASUBSETOFEMERGINGMARKETSSEECHART2BOSWORTHANDCOLLINSCONCLUDE“ARETHESEBENEFITSOFFINANCIALINFLOWSSUFFICIENTTOOFFSET
15、THEEVIDENTRISKSOFALLOWINGMARKETSTOFREELYALLOCATECAPITALACROSSTHEBORDERSOFDEVELOPINGCOUNTRIESTHEANSWERWOULDAPPEARTOBEASTRONGYESFORFDI“BORENSZTEIN,BORENSZTEIN,DEGREGORIO,ANDLEE1998FINDTHATFDIINCREASESECONOMICGROWTHWHENTHELEVELOFEDUCATIONINTHEHOSTCOUNTRYAMEASUREOFITSABSORPTIVECAPACITYISHIGHTHEWORLDBANK
16、SLATESTGLOBALDEVELOPMENTFINANCE2001REPORTSUMMARIZESTHEFINDINGSOFSEVERALOTHERSTUDIESONTHERELATIONSHIPSBETWEENPRIVATECAPITALFLOWSANDGROWTH,ANDALSOPROVIDESNEWEVIDENCEONTHESERELATIONSHIPSFORASUMMARY,SEETHEARTICLEBYDEEPAKMISHRA,ASHOKAMODY,ANDANTUPANINIMURSHIDINTHISISSUEREASONSFORCAUTIONDESPITETHEEVIDENCE
17、PRESENTEDINRECENTSTUDIES,OTHERWORKINDICATESTHATDEVELOPINGCOUNTRIESSHOULDBECAUTIOUSABOUTTAKINGTOOUNCRITICALANATTITUDETOWARDTHEBENEFITSOFFDIISAHIGHFDISHAREASIGNOFWEAKNESSHAUSMANNANDFERNNDEZARIAS2000POINTTOREASONSWHYAHIGHSHAREOFFDIINTOTALCAPITALINFLOWSMAYBEASIGNOFAHOSTCOUNTRYSWEAKNESSRATHERTHANITSSTREN
18、GTHONESTRIKINGFEATUREOFFDIFLOWSISTHATTHEIRSHAREINTOTALINFLOWSISHIGHERINRISKIERCOUNTRIES,WITHRISKMEASUREDEITHERBYCOUNTRIESCREDITRATINGSFORSOVEREIGNGOVERNMENTDEBTORBYOTHERINDICATORSOFCOUNTRYRISKSEECHART3THEREISALSOSOMEEVIDENCETHATITSSHAREISHIGHERINCOUNTRIESWHERETHEQUALITYOFINSTITUTIONSISLOWERWHATCANEX
19、PLAINTHESESEEMINGLYPARADOXICALFINDINGSONEEXPLANATIONISTHATFDIISMORELIKELYTHANOTHERFORMSOFCAPITALFLOWSTOTAKEPLACEINCOUNTRIESWITHMISSINGORINEFFICIENTMARKETSINSUCHSETTINGS,FOREIGNINVESTORSWILLPREFERTOOPERATEDIRECTLYINSTEADOFRELYINGONLOCALFINANCIALMARKETS,SUPPLIERS,ORLEGALARRANGEMENTSTHEPOLICYIMPLICATIO
20、NSOFTHISVIEW,ACCORDINGTOALBUQUERQUE2000,ARE“THATCOUNTRIESTRYINGTOEXPANDTHEIRACCESSTOINTERNATIONALCAPITALMARKETSSHOULDCONCENTRATEONDEVELOPINGCREDIBLEENFORCEMENTMECHANISMSINSTEADOFTRYINGTOGETMOREFDI“INASIMILARVEIN,HAUSMANNANDFERNNDEZARIAS2000,PAGE5SUGGESTTHAT“COUNTRIESSHOULDCONCENTRATEONIMPROVINGTHEEN
21、VIRONMENTFORINVESTMENTANDTHEFUNCTIONINGOFMARKETSTHEYARELIKELYTOBEREWARDEDWITHINCREASINGLYEFFICIENTOVERALLINVESTMENTASWELLASWITHMORECAPITALINFLOWS“ALTHOUGHITISVERYLIKELYTHATFDIISHIGHER,ASASHAREOFCAPITALINFLOWS,WHEREDOMESTICPOLICIESANDINSTITUTIONSAREWEAK,THISCANNOTBEREGARDEDASACRITICISMOFFDIPERSEINDEE
22、D,WITHOUTIT,THEHOSTCOUNTRIESCOULDWELLBEMUCHPOORERFIRESALES,ADVERSESELECTION,ANDLEVERAGEFDIISNOTONLYATRANSFEROFOWNERSHIPFROMDOMESTICTOFOREIGNRESIDENTSBUTALSOAMECHANISMTHATMAKESITPOSSIBLEFORFOREIGNINVESTORSTOEXERCISEMANAGEMENTANDCONTROLOVERHOSTCOUNTRYFIRMSTHATIS,ITISACORPORATEGOVERNANCEMECHANISMTHETRA
23、NSFEROFCONTROLMAYNOTALWAYSBENEFITTHEHOSTCOUNTRYBECAUSEOFTHECIRCUMSTANCESUNDERWHICHITOCCURS,PROBLEMSOFADVERSESELECTION,OREXCESSIVELEVERAGEKRUGMAN1998NOTESTHATSOMETIMESTHETRANSFEROFCONTROLOCCURSINTHEMIDSTOFACRISISANDASKSISTHETRANSFEROFCONTROLTHATISASSOCIATEDWITHFOREIGNOWNERSHIPAPPROPRIATEUNDERTHESECIR
24、CUMSTANCESTHATIS,LOOSELYSPEAKING,AREFOREIGNCORPORATIONSTAKINGOVERCONTROLOFDOMESTICENTERPRISESBECAUSETHEYHAVESPECIALCOMPETENCE,ANDCANRUNTHEMBETTER,ORSIMPLYBECAUSETHEYHAVECASHANDTHELOCALSDONOTDOESTHEFIRESALEOFDOMESTICFIRMSANDTHEIRASSETSREPRESENTABURDENTOTHEAFFLICTEDCOUNTRIES,OVERANDABOVETHECOSTOFTHECR
25、ISISITSELFEVENOUTSIDEOFSUCHFIRESALESITUATIONS,FDIMAYNOTNECESSARILYBENEFITTHEHOSTCOUNTRY,ASDEMONSTRATEDBYRAZIN,SADKA,ANDYUEN1999ANDRAZINANDSADKAFORTHCOMINGTHROUGHFDI,FOREIGNINVESTORSGAINCRUCIALINSIDEINFORMATIONABOUTTHEPRODUCTIVITYOFTHEFIRMSUNDERTHEIRCONTROLTHISGIVESTHEMANINFORMATIONALADVANTAGEOVER“UN
26、INFORMED“DOMESTICSAVERS,WHOSEBUYINGOFSHARESINDOMESTICFIRMSDOESNOTENTAILCONTROLTAKINGADVANTAGEOFTHISSUPERIORINFORMATION,FOREIGNDIRECTINVESTORSWILLTENDTORETAINHIGHPRODUCTIVITYFIRMSUNDERTHEIROWNERSHIPANDCONTROLANDSELLLOWPRODUCTIVITYFIRMSTOTHEUNINFORMEDSAVERSASWITHOTHERADVERSESELECTIONPROBLEMSOFTHISKIND
27、,THISPROCESSMAYLEADTOOVERINVESTMENTBYFOREIGNDIRECTINVESTORSEXCESSIVELEVERAGECANALSOLIMITTHEBENEFITSOFFDITYPICALLY,THEDOMESTICINVESTMENTUNDERTAKENBYFDIESTABLISHMENTSISHEAVILYLEVERAGEDOWINGTOBORROWINGINTHEDOMESTICCREDITMARKETASARESULT,THEFRACTIONOFDOMESTICINVESTMENTACTUALLYFINANCEDBYFOREIGNSAVINGSTHRO
28、UGHFDIFLOWSMAYNOTBEASLARGEASITSEEMSBECAUSEFOREIGNINVESTORSCANREPATRIATEFUNDSBORROWEDINTHEDOMESTICMARKET,ANDTHESIZEOFTHEGAINSFROMFDIMAYBEREDUCEDBYTHEDOMESTICBORROWINGDONEBYFOREIGNOWNEDFIRMSFDIREVERSALSRECENTWORKHASALSOCASTTHEEVIDENCEONTHESTABILITYOFFDIINANEWLIGHTTHOUGHITISTRUETHATTHEMACHINESARE“BOLTE
29、DDOWN“AND,HENCE,DIFFICULTTOMOVEOUTOFTHEHOSTCOUNTRYONSHORTNOTICE,FINANCIALTRANSACTIONSCANSOMETIMESACCOMPLISHAREVERSALOFFDIFORINSTANCE,THEFOREIGNSUBSIDIARYCANBORROWAGAINSTITSCOLLATERALDOMESTICALLYANDTHENLENDTHEMONEYBACKTOTHEPARENTCOMPANYLIKEWISE,BECAUSEASIGNIFICANTPORTIONOFFDIISINTERCOMPANYDEBT,THEPAR
30、ENTCOMPANYCANQUICKLYRECALLITOTHERCONSIDERATIONSTHEREARESOMEOTHERCASESINWHICHFDIMIGHTNOTBEBENEFICIALTOTHERECIPIENTCOUNTRYFORINSTANCE,WHENSUCHINVESTMENTISGEAREDTOWARDSERVINGDOMESTICMARKETSPROTECTEDBYHIGHTARIFFORNONTARIFFBARRIERSUNDERTHESECIRCUMSTANCES,FDIMAYSTRENGTHENLOBBYINGEFFORTSTOPERPETUATETHEEXIS
31、TINGMISALLOCATIONOFRESOURCESTHERECOULDALSOBEALOSSOFDOMESTICCOMPETITIONARISINGFROMFOREIGNACQUISITIONSLEADINGTOACONSOLIDATIONOFDOMESTICPRODUCERS,THROUGHEITHERTAKEOVERSORCORPORATEFAILURESCONCLUSIONBOTHECONOMICTHEORYANDRECENTEMPIRICALEVIDENCESUGGESTTHATFDIHASABENEFICIALIMPACTONDEVELOPINGHOSTCOUNTRIESBUT
32、RECENTWORKALSOPOINTSTOSOMEPOTENTIALRISKSITCANBEREVERSEDTHROUGHFINANCIALTRANSACTIONSITCANBEEXCESSIVEOWINGTOADVERSESELECTIONANDFIRESALESITSBENEFITSCANBELIMITEDBYLEVERAGEANDAHIGHSHAREOFFDIINACOUNTRYSTOTALCAPITALINFLOWSMAYREFLECTITSINSTITUTIONSWEAKNESSRATHERTHANTHEIRSTRENGTHTHOUGHTHEEMPIRICALRELEVANCEOF
33、SOMEOFTHESESOURCESOFRISKREMAINSTOBEDEMONSTRATED,THEPOTENTIALRISKSDOAPPEARTOMAKEACASEFORTAKINGANUANCEDVIEWOFTHELIKELYEFFECTSOFFDIPOLICYRECOMMENDATIONSFORDEVELOPINGCOUNTRIESSHOULDFOCUSONIMPROVINGTHEINVESTMENTCLIMATEFORALLKINDSOFCAPITAL,DOMESTICASWELLASFOREIGN本科毕业论文外文翻译外文题目HOWBENEFICIALISFOREIGNDIRECTI
34、NVESTMENTFORDEVELOPINGCOUNTRIES出处FINANCE而且与任何证券投资和投资（很少或没有影响）几乎没有明显关系，以及另外两个人的范围之间贷款的影响。这些结果都为58个国和18个新兴市场提供了依据。（见图表2）博斯沃思和柯林斯总结说“什么事可以使这些金融资本流入足以抵消发展中国家境内资本对其自本国的好处和风险呢答案是似乎是一个强大的外国直接投资。”BORENSZTEIN，德格雷戈里奥和李（1998）发现，外国直接投资的增长多少取决于东道国的教育水平的程度，从而决定了它吸收能力测量高。世界银行的最新全球发展金融（2001）的报告中总结了私人资本之间流动和增长的关系决定了
35、其他研究结果，并提供了对这些关系的新证据。（对于这个问题的总结，看看迪帕克米什拉，阿育王么，和安图帕尼尼MURSHID的文章。）谨慎的理由尽管在最近的研究提出的证据和其他的工作表明，发展中国家应采取对有关外国直接投资的益处不加批判的态度谨慎。是不是高的外国直接投资份额就是软弱的表现呢HAUSMANN和费尔南德斯，阿里亚斯（2000）指出外国直接投资在总资本流入较高的市场份额可能是东道国的示弱而不是它的实力弱小的原因。外国直接投资流动的一个显着特点是，它们流入总量的比例在高风险国家更高，风险衡量的主权（政府）债务的国家的信用评级按国家风险（见图表3）或其他指标来衡量。也有一些证据表明其份额较高的
36、国家如该机构的质量较低。什么可以解释这些看似矛盾的问题呢一种解释是外国直接投资的可能比其他形式的资本流动的国家采取丢失或低效的市场的行为中占有一席之地。在这样的设置下外国投资者会更喜欢直接操作，而不是通过对本地金融市场及供应商或依靠法律安排。这一观点的政策含义根据阿尔布开克在2000年发表的书中表明“各国试图扩大它们进入国际资本市场的力度并集中力量发展可信的执法机制，而不是试图获得更多的外国直接投资。”与此类似，HAUSMANN和费尔南德斯，阿里亚斯（2000年，第5页）认为，“各国应集中力量改善投资环境和市场的运作。它们可能要与整体的投资效率越来越高，以及有更多的回报资本的流入有关。“虽然这
37、极有可能是外国直接投资作为一种较高的资本流入，使其国内政策和机构的份额降低，但这不能被视为外国直接投资对其本身的批评。事实上，如果没有它东道国很可能更差。降价销售，逆向选择和杠杆。外国直接投资不仅是从国内到国外的居民转移资金所有权，但同时这也是一种机制。它使外国投资者在东道国的公司行使管理和控制手段，这是一个公司治理机制。在控制转移中可能并不总是有利的情况下，由于东道国根据它发生时逆向选择或过度杠杆的问题导致了问题的出现。克鲁格曼（1998）指出，有时在发生危机之中进行转移控制中要求控制权的转移在外国所有权的这种情况下是否合适是不是就是说超过国内企业到对外国公司控制，因为它们具有特殊的能力，并
38、能更好地运营，或仅仅是因为他们有充足的现金，二当地人没有是否由国内公司和对他们资产的甩卖代表了受灾国的负担，从而超出了危机本身的成本即使是在这样的大甩卖的情况下，外国直接投资可能不一定有利于东道国，由拉津，斯达卡和圆（1999年）和拉津和斯达卡（即将出版）证明。通过外国直接投资，外国投资者在获得有关的公司在其控制下的生产能力的重要信息。这使他们在“不知情”的国内储蓄者在国内企业的股票买盘中并不意味着控制的信息优势。利用这种优越的信息优势，外国直接投资者将倾向于保持其所有权和控制下的高生产力公司并出售低生产力的公司而储户不了解情况。与其他不利的问题是这一过程可能导致外国直接投资者过度投资。过高的
39、杠杆影响率也会限制外国直接投资的好处。通常情况下，国内投资机构所进行的大量外国直接投资的杠杆涉及由于在国内信贷市场借贷。因此，国内的投资比例实际上是通过外国直接投资流动资金，特别是来自外国储蓄可能不会很大，因为它似乎（因为外国投资者可以在国内市场遣返借贷基金），以及外国直接投资的收益的大小可能会减少由国内借款从而由外商独资企业完成。外国直接投资逆转最近的工作是对外国直接投资稳定在一个新的轻的水平的证据。虽然这是事实，机器是“囫囵吞下”，因此，难以移动的东道国资本在短时间内释放出来，有时还可以完成金融交易的外国直接投资逆转。例如，可以借鉴国外子公司在国内反对其抵押，然后借给钱还给母公司。同样，因
40、为有很大一部分是外国直接投资的公司间债务，母公司可以快速调用它。其他的考虑因素。还有一些其他案件中，外国直接投资可能不利于受援国，例如，当这种投资是对高关税或非关税壁垒保护的国内市场服务为目标。在这种情况下，外国直接投资可能会加强流通努力，以延续现有的资源配置不当。也有可能成为导致损失国内竞争力，通过巩固外资收购国内生产者的竞争所产生，或者通过收购或使企业倒闭。结论无论是通过经济理论还是最近的经验证据都表明，外国直接投资对发展中东道国的有利影响。但最近的工作也指出了一些潜在的风险它可以使金融交易的逆转，并被过度用于逆向选择和降价销售，其好处是可以通过有限的杠杆作用和外国直接投资较高的市场份额在一个国家的总资本流入中可能反映了其机构的弱点，而不是通过自己的力量。尽管对这些风险相关来源还有待进一步的证实，但潜在的风险似乎的确存在，通过采取为外国直接投资可能产生的影响进行细致入微的查看。对发展中国家的政策建议是应着眼于提高所有类型的资本，以及国外国内的投资环境。
