1、1本科毕业论文外文翻译外文文献译文标题中国对外直接投资的政策以及台湾在中国的投资资料来源加利福尼亚州立大学作者杰克侯外国直接投资主要来自于跨国企业的经营活动。作为公司，尤其是跨国公司，一般都具备能够克服固有缺点和国外高生产成本的所有权优势。海默于1960年针对外国直接投资的存在提出了“OLI”范式，指出具有一定的所有权优势（专利或品牌名称）的一家公司会打开具有廉价劳动力优势的市场或不断增长的市场，因为这样能充分发挥其区位优势，并使外国子公司达到利润最大化。邓宁在1981年说明在拥有所有权优势和内部化优势时，跨国公司进行对外直接投资（非出口或许可）能够获得利润最大化。“OLI”理论主要基于发达国
2、家的大型跨国公司的经营行为。因此，从这些国家来的外国直接投资已经被视为无形资产并与最前沿的技术和品牌名称等紧紧相联。而多数台湾跨国公司还不具有世界前沿的技术和完善的组织。事实上，台资的所有权优势来源于他们的专业的营销技巧，台资能够专业地为西方市场提供及时，具有国际营销网络，并且质量统一的优质产品，台资还拥能把成熟的技术、劳动密集型以及当地原料相结合的优势。此外，台资选择大陆进行投资的另一个优点是台湾与大陆有着相同的语言和文化，相同的文化使商务谈判和具体操作变得更容易。由于台湾与大陆之间有着相同的文化和语言，相比其他工业化国家，大陆对台资更具有亲和力和吸引力。事实也是这样的，语言和文化的亲和力、
3、丰富的劳动力和低廉的土地成本被公认为台湾在大陆投资的三个动机。更重要的是，台湾的经济结构调整在台商投资大陆的过程中发挥了重要的作用。结合上文，台湾工业的专业化的转变和某些国际优势的丧失，促使台湾发生了转变，并把大批的产业转移到了海外，而中国大陆由于其地缘优势、文化优势以及台湾和大陆之间的内在联系，吸引了大批台商投资，并促进了双方的共同发展。一般来说，对外直接投资有五个主要动机寻求市场，出口导向，寻求资源，寻求技术以及追求效率。这些动机适用于所有的投资者，首先，其中三个是台商对外直接投资有关的。以下是三种动机所对应的三种对外直接投资的类型即出口导向，市场导向和资源导向。以出口为导向的对外直接投资
4、，主要是看中了国外的廉价劳动力，把产品生产步骤分散在几个国家，并利用高强度的劳动完成产品的生产。然而，市场2导向型的对外直接投资，主要依靠多个国家的当地市场。以出口为导向的国外直接投资更容易被吸引到劳动力廉价的地区，由于这种投资方式的方向性不强，这种类型的国外直接投资也会被某些优惠政策吸引，比如，免税的国家。通过分析，我们可以发现出口导向是台商投资的最突出特点。由于台湾当地的生产成本上升，台商被迫对外投资，寻找更适合建立经济基地的地区，并更好地为出口市场服务（主要出口市场是美国）。而这种被迫搬迁需要重新建造，因此，规模较小、相对简单、并且劳动密集型的产业是最好的候选人，这些产业能轻松地完成技能
5、的传送和设施的建造。因此，服装、鞋类、光电产品以及类似的消费品成为了产业搬迁的主体。当然，除了廉价劳动力，中国还需要为外商提供更多。首先，必须培养高素质人才，还需要有健全的基础设施，使产品能够低成本地进口和出口；货物出口的离岸手续、报关手续方便快捷；另外，还需维持良好的软环境，有力的税收政策以及稳定的政治环境等。在服装行业，一些公司在国家安排下的充分利用了多种纤维的配额，证明了这些公司是有很大影响力的。在中国，从外商投资企业所占的出口总额不断增长可以看出出口导向的外国直接投资在中国是具有优势地位的。1999年，外国投资企业在中国的出口额为886亿美元（约占出口总额的455）；这种外国子公司大部
6、分来自香港和台湾。表6和7为目前台湾海峡的贸易格局。在表中显示的最突出的特点是台湾和大陆日益增长的贸易顺差。这种产能过剩只是因为台商投资移动到台湾海峡的另一边，劳动密集型产业从台湾到转移到了中国大陆，并重新装配工厂的结果。台湾庞大的出口主要是用于最终生产及设备装配的中间产品。而最终产品的大部分被复出口（主要以美国为第三个市场），台湾与美国的贸易顺差因为中国的小额增值装配厂而发生了转变。因此，中美的贸易顺差在上世纪90年代大幅上升。以市场为导向的外国直接投资包括建立与国外类似的生产设施并进入当地的销售市场。本地市场的规模在吸引这种类型的外国直接投资中发挥着实现规模经济的关键作用，因为更大的市场意
7、味着能够提供更多的机会。由于这种类型的外国直接投资涉及较先进的技术，一般来说，它对所选择区域的人力资本和基础设施有着更高的要求。以资源为导向的外国直接投资就不需要解释了，它会落户在政府部门呼吁垂直整合资源所在的地区。台资在中国大陆投资的特定动机取决于很多因素，并且受海峡两岸的宏观经济和3微观经济的影响。台资被迫迁到中国大陆的原因，至少在早期阶段，明显是因为台湾本地不断上升的劳动力成本和产业政策的调整迫使产业从劳动密集型升级到技术密集型。这就导致台湾的劳动密集型产业被迫迁往像中国这样的劳动力成本更低的地区。这些夕阳工业是台湾在七十年代和八十年代初的出口驱动力。80年代中期，台湾失去了与其他新兴经
8、济体，如泰国、马来西亚等劳动密集型产业的比较优势。为了保持台湾企业自身的盈利能力，这些公司面临着两个选择，一个是依赖于进口廉价的外国劳动力，而另一个是到海外设厂。以出口为导向的台资投资时，是外商投资最好的时机，因为在这段时期，中国为了提高中国的外汇，对外国投资的优惠政策只限于出口的合资企业。这些第一代台资代表，并以出口导向为特质，显然会选择位于交通位置良好的港口或者交通便利的地区。此外，地理上的邻近，同源的文化，种种因素使得更多台商选择回到家乡（如福建等地）进行投资。不过，在早期阶段，台商投资仍因经验不足而存在着不少错误。4外文文献原文TITLECHINASFDIPOLICYANDTAIWAN
9、ESEDIRECTINVESTMENTTDIINCHINAMATERIALSOURCECALIFORNIASTATEUNIVERSITYAUTHORJACKWHOUFDIARISESFROMACTIVITIESOFMULTINATIONALFIRMSTHATOPERATEACROSSCOUNTRIESAFIRMTHATGOESMULTINATIONALMUSTPOSSESSSOMESPECIALADVANTAGESTOOVERCOMETHEINHERENTDISADVANTAGESANDHIGHCOSTSOFFOREIGNPRODUCTIONTHEORTHODOXTHEORYONTHEEXIS
10、TENCEOFFDI,THE“OLI”PARADIGMTHATEMANATESFROMHYMERSWORK1960,ASSERTSTHATAFIRMWITHCERTAINOWNERSHIPADVANTAGESPATENTORBRANDNAMEWOULDOPENASUBSIDIARYINAFOREIGNCOUNTRYWITHLOCATIONADVANTAGESCHEAPLABORORGROWINGMARKETTOMAXIMIZEITSPROFITSBOTHADVANTAGESOFOWNERSHIPANDLOCATIONCANBESTBECAPTUREDBYTHEINTERNALIZATIONOF
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13、BORINTENSIVECONTEXTSANDTOLOCALRAWMATERIALSVERNON1979ANOTHERUNIQUEOWNERSHIPADVANTAGEISTAIWANSETHNICCONNECTIONSWITHCHINABOTHSHARETHESAMELANGUAGEANDCULTURETHATENABLESTDIMUCHEASIERINTHENEGOTIATIONANDOPERATIONCULTURALANDLINGUISTICAFFINITYBETWEENTAIWANANDCHINAMADEITMUCHEASIERFORTDITOCROSSTHESTRAITSTHANINV
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17、XPORTORIENTEDFDI,MOTIVATEDBYFOREIGNCHEAPLABOR,FRAGMENTSTHEPRODUCTIONPROCESSACROSSCOUNTRIESBYPRODUCTIONSTAGESBASEDONLABORINTENSITIES,WHILEMARKETORIENTEDFDITHATAREINDUCEDBYFOREIGNMARKETACCESSBUILDPLANTSINMULTIPLECOUNTRIESTOSERVELOCALMARKETSTHEEXPORTORIENTEDFDIISMORELIKELYTOBEATTRACTEDTOHOSTREGIONSWITH
18、CHEAPLABORZHANGANDMARKUSEN1999DUETOITS“FOOTLOOSE”FEATURE,THISTYPEOFFDIISALSOATTRACTEDTOCOUNTRIESTHATOFFERFAVORABLEINCENTIVESSUCHASTAXHOLIDAYTHEEXPORTORIENTEDFDIHASBEENTHEMOSTSALIENTFEATUREOFINVESTMENTSBYTAIWANESEFIRMSTHEMAINMOTIVEBEHINDSUCHTDIISTHECLASSICLOCATIONEDGEOFLOWCOSTLABORINCHINA,WITHINVESTO
19、RSBEINGFORCEDTOSEEKMOREECONOMICALBASESTOSERVICEESTABLISHEDEXPORTMARKETSMAINLYTHEUSASCOSTSRISEATHOMETHEMAINACTIVITIESTHATEXPERIENCESUCHRELOCATIONARERELATIVELYSIMPLE,LABORINTENSIVEMANUFACTURINGWHERESKILLSAREEASILYTRANSFERREDANDFACILITIESARERELATIVELYSMALLSCALEGARMENTS,FOOTWEAR,LIGHTELECTRONICSANDSIMIL
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21、TEMUSTBECONDUCIVECOMPETITIVETAXINCENTIVES,POLITICALSTABILITYETCINTHEGARMENTSINDUSTRY,THEREHASBEENANOTHERSTRONGLOCATIONFACTORTHEEXISTENCEOFUNDERUTILIZEDQUOTASUNDERTHEMULTIFIBERARRANGEMENT,WHICHHASPROVENANIMPORTANTINCENTIVETOFIRMSFROMCOUNTRIESWHOSEQUOTASAREFULLYUSEDUPTHEDOMINANTPOSITIONOFTHEEXPORTORIE
22、NTEDFDIINCHINACANBESEENFROMTHEFACTOFTHEGROWINGSHAREOFEXPORTSBYFOREIGNINVESTEDENTERPRISESINCHINASTOTALEXPORTSIN1999,FOREIGNINVESTEDENTERPRISES6INCHINAPRODUCEDEXPORTSOFUS886BILLION455OFTOTALEXPORTSMOSTOFSUCHFOREIGNAFFILIATESAREFROMHONGKONGANDTAIWANTABLES6AND7PRESENTTHEPATTERNOFTRADEACROSSTHETAIWANSTRA
23、ITTHEMOSTPROMINENTFEATUREREVEALEDINTHETABLESISLARGEANDGROWINGTRADESURPLUSOFTAIWANSUCHSURPLUSISSIMPLYARESULTOFRELOCATINGASSEMBLINGPLANTSFROMTAIWANTOMAINLANDCHINA,SINCETAIWANESEFIRMSMOVEDTHEIRLABORINTENSIVEPRODUCTIONTOTHEOTHERSIDEOFTHETAIWANSTRAITTHEHUGETAIWANESEEXPORTSAREMAINLYMIDPRODUCTSUSEDFORFINAL
24、ASSEMBLINGSTAGESOFPRODUCTIONANDEQUIPMENTSSINCELARGEPORTIONOFFINALPRODUCTSAREREEXPORTEDTOTHETHIRDMARKETSMAINLYTHEUS,TAIWANHASSWITCHEDITSTRADESURPLUSWITHTHEUSTOCHINABECAUSEOFTHESMALLVALUEADDEDINTHEASSEMBLINGPLANTSASARESULT,CHINATRADESURPLUSWITHTHEUSROSESUBSTANTIALLYINTHE1990STHEMARKETORIENTEDFDIINVOLV
25、ESBUILDINGUPSIMILARPRODUCTIONFACILITIESABROADFORSCALEECONOMIESTOGAINANACCESSTOLOCALMARKETSTHESIZEOFLOCALMARKETPLAYSAKEYROLEINATTRACTINGTHISTYPEOFFDIBECAUSETHELARGERMARKETOFFERSGREATEROPPORTUNITIESTOREALIZEECONOMIESOFSCALEZHANG,2000SINCETHISTYPEOFFDIINVOLVESRELATIVELYADVANCEDTECHNOLOGY,ITGENERALLYHAS
26、HIGHERREQUIREMENTSFORHUMANCAPITALANDINFRASTRUCTUREINTHEHOSTREGIONSTHERESOURCEORIENTEDFDINEEDSNOEXPLANATIONITGOESWHERETHERESOURCESARELOCATEDIFTHECONDITIONSINTHESECTORCALLFORVERTICALINTEGRATIONTHEPARTICULARMOTIVEOFTDIINCHINADEPENDSONANUMBEROFFACTORSANDISGREATLYINFLUENCEDBYMACROANDMICROECONOMICCONDITIO
27、NSINBOTHSIDESOFTHETAIWANSTRAITTHEMAINFORCEDRIVINGTDIINCHINA,ATLEASTINTHEEARLYSTAGES,ISTHERISEINTAIWANSLABORCOSTSANDTHEAPPARENTINDUSTRIALPOLICYOFUPGRADINGFROMLABORINTENSIVETOCAPITALTECHNOLOGYINTENSIVEPRODUCTIONTHISHASFORCEDTHE“SUNSET”INDUSTRIESTORELOCATETHEIRLABORINTENSIVEPRODUCTIONTOREGIONSLIKECHINA
28、WITHLOWERLABORCOSTSTHESEOLDINDUSTRIESHAVEBEENTHEDRIVINGFORCEINTAIWANSEXPORTSINTHE70SANDEARLY80SBYTHEMID1980S,TAIWANHADLOSTTHECOMPARATIVEADVANTAGEINSUCHLABORINTENSIVEMANUFACTURINGTOOTHEREMERGINGECONOMIESSUCHASTHAILAND,MALAYSIATOMAINTAINTHEIRPROFITABILITY,THESEFIRMSHAVEONLYTWOOPTIONS,ONEISTORELYONCHEA
29、PIMPORTEDFOREIGNLABORHOU1997,ANDTHEOTHERISTOMOVETHEPRODUCTIONPLANTSOVERSEASTHISTYPEOFTDIISEXPORTORIENTEDANDTHETIMINGWASPERFECTINTHESENSETHATTHECHINESEPOLICYTOWARDSFOREIGNINVESTMENTWASPRECISELYLIMITEDTOEXPORTONLYVENTURES,SO7ASTOINCREASECHINASFOREIGNEXCHANGETHISTYPEOFTDIREPRESENTTHEFIRSTGENERATION,AND
30、DUETOTHEIREXPORTORIENTEDNATURE,WILLOBVIOUSLYCHOOSETOLOCATEDINTHEAREASWITHGOODEXCESSTOPORTORGOODTRANSPORTATIONCONDITIONSINADDITION,GEOGRAPHICPROXIMITYANDSIMILARITIESINREGIONALCHINESECULTUREPROMOTETDIINFUJIANANDOTHERPROVINCESINWHICHTHEHOMETOWNSOFTAIWANESEINVESTORSARELOCATEDTHISISESPECIALLYIMPORTANTINT
31、HEEARLYSTAGES,ASMANYOFTHETDIARESTILLINASOMEWHATTENTATIVETRIALANDERRORMODEWITHTHEINCREASEDLIBERALIZATIONOFCHINASFDIREGIMEIN1990SANDTHATOFTAIWANS,COMBINEDWITHTHEFACTTHATTHEEXPERIENCEOFTHETDIISNOWMUCHMORECONFIDENT,THESECONDGENERATIONOFTDITENDSTODIFFERFROMTHEFIRSTGENERATIONOFOLD“SUNSET”INDUSTRIESTHETDIT
32、ENDSTOBELARGER,NEWERINTECHNOLOGY,ANDSLIGHTLYMORECAPITALINTENSIVEEGACERCOMPUTERSINADDITION,BESIDESEXPORTORIENTATION,SOMEOFTDISTARTEDTOAIMATCHINASDOMESTICMARKETORMARKETORIENTEDWHICHWOULDSUGGESTACHANGEINDECISIONCRITERIASOMESURVEYSOFREASONSFORTAIWANESEFIRMSTOINVESTINCHINAPROVIDETHEPATTERNOFTDIMOTIVATION
33、STHROUGHCOLLECTINGANSWERSTOQUESTIONNAIREFROMINDIVIDUALFIRMSTABLE8SHOWSRESULTSOFSURVEYWITH2311FIRMSIN1988CHEN,1992THECOMPARISONOFTWOFIRMGROUPSBEFOREANDAFTER1987SUGGESTSTHERELATIVEIMPORTANCEOFEACHTDIMOTIVATIONSMEASUREDBYAPERCENTAGEITISQUITEOBVIOUSTHATTHEPREDOMINANTREASONFORTDIBEFORE1987WASTOEXPANDMARK
34、ETBASEANDTHESECONDISTOSECURESUPPLIESOFRAWMATERIALSAFTER1987,HOWEVER,IMPORTANCEOFLOWLABORCOSTSROSESIGNIFICANTLYANDTHEWEIGHTOFMARKETEXPANSIONALTHOUGHSTILLREMAINSTOBEIMPORTANTFELLTOLESSTHANHALFTAXINCENTIVESBECAMEMOREATTRACTIVETOINVESTORSOVERTIMEANOTHERSURVEYISMORERECENTLYANDMORESPECIFICINBOTHMOTIVATION
35、SANDINDUSTRIESELECTRONICS,TEXTILESANDFOODPROCESSINGCIER,1994THESURVEYOUTCOMEINTABLE9SHOWSWHATASPECTSAREMOSTATTRACTIVETOFIRMSTOINVESTINCHINAACCORDINGTOTHESURVEY,CHINASABUNDANTSUPPLYOFCHEAPLABOR,CULTURALANDLINGUISTICAFFINITYWITHTAIWAN,LOWLANDCOSTS,ANDLARGEDOMESTICMARKETSWERETHETOPFOURREASONSFORTDIINCH
36、INATHERESULTSAREQUITECONSISTENTWITHPREDICTIONSOFFDITHEORYINGENERALANDWIDELYHELDBELIEFSTHESAMECULTURALANDLINGUISTICACROSSTAIWANSTRAITHAVEMADETAIWANESEFIRMSMUCHEASIERINMAKINGDECISIONSANDOPERATINGBUSINESSFORTHEINDUSTRYOFELECTRONICS,TAXBREAKS8SUCHASTAXHOLIDAYAREALSOATTRACTIVEEXPANDINGPRODUCTIONCAPACITYA
37、NDMAKINGUSEOFREDUNDANTEQUIPMENTSAREALSOMAJORREASONSFORINVESTORSINTEXTILESACCESSINGTOCHINASRAWMATERIALSALSOENCOURAGEDFIRMSINFOODPROCESSINGINDUSTRYARECENTSTUDYBYHOUANDZHANG2001EMPLOYEDCONDITIONALLOGITMODELTOEXAMINEFACTORSTHATINFLUENCETHEREGIONALDISTRIBUTIONOFTDIWITHINCHINATHEMAINTDIDETERMINANTSANDREGR
38、ESSIONRESULTSARESUMMARIZEDINTABLE10ASSUCCINCTLYSUMMARIZEDINTHEINTRODUCTIONSECTION,THEREHASBEENANATURALEVOLUTIONOFCHINASFDIPOLICYTHISISMATCHEDWITHTHECHANGINGNEEDOFTAIWANESEFIRMS,ANDALSOHASCAUSEDASWESUSPECTASHIFTINTHEDECISIONSTRUCTUREOFTDILOCATIONCHOICETOBESTCAPTURETHISCHANGEINTHEDECISIONSTRUCTURE,WEP
39、ROPOSETODECOMPOSETHETIMESERIESINTOTHREEDIFFERENTSTAGESTHEFIRSTSTAGE198790REPRESENTSTHEEFFECTOFTHETWENTYTWOPROVISIONSTHETHIRDSTAGE199598CAPTURESTHESECONDGENERATIONOFTDIWHICHISRELATIVELYMORETECHNOLOGY/CAPITALINTENSIVE,ANDHASBEENALLOWEDTOSELLTOCHINASDOMESTICMARKETWHILETHESECONDSTAGE199194ISDEEMEDASATRA
40、NSITIONALPERIODBETWEENTHETWOFDIPOLICYREGIMESOFCHINATHEESTIMATINGRESULTSINTABLE10INDICATETHATTAIWANESEINVESTORSPREFERTHEPROVINCESWITHSUPERIORINFRASTRUCTUREANDBASICINDUSTRIALACTIVITIES,ALONGWITHSTEADYSUPPLYOFSKILLEDLABORANDGROWINGMARKETSIZETHISCONCLUSIONISQUITECONSISTENTWITHWIDELYHELDBELIEFTHATTDIINCH
41、INAISINGENERALEXPORTORIENTEDBASEDONCROSSSTRAITCOMPARATIVEADVANTAGESTAIWANESECULTURALPROXIMITYWITHFUJIANPROVINCEISAKEYMOTIVATIONFORLARGEAMOUNTOFTDIFLOWSTOTHATREGIONFAVORABLEFDIINCENTIVESPROVIDEDBYCHINESEGOVERNMENTINCOASTALAREASHAVEMADESIGNIFICANTDIFFERENCESINREGIONALDISTRIBUTIONOFTAIWANESEMANUFACTURINGBRANCHPLANTSWHILELABORCOSTHASBEENRECOGNIZEDASONEOFMAJORMOTIVESFORTDIINCHINA,CROSSPROVINCEDIFFERENTIALSINMANUFACTURINGWAGESSEEMNOTAFFECTTHESITESELECTIONOFTAIWANESEFIRMS
