1、 外文翻译 原文 Some Determinants And Effects Of FDI In Singapore Material Source: Asia Pacific Journal of Management Author: Donald J. Lecraw INTRODUCTION Singapore, a small, open newly industrializing country (NIC), has relied heavily on international trade, finance, and foreign direct investment (FDI) f
2、or its economic development. There has also been a significant amount of outward foreign direct investment by firms based in Singapore. Singapores economic growth and structural change have been in large measure due to inward and outward FDI and international trade. Singapore has the most open econo
3、my in the world. In 1982, gross exports were 150 per cent of gross domestic product (GDP) and eight times manufacturing value added. In the same year gross fixed investment by multinational enterprises (MNE) was almost $S6 billion, equal to one third of GDP, the highest share of any country in the w
4、orld. Singapore, an island city state with a population of 2.4 million, received 2.2 million tourists in 1982, and was a major transportation, communication, finance and trade centre for South and Southeast Asia. In general, the government of Singapore has implemented its overall development strateg
5、y through the private enterprise market system and devoted its efforts to influencing the macro-economic environment -tariffs and non-tariff barriers to trade, the exchange rate, taxation, savings, the investment climate, finance, labor relations and wages, human resources and infrastructure develop
6、ment so that private enterprises would be attracted to invest in industries in which Singapore had a comparative advantage and the private sector could successfully fulfill the central role it had been given. Many government economic policies have been consciously designed to follow a Japanese-style
7、 development strategy in that they try to anticipate the trends in Singapores factor and product markets to facilitate and accelerate economic restructuring. Singapores exchange rate policy, however, has generally worked in the opposite direction. Like the Japanese, the Singapore government has inte
8、rvened in the foreign exchange market to maintain the Singapore dollar below its free market level. Foreign direct investment has played a central role in Singapores economic development strategy.1 Since foreign-owned and joint-venture firms have accounted for such large shares of total investment i
9、n the manufacturing sector and of exports of manufactured products (and will account for similar shares in the future), the patterns of Singapores past and future development and structural change in the manufacturing sector and its exports have been and will continue to be closely linked to the ext
10、ent and patterns of FDI in Singapore. Data on outward foreign direct investment by Singaporean-owned firms are very limited. The government does not publish statistics on outward FDI by locally or foreign-owned firms in Singapore. What data are available come from statistics on the inward FDI of sev
11、eral neighboring countries. Unfortunately these data are highly inaccurate, difficult to interpret and not comparable among sources (Wells, 1983). They do, however, support several conclusions. (1) Singaporean-owned firms have made substantial foreign direct investments, possibly totaling as much as
12、 one billion dollars by 1980. (2) Singapore ranks second, behind Hong Kong, as a source of FDI among low and middle-income, non-oil exporting countries. (3) Outward FDI by Singaporean-owned firms has increased over time. (4) Most of Singapores FDI has been concentrated in neighboring countries. Thre
13、e factors have influenced this investment pattern. Firms based in Singapore have invested in countries with lower income per capita levels. Among these countries there is a relationship between the level of Singapores trade and the level of FDI. Ethnic ties have also been important determinants of t
14、he patterns of outward FDI. These characteristics of Singapores outward FDI will be analysed at the end of the next section. ANALYSIS OF THE DETERMINANTS AND THE EFFECTS OF FDI Data on inward FDI in Singapore can be used to test several hypotheses on the determinants and effects of FDI in Singapore.
15、 Singapores location-specific advantages have attracted FDI to utilize its highly motivated, productive, but still relatively low-wage workforce, its location, its transportation, communication and finance, infrastructure, and, to a lesser extent, its domestic market. MNE investing in Singapore have
16、 utilized their ownership specific advantages in technology, capital, management, and access to foreign markets for inputs and outputs. Singapores small domestic market combined with no tariffs on most imports and low tariffs on the remainder have reduced the importance of Singapores domestic market
17、 as a location-specific advantage for import-substituting FDI. Some import- substituting FDI was attracted to Singapore prior to the late 1960s by the prospect of access to the Singapore-Malaysia market and by Singapores mild import substitution strategy. The inflows of this type of investment large
18、ly ceased in the early 1970s when Singapore moved away from import substitution toward aggressive export promotion and the remaining stock of import substituting investment declined as these firms relocated when faced by rising wages and tariff reductions in the late 1970s. Singapores location near
19、the resource-abundant countries of Southeast Asia, its history as a trade entreport, and its excellent port and infrastructure led to location- specific advantages which attracted FDI to Singapore subsequent to 1960 in petroleum refining and the processing of rubber, timber, vegetable oil, and food
20、products. Starting in the mid-1970s, the governments in Indonesia, Malaysia, Thailand and the Philippines instituted policies to encoura ge the upgrading of their natural resources and agricultural products prior to export. These policies included incentives for investment in natural resource upgrad
21、ing, restrictions on exports of some unprocessed natural resource products, export incentives for upgraded products, and infrastructure development. These policies, combined with rising wages in Singapore, have motivated some MNE to relocate their investments in these countries and has fostered some
22、 outward FDI by Singaporean-owned firms both traders and resource upgrade to neighboring countries. A first impression of the level of FDI in Singapores manufacturing sector can be obtained from the aggregate statistics. In 1982 wholly and majority owned foreign establishments accounted for a quarte
23、r of total establishments in the manufacturing sector, almost sixty per cent of employment, over three quarters of output, almost seventy per cent value added, seventy per cent of domestic and almost ninety per cent of export sales, and over seventy per cent of capital expenditure and net fixed asse
24、ts. These are among the highest foreign-owned or controlled shares of manufacturing of any country in the world. Estimates of outward FDI from Singapore also place it near the top of the list of foreign investors among low and middle income countries, a remarkable record for a country with a populat
25、ion of only two million and a high degree of foreign ownership of its manufacturing sector. (Wells, 1984: pp. 10 , 72, 164, and t71). At the three-digit Standard Industrial Classification (SIC) level of disaggregation there is at wide range in the foreign ownership share in Singapores manufacturing
26、sector. In 1977 the share of book value of fixed assets (value added) of foreign- owned and joint venture firms ranged from 6.1 percent (4.9 percent) for beverages and 9.6 percent (10.4 percent) for leather products to 99.5 percent (98.8 percent) for precision equipment and optical goods, 99.5 per c
27、ent (97 percent) for non-ferrous metals, 99.5 percent (99 percent) for cigarettes, and 100 percent for petroleum products. There are several factors which are related to the size of the foreign share of the thirty, three-digit industries. These factors can be embodied in seven propositions first use
28、d by Dunning (1985) regarding inward and outward FDI in Britain. Dunning received considerable statistical support for these propositions using UK data but, given the open nature of Singapores economy, they should receive even stronger support there. These seven propositions do not capture all the m
29、any determinants and effects of inward and outward FDI in Singapore. They are largely confined to the areas of industrial structure, economic growth, trade, international competitiveness and productivity, and skill intensity (and hence by inference technology transfer). They do not and are not meant
30、 to capture the effects of FDI on the labor market, wages, the displacement effects, balance of payments effects, and effects on public policy formulation. In short, these propositions capture many of the microeconomic determinants and effects of FDI, not the macroeconomic ones. 译文 新加坡外国直接投资的因素和影响 资
31、料来源 : 亚太管理期刊 作者： Donald J. Lecraw 介绍 新加坡是一个小的但开放的新工业化国家 (NIC),其发展很大程度上依赖于国际贸易、金融和外国直接投资 (FDI)，也有大量的对外直接投资公司设在新加坡。新加坡的经济增长与结构变化已经在很大程度上依赖于内在和外 在的外国直接投资和国际贸易。 新加坡是世界上经济最开放的国家。 1982 年 ,总出口额为国内生产总值的150%和制造价值 8 倍的总和。同年跨国企业 (跨国公司 )总固定资产投资将近 60亿美元 ,相当于国内生产总值的三分之一 ,是世界上任何国家的达不到的。新加坡是一个拥有人口 240 万的岛国城市 , 1982
32、 年就吸引到 2.2 万游客 ,是一个负责南亚和东南亚等国家和地区的主要交通、通讯、金融和贸易中心。 一般而言 ,新加坡政府通过私营企业的市场体系实施了它的整体发展战略 ,致力于影响宏观经济环境、关税和非关税贸易壁垒、汇率、税务、储蓄 、投资环境、金融、劳动关系 ,工资、人力资源和基础设施建设，使私有企业被吸引投资到这些行业中去。新加坡，一个具有比较优势和私营的国家，才能成功地完成了它的核心作用。许多政府经济政策已被有意识地设计用来实现“日式的发展战略 ,他们试图预测新加坡的要素和产品市场的趋势 ,加快促进经济体制改革。然而，一般来说，新加坡的汇率政策有着相反的两个方向。就像日本，新加坡政府在
33、对外汇市场的干预下，保持新加坡元自由市场的水平。 外国直接投资在新加坡经济发展战略中扮演着重要的角色。 1 自从外资和合资企业在制造业部门和制造产品出口中被认 为在总投资中占最大的股份，新加坡过去和未来发展的模式，制造业结构变化和产品出口将继续和新加坡 FDI模式保持密切联系。新加坡独资的对外直接投资公司数据很有限。政府并没有公布本地或外商独资公司对外直接投资的统计数据。这些数据来自于周边几个国家外国直接投资的统计。不幸的是 ,这些数据错误率很高 ,难以解释并且在众多资源中不具有优势。不过 ,他们支持若干结论， (1)新加坡独资公司取得了实质性的外商直接投资 , 到 1980 年总额可能高达
34、10 亿美元 ,。 (2)新加坡作为外国直接投资的一个国家，其收入在非石油输出国收入和中等收入人 群中位居第二 ,仅次于香港。 (3)新加坡公司对外直接投资随时间增长而增长。 (4)大多数新加坡的外国直接投资主要集中在邻近的国家。有三个因素影响了这项投资模式。公司总部设在人均收入水平较低的国家新加坡。新加坡贸易水平和 FDI 水平在三个 国家之间有一定的联系。种族关系也是对外直接投资的模式很重要的决定因素。 这些 新加坡的对外直接投资特点 将在 下一部分 结束时得到 分析 。 对影响因素和 FDI 影响的分析 新加坡的外商直接投资数据可以用来测试新加坡几个假说行列式及 FDI 影响。新加坡的具
35、体区位优越性已吸引外商直接投资充分调动其高度积极性和生产力 ,相关的还有廉价劳动力、地理位置、交通、通信、金融、基础设施 ,在一个较小的程度上 ,包括其国内市场。跨国公司对新加坡资本输入与输出中在技术上拥有具体所有权优势、资本、管理和国外市场。 新加坡小型的国内市场与大多数进口零关税和低关税结合起来，作为进口 -替代外商直接投资的特殊区位优势，来降低新加坡国内市场优势的重要性。一些进口 -替代外商直接投资被吸引到 20 世纪 60 年代末之前新 加坡的前景，就是进入新加坡 -马来西亚市场和新加坡适度进口子金融机构的策略。早在 20 世纪70 年代，当新加坡从进口替代转向积极的出口推广和剩余股票
36、进口替代投资出现了滑坡，从而导致这些公司在 20 世纪 70 年代末面临工资上涨和关税削减，这种投资的流入在很大程度上会停止。新加坡位于东南亚资源丰富地区 ,作为一个历史悠久的贸易转口港 ,它优秀的港口和基础设施位置引起特定区位优势。这就是在 1960 年以后吸引外国直接投资到新加坡的处理石油提炼、橡胶、木材、植物油、和食品的原因。 19 世纪 70 年代中期开始 ,新加坡政府在印尼 ,马来西亚 ,泰国和菲律宾制定政策鼓励他们的自然资源和农产品出口。这些政策包括自然资源投资激励升级 , 一些未加工的自然资源产品出口限制、出口刺激产品更新以及基础设施建设。这些政策与新加坡不断增长的工资水平相结合
37、 ,推动了一些跨国公司搬迁到他们所投资的国家和新加坡独资公司对外直接投资对邻国的贸易和资源更新 对外直接投资在新加坡制造业在总体统计中有个初步水平。 1982 年，大多数的独资企业包括制造过程中的四分之一总设施，约百分之六十的工作 ,超过四分之三的输出 ,约 70%产品增值 ,70%的国内和约 90%的出口销售 , 超过 70%资本支出和网上固定资产。在外商独资和任何国家控股的企业中，制造业最高。新加坡对外直接投资估计排在外国投资者中低收入国家的第一位。一个显著的纪录表示一个只有 200 万人口的国家和它一个外商独资的生产部门。 根据三维标准工业分类水平的分布，外资在新加坡的制造业中具有广泛分
38、布。 1977 年，外商独资和合资企业的固定资产的账面价值份额从 6.1%的饮料类和 9.6%的皮革制品到 99.5%的光学检测设备产品， 99.5%的有色金属、 99.5%香烟、以及 100%石油产品。 有关 30 个外商份额大小的三维行业的因素，这些因素在邓恩 (1985 年 )关于英国对内和对外直接投资的七个命题中最先体现。邓恩通过运用英国数据而获得认可的统计支持这些命题 ,但是在新加坡的开放经济的条件下，他们应该接受更强有力的支持。这七个命题并没有拥有所有的因素和新加坡对内和对外的外商直接投资的影响。他们很大程度上只局限于地区的产业结构、经济增长、贸易、国际相互竞争、劳动生产率和技能强度。它们并不意味外商直接投资对劳动力市场、工资、位移的影响 ,收支平衡的影响 ,及对公共政策的制定的影响。简而言之 ,这些命题涉及了许多的微观经济因素和对外直接投资的影响 ,而不是宏观经济的。
