1、1 外文翻译 原文 Foreign Direct Investment in China: Determinants and Effects Material Source: network platform Author: Stephane dees 1. Foreign Direct Investment in China FDI represents the most important source of foreign capital in China. It surpassed foreign borrowing for the first time in 1992. Before
2、 1979, no foreign-owned enterprises operated in China as foreign money was viewed with suspicion by Chinese leaders. The Open Door Policy introduced by Deng Xiaoping in 1979 involved a different attitude toward FDI. This change can be explained by two major factors the disastrous economic performanc
3、e before 1979 and the successful examples of Japan and the four Asian Tigers. 1949, was lifted. Deng Xiaoping promoted FDI reforms, acknowledging that foreign investment might absorb foreign capital, attract advanced technology and develop export products (Harding, 1987). In 1979, a foreign investme
4、nt law was adopted. The aim of this law was to limit the establishment of foreign firms in China geographically to the four Special Economic Zones and in the coastal areas, organizationally to equity joint ventures, and sect orally to hotel construction and energy extraction. However, each of these
5、restrictions was removed over time. The first phase, from 1979 to 1983, is a period of sluggish increase. From 1984 to 1991, the inflows of FDI attained an increasing trend. Since 1992, the large-scale expansion of FDI has made China the second largest recipient of FDI in the world. Before 1983, the
6、 growth rate of FDI was quite modest. The number of projects was nearly constant, increasing only from 230 in 1979 to 396 in 1983 (the value increased from $0.5 billion in 1979 to $1.5 billion in 1983). During this first phase, foreign investors took a wait-and-see attitude, looking for more informa
7、tion before investing in China. The predominance of investors from Hong Kong and Macao was mostly due to geographic and cultural proximity rather than to the incentives offered by the Chinese authorities. In 1983, with the extension of the legal framework and the enlarged flexibility given to invest
8、ors, foreign investment grew faster. However, the absorption of FDI in China had been too low for the Chinese authorities. Furthermore, the nature of the foreign funded enterprises (Fees hereafter) had been unsatisfactory to Beijing (Harding, 1987). These Fees had been too small with low 2 levels of
9、 capitalization and non-advanced technology. The economic environment had not encouraged foreign investors to build advanced-technology firms in China. The main reasons were the convertibility issue, the incomplete legal system, the low quality of labors and the difficulties in obtaining some raw ma
10、terials. Some investors threatened to withdraw from their projects in China if the investment environment did not improve. In 1986, the Chinese leaders decided to restore investors confidence by implementing incentives to the foreign business community. Four sets of incentives were offered in Octobe
11、r 1986 (Har Ling, 1987): there were reductions in land use fees, taxes, the cost of some inputs, and the wage rates paid by Fees; access to inputs controlled by the state was improved (water, electricity, communication, transportation and rennin loans); there was an attempt to improve bureaucratic e
12、fficiency (especially in foreign investment project authorizations) and greater flexibility was guaranteed in decisions on production, export, import and employment. Between 1984 and 1991, FDI inflows into China grew 44% per annum in value terms. In 1991, the realized FDI inflow reached $4.7 billion
13、. From 1992 the flow of FDI has increased dramatically, reaching $31.5 billion in 1994 and $42 billion in 1996 (Work Bank, 1997). Most FDI originates from the Asia-Pacific region (74.5% of total FDI stock comes from the East Asian Newly Industrialized Economies Niles hereafter).Hong Kong has always
14、been Chinas major investor. It accounts for 61% of FDI stock in 1994. It has been concentrated in the traditional industries such as metal products, garment manufacturing, textiles, electronics and plastic conversion. It is worth noting that a substantial share of foreign investments is in fact dome
15、stic capital that has round-tripped its way through Hong Kong and back to the mainland to take advantage of the tax privileges available to foreign investors (World Bank, 1997). This leads to overvalued FDI inflows into China (one estimate suggests that up to 20% of recent inflows were domestic capi
16、tal that was round-tripped). The United States are an important investor with 8% of the FDI stock in 1994 (the third largest source). Even if Western European countries are the main source in international direct investment in the world, their share in China is relatively small; only the UKs share i
17、n FDI stock is above 1%. The open-door-policy encouraged the dramatic development of FDI in China. The growth of FDI was a key-element of the Chinese success, not only because it had positive impacts on the economy, but also because it implied a change in the way of thinking in the political sphere.
18、 China 3 cannot continue to develop without increasing openness to the rest of the world. FDI is probably the best way to encourage the pursuit of the open door-policy and to sustain the economic performance observed since 1978 in the future. However, the large scale expansion of FDI that China has
19、experienced in recent years seems to be limited in its duration. The high FDI inflows in China in 199395 were exceptional and have fallen back to a more sustainable level in the long run (World Bank, 1997). Many reasons explain this necessary reduction on FDI inflows. They include the elimination of
20、 tax concessions for foreign investors in 1996 and the slowdown in the upsurge in transfers of labors-intensive assembly operations from East Asian neighbors. 2 Determinants of Chinese inward FDI According to Zang (1995), the sharp rise of FDI since 1987 has been due to the improving of the environm
21、ent and to the impressive growth of the Chinese economy. However, prior to then, investors were reluctant to invest in China because of the features peculiar to a Centrally Planned Economy that implied too high risks as compared to profits. Huang and Shirai (1994) show that the pattern usually obser
22、ved for FDI in developing countries is appropriate for China. After a sluggish inflow and a period of fluctuation, FDI has grown rapidly. Once the degree of uncertainty has declined, investors have been more attracted by the location of their production in China, even if a lack of regional or indust
23、ry-specific information is an important remaining uncertainty. The role of the authorities is highly important in revealing new information and in improving the investment environment (Huang and Shirai, 1994). Grub et al. (1990) have used interviews and questionnaires to study the mo tivations of US
24、 firms who invest in China. Among the positive variables, they find that the potential market and cheap labour are the most important determinants of US investments. However, it was shown that investment incentives provided by the Chinese authorities were only moderately significant for the US firms
25、 in making investment decisions. It is worth noting that Chinese inward FDI is not a global phenomenon and that there could be differences between the determinants of FDI in China across source countries. For instance, the motives of investors from developing countries (and especially from East Asia
26、) are quite specific. For Yue (1993), investments made by the Niles in China aim to capitalize on lower production costs, gain access to natural resources, circumvent protectionist measures of developed countries, and exploit firm-specific advantages such as lower 4 managerial costs, better marketin
27、g channels, more appropriate technology and better understanding of host countries than investors from developed countries. Yue underlines also the role of geographical proximity, ethnic and cultural affinity in information flows between the Niles and China. Shi (1996) show that, initially, foreign
28、investors (especially those from Hong Kong and Taiwan) were attracted by cheap labors. FDI was used to produce labors intensive goods in order to re-export them toward their traditional markets. However, since the early 1990s, foreign investors have attached more importance to the quality of workers
29、 in order to produce higher technological products. In this case, labors quality could be another determinant of FDI. To sum up, the motivations of the East Asian Niles refer more to the factor cost advantage and the growing demand of the Chinese market. Some empirical evidence is available from eco
30、nometric work. Using a panel data set? Wei (1995) runs regressions for the flow and the stock of FDI. He finds a positive and significant effect of the Chinese GNP: a 1 percent increase in the size of a host country is associated with a 0.53 (0.74) percentage point increase in the flow (stock) of FD
31、I. He finds also a positive correlation between the inflow of FDI and the stock of human capital in the host country (proxies by literacy). Finally, the effect of distance between the investing country and China is negative confirming the hypothesis that FDI is highly regionalized. Wei only studies
32、the Chinese inward-FDI coming from developed countries. Therefore, his work does not take into account the growing share of the East Asian countries like Taiwan or Korea and also Hong Kong, the largest investor in China. In their study, Liu et al. (1997) analyze, through an error-component model, th
33、e economic, political and cultural determinants of FDI in China. The panel data set covers a time period of 19831994 and 22 countries/regions as well as mainland China as the host. Hong Kong and the East Asia Niles are taken into account as investor countries. The results show that bilateral trade,
34、cultural differences and relative changes in market size, wage rates, and exchange rates are important explanatory variables for FDI in China. Country risk is not a significant determinant, whilst geographic distance is significant but wrongly signed. 5 文献 中国外商投资的决定因素及影响研究 资料来源：期刊网 作者： 斯特夫 德斯 （ Step
35、hane dees） 1.中国外商投资的决定因素 在 1995 年，中国外商直接投资急剧上升，是因为在 1987 年，中国改善了中国的投资环境，发展具有中国特色的社会主义经济。然而在当时，由于中国的特色社会主义经济，投资者不愿意投资中国，因为这意味着过高的风险，虽然利润也丰厚。这个模型显示了外商在中国投资的情况。在一段呆滞期后，波动了一个时期后，外国投资大幅度的增长了。中国政府表示，是因为 改善了中国的投资环境所致。 美国进行了关于是否投资中国的问卷调查。他们发现了中国市场的潜在投资价值，廉价劳动力是最主要的决定因素。然而，中国的政策只有一部分对外国投资者有利。其中，中国的不定因素，外汇汇率风
36、险，阻碍了外国投资者投资中国的热情。另外，还有中国的基础设施落后也影响了外国投资者投资中国。动荡的经济控制政策也阻碍了外商投资。因此，投资者投资发展中国家的动机非常特殊。 魏岳（ 1993）说，投资者投资新兴工业体的中国最主要因素是利用中国的廉价劳动力从而降低生产成本，获得廉价的自然资源。这个价值对于中国的 外商投资来说不是一个全球性的问题，但是他会有别于其他国家的外商投资。他还强调，地理，民族，文化在新兴的中国社会主义市场经济与市场经济是相近的。有调查显示，最初，外国投资者是被中国的廉价劳动力所吸引。过去，外国直接投资常常对于在劳动密集型的投资地生产产品再度出口到自己的国家。然而，早在 90
37、 年代，外国投资者了解到，相对于廉价劳动力来说，更高的技术产品更能有市场竞争力。因此，劳动密集型的投资，对于外国直接投资者来说只是低级形式的投资。总结 ，东方国家，应该考虑到投资者的投资动机，改变其引进外资的因素影响，增长中国引进外国直接投资市场。 在刘以及其他人通过一个研究经济政治，文化的模型，研究中国的外商直接投资因素。数据涵盖 1983 年至今的文件， 22 个国家及地区。包括香港，东亚新兴工业体。结果显示，双边贸易，文化差异，相对变动的计划经济市场，工资率，汇率等影响了外国直接投资对中国的投资意愿。另外，国家风险，和地理距离也会影响投资意愿。 2.外国直接投资对中国的影响 外国直接投资
38、扮演了一个对中国经济有促进作用的角色。有文件表明，外6 国投资者对中国经 济的贡献：在引进外国投资之后中国工业生产总值增长速率从 1978 年的 2%到 1995 年的 17%。这是有几个对中国经济有促进作用的外国直接投资的刺激的原因。第一，在早期的 90 年代，外国的直接投资意味这技术进口和新型设备的输入，缩小了中国和世界发达国家的技术差距。此外，通过技术转让，外国直接投资者的投资，改善了中国的生产力要素。 1996 年，生产要素的改善使中国经济得到了 32%的增长。在与中国相同基础上的亚洲国家比较来说，技术的引进在一定程度上改善了中国的工业效率。在中国输入现代技术也是打开中国市场的最好方法
39、之一。第 二，外国直接投资对中国输入了新的管理技术，为中国企业作为借鉴。第三，对于中国国家财政收入的增长作用。最后，外国直接投资在中国的生产与出口经济中已经非常重要，国际贸易扩张的背景下，外国直接投资在中国经济中扮演了一个非常重要的角色。他使中国的产业借口合理化，改变了中国的法律，经济，企业等一系列经济政策。 外国直接投资对处于发展中国家的中国有增加其资本的贡献。资料显示，外国投投资这投资在中国，这个数据在 1983 年起就不断增长。在 1994 年。外国投资额超过中国总投资的六分之一，这说明中国在进行资本的积累。 预计外国 直接投资对中国经济的影响。（魏 1995）他用 city-level 统计模型进行统计，他在分析了他的统计资料后发现，外国直接投资对中国经济的劳动力，物理，人力资本有促进作用。 但是 WOO（ 1995）认为那个模型会夸大外国直接投资对中国经济的促进作用，主要以个原因是因为外国投资的产出效益中涵括了魏所统计的某谢要素，因此，这个模型在这个模型只是阐述了外国直接投资对中国的股本扩张效果。总的来说，外国投资对于投资的城市来说，外国资金的流入，对它是经济增长是一定存在的。简单的说，外国直接投资与被投资国的生产要素挂钩，从而 ，使被投资国可以更好的发展经济，提高生产要素率。
