1、1本科毕业论文外文翻译外文题目FOREIGNDIRECTINVESTMENTANDINSTITUTIONALENVIRONMENTINTRANSITIONECONOMIES出处TRANSITIONSTUDIESREVIEW作者ANDREJSUJANFOREIGNDIRECTINVESTMENTANDINSTITUTIONALENVIRONMENTINTRANSITIONECONOMIESANDREJSUJANABSTRACTWEANALYSEDTHERELATIONBETWEENFOREIGNDIRECTINVESTMENTANDTHEQUALITYOFTHEINSTITUTIONALENVI
2、RONMENTINTRANSITIONECONOMIESTHEANALYSISCONFIRMEDASIGNIFICANTIMPACTOFVARIOUSINSTITUTIONALASPECTSONTHEINFLOWOFFOREIGNCAPITALTOISOLATETHEIMPORTANCEOFTHEINSTITUTIONALENVIRONMENTFROMTHEIMPACTOFOTHERFACTORS,APANELDATAANALYSISWASPERFORMEDUSINGTHEDATAOF24TRANSITIONECONOMIESINTHEPERIOD19952002THERESULTSSHOWE
3、DTHATINTHEOBSERVEDPERIODTHEQUALITYOFTHEINSTITUTIONALENVIRONMENTSIGNIFICANTLYINFLUENCEDTHELEVELOFFOREIGNDIRECTINVESTMENTINTRANSITIONECONOMIESOTHERVARIABLESTHATPROVEDTOHAVEASTATISTICALLYSIGNIFICANTINFLUENCEWEREBUDGETDEFICIT,INSIDERPRIVATIZATION,ANDLABOURCOSTPERHOURINTRODUCTIONFOREIGNDIRECTINVESTMENTFD
4、IISWIDELYBELIEVEDTOMAKEMAJORCONTRIBUTIONSTOTHEECONOMICDEVELOPMENTOFEMERGINGMARKETSONTHEOTHERHAND,FDIISALSOOFCRUCIALIMPORTANCETOMULTINATIONALFIRMSTHUS,BOTHTHEDEVELOPEDANDTHEDEVELOPINGECONOMIESHAVEACOMMONINTERESTINENCOURAGINGFDIFLOWS,ALTHOUGHTHEIRTARGETSVARYRESMINI2000,ESTRINANDMEYER2004POSITIVEEXTERN
5、ALITIESOFFDIAREIMPORTANTFORHOSTECONOMIES,WHILEPROFITSANDCORPORATEGROWTHAREATYPICALTARGETOFGLOBALLYORIENTEDCOMPANIESAPOSITIVEIMPACTOFFDIONECONOMICGROWTHHASBEENCONFIRMEDBYANUMBEROF2STUDIESEG,LUNN1980,SCHNEIDERANDFREY1985,CARKOVICANDLEVINE2002FDICONTRIBUTESTOECONOMICGROWTHTHROUGHSEVERALCHANNELSFIRST,IT
6、ISEXPECTEDTOBEGROWTHENHANCINGTHROUGHCAPITALACCUMULATIONMOREINPUTSAREINCORPORATEDINTOPRODUCTIONBUCKLEYETAL2002ANDTHEREISAWIDERRANGEOFINTERMEDIATEGOODSFEENSTRAANDMARKUSEN1994SECOND,FDIISANIMPORTANTSOURCEOFTECHNOLOGICALCHANGEANDHUMANCAPITALINTENSIFICATIONBUCKLEYETAL2002ANDALSOLEADSTOTECHNOLOGYDIFFUSION
7、LUCAS1993A,BBORENSZTEINETAL1998FDIISESPECIALLYIMPORTANTFORTRANSITIONECONOMIES,SINCETHESEECONOMIESHAVESUFFICIENTSTOCKSOFHUMANCAPITALBUTLACKTHETECHNOLOGYANDCAPITALNEEDEDTOSPURGROWTHALEKSYNKA2003SEEALSOBILLINGTON1999,BEVANANDESTRIN2000CROSSBORDERCAPITALFLOWSTHEIRMAGNITUDEASWELLASCOMPOSITIONANDSTABILITY
8、AREIMPORTANTFORTHESUCCESSOFTRANSITIONGARIBALDIETAL2002,NEUHAUS2006ALTHOUGHOVERTHELASTFIFTEENYEARSMANYTRANSITIONECONOMIESHAVERECORDEDNEGATIVEEXPERIENCESWITHFOREIGNFASTPROFITSEEKERSANDASSETSTRIPPERS,THEREARESEVERALCASESSHOWINGTHATFDIISACTUALLYCONTRIBUTINGTOGROWTHAFTERRECEIVINGSIGNIFICANTAMOUNTSOFFOREI
9、GNCAPITAL,FOREXAMPLE,SLOVAKIA,ROMANIA,ANDBULGARIAHAVERECENTLYBEENRECORDINGHIGHRATESOFGROWTHTOACONSIDERABLEEXTENTTHISGROWTHCANBEEXPLAINEDALSOBYTHEEXPORTLEDMODELOFGROWTH,SINCEFDINOTONLYBROUGHTNEWTECHNOLOGY,KNOWLEDGE,ANDEMPLOYMENTTOTHESECOUNTRIESBUTALSOOPENEDNEWMARKETSFORTHEMONEOFTHEMOSTIMPORTANTDETERM
10、INANTSOFFDIFLOWSTOACOUNTRYISTHEQUALITYOFITSINSTITUTIONALFRAMEWORKACCORDINGTOPEJOVICH1990,P2534,THEREARETHREEBASICINSTITUTIONSTHATDEFINETHENATUREOFTHECAPITALISTSYSTEMPRIVATEPROPERTYRIGHTS,THELAWOFCONTRACTS,ANDASTRONGBUTLIMITEDGOVERNMENTTHEPOSITIVEIMPACTTHATPROPERTYRIGHTSPROTECTIONANDTHERESPECTOFCONTR
11、ACTSHAVEFORAMARKETECONOMYHASBEENEMPIRICALLYCONFIRMEDBYMANYAUTHORSEG,LAPORTAETAL1999,2000POURNARAKISANDVARSAKELIS2004ALSO,THEIMPORTANCEOFTHELEGALSYSTEMHASBEENDEMONSTRATEDINASERIESOFARTICLESLAPORTAETAL1997,1998PISTORANDXU2002TRANSITIONECONOMIESREPRESENTAVERYSUITABLENATURALEXPERIMENTALMODELFORSTUDYINGT
12、HEIMPACTOFINSTITUTIONALQUALITYIMPROVEMENTSONECONOMICDEVELOPMENTINGENERALNORTH2005ANDSPECIFICALLYONFOREIGNCAPITALINFLOWSTHECHANGEOFTHEECONOMICSYSTEMINFORMERSOCIALISTCOUNTRIESINCLUDEDASIGNIFICANTINSTITUTIONALCHANGEWHICHALLOWS3RESEARCHERSTOECONOMETRICALLYTESTTHEIMPORTANCEOFINSTITUTIONSFORSEVERALAREASOF
13、ECONOMICLIFEFORTRANSITIONECONOMIES,THERELATIONBETWEENINSTITUTIONALCHANGESANDFOREIGNCAPITALINFLOWSHASSOFARNOTBEENCOMPREHENSIVELYANALYSEDBANIAKETAL2005EXAMINEDTHEGENERALDETERMINANTSOFFDIINTRANSITIONECONOMIESTHEREHAVEALSOBEENSTUDIESABOUTTHEINFLUENCEOFVARIOUSREGULATORYINSTITUTIONSONTHEPERFORMANCEOFPARTI
14、CULARSEGMENTSINSOMETRANSITIONECONOMIESGLAESERETAL2001,FOREXAMPLE,COMPAREDTHEPOLISHANDCZECHCAPITALMARKETDEVELOPMENTSTHEQUALITYOFREGULATIONWASSHOWNTOBEVERYIMPORTANTFORTHEDEVELOPMENTOFPOLISHCAPITALMARKETSBEVANETAL2004EXTENSIVELYSTUDIEDTHEIMPORTANCEOFTHEINSTITUTIONALENVIRONMENTFORFDIONTHEBASISOFTHETRANS
15、ITIONALINDICATORSBYTHEEUROPEANBANKFORRECONSTRUCTIONANDDEVELOPMENTEBRDFOCUSINGONTHETYPEOFOWNERSHIP,BANKINGSECTORREFORM,FOREIGNEXCHANGEANDTRADELIBERALIZATION,ANDLEGALDEVELOPMENTTHEYFOUNDASTRONGRELATIONSHIPBETWEENFORMALINSTITUTIONALDEVELOPMENTANDFDIALSOGROGANANDMOERS2001FOCUSEDONTHEIMPORTANCEOFINSTITUT
16、IONALQUALITYFORFDIONTHEBASISOFEBRDDATAANDFOUNDTHATESPECIALLYTHEROLEOFTHESTATEISIMPORTANTFRENKELETAL2004STUDIEDBILATERALFDIFLOWSTOEMERGINGMARKETSBYFOCUSINGONAGRAVITYMODELBUTFOUNDTHATTHECOUNTRYRISKMEASUREDBYEUROMONEYRISKRATINGISALSOIMPORTANTFORFDIFLOWSSMARZYNSKAJAVORCIK2004STUDIEDTHEIMPORTANCEOFINTELL
17、ECTUALPROPERTYINVESTORSAREHEAVILYDETERREDBYPOORPROTECTIONOFPROPERTYRIGHTSESPECIALLYINTHETECHNOLOGICALLYINTENSIVESECTORSWEEXTEND,ORSUPPLEMENT,THEPRECEDINGANALYSESINSEVERALASPECTSFIRST,WEPROVIDEACOMPREHENSIVERATIONALIZATIONOFTHEIMPORTANCEOFFOREIGNCAPITALFORECONOMICGROWTHINTRANSITIONECONOMIESVIATHEEXPO
18、RTLEDMODELOFGROWTHSECOND,THEANALYSISOFTHEPOTENTIALIMPACTOFINSTITUTIONSONFDIINTRANSITIONECONOMIESISBASEDONTHEHERITAGEFOUNDATIONDATA,WHICHDIFFERFROMTHEEBRDDATATENAREASOFINSTITUTIONALQUALITYAREINSPECTEDANDEVALUATEDTHEOVERALLINDEXOFINSTITUTIONALQUALITYCOMPRISESALLTENSUBAREASDATACONFIRMTHEIMPORTANCEOFINS
19、TITUTIONALQUALITYTHEARTICLETHUSPROVIDESANADDITIONALCONFIRMATIONTHATINSTITUTIONSMATTERANDTHATTHEROBUSTNESSOFTHEIRIMPACTDOESNOTDEPENDONTHESOURCEOFTHEDATAANDTHECOMPOSITIONOFTHEINDEXOFINSTITUTIONALQUALITYTHEPAPERISSTRUCTUREDASFOLLOWSAFTERTHEPRESENTATIONOFDATAONFDIINTRANSITIONECONOMIES,WEANALYZETHEIMPORT
20、ANCEOFFOREIGNCAPITALFORECONOMICGROWTHINTRANSITION4THENWECONSIDERTHEPOTENTIALIMPACTOFVARIOUSASPECTSOFINSTITUTIONALFRAMEWORKINTRANSITIONECONOMIESAMORERIGOROUSECONOMETRICANALYSISFOLLOWS,ASSESSINGTHEQUALITYOFTHEINSTITUTIONALENVIRONMENTASADETERMINANTOFFDIINTRANSITIONECONOMIESFDIANDQUALITYOFINSTITUTIONALE
21、NVIRONMENTINTRANSITIONECONOMIESSTYLIZEDFACTSONFDIANDINSTITUTIONALENVIRONMENTQUALITYINOURANALYSISWERELIEDONTHEDEFINITIONBYTHEHERITAGEFOUNDATION1WHICHDESCRIBESTHEQUALITYOFTHEINSTITUTIONALENVIRONMENTINAGIVENECONOMYBY,EVALUATINGTENAREAS,EACHBEINGAWARDEDAGRADEONASCALEFROM1BESTTO5WORSTALLSUBGRADESARETHENU
22、SEDTOFORMANOVERALLINDEXOFINSTITUTIONALQUALITYTHEHERITAGEFOUNDATIONDATACOMBINEDWITHTHEFACTSONFDIINFLOWSTABLE2SEEMTOSUGGESTTHATTHEREISATHRESHOLDOFOVERALLINSTITUTIONALQUALITYATAROUND35THATTHEECONOMYMUSTENSURETOFACILITATEENOUGHSTABILITYANDCERTAINTYFORFOREIGNINVESTORSTOCOMEINMORESIGNIFICANTAMOUNTSBULGARI
23、AANDROMANIA,FOREXAMPLE,SIGNIFICANTLYIMPROVEDTHEIRINSTITUTIONALQUALITY,ESPECIALLYINTRADE,FISCALBURDEN,ANDMONETARYSTABILITYINTHELIGHTOFTHEPROCESSOFTHEIRACCESSIONTOTHEEU,WHICHISTAKINGPLACEIN2007,BOTHECONOMIESHAVEBEENVERYDEVOTEDTOREFORMSTHESEINSTITUTIONALREFORMSWERECRUCIALFORTHECHANGEINFOREIGNINVESTORSA
24、TTITUDEGIVENTHATPRIORTO2002,CEBECONOMIESWERERECEIVINGAROUND75OFALLFDITOTRANSITIONECONOMIESCHEAPLABOURANDGOODLOCATIONWEREQUALITIESTHATROMANIAANDBULGARIAWEREABLETOOFFERALSOINTHEMID1990S,BUTINSTABILITY,UNCERTAINTY,ANDLACKOFREFORMSINCLUDINGPRIVATIZATIONKEPTINVESTORSAWAYFROMTHEMONCETHEINSTITUTIONALCIRCUM
25、STANCESCHANGED,THEPREFERENCESOFINVESTORSCHANGED,TOOTHEFIRSTIMPRESSIONOBTAINEDFROMTHEABOVEDATAISTHATBETTERINSTITUTIONALFRAMEWORKRAISESFDIINFLOWSTHISWOULDMEANTHATBESIDEITSDIRECTINFLUENCEONTHEECONOMICPERFORMANCEOFACOUNTRYMOERS2002,KNACKANDKEEFER1995,INSTITUTIONALQUALITYALSOAFFECTSTHEECONOMYINDIRECTLY,T
26、HROUGHITSIMPACTONTHELEVELSOFFDIITTHUSWOULDBEWISETOEXAMINETHEEXTENTOFTHISIMPACTANDINCORPORATETHEFINDINGSINTOADEVELOPMENTSTRATEGYEMPIRICALANALYSISOFTHEIMPORTANCEOFINSTITUTIONALQUALITYFORFDITHEEMPIRICALANALYSISWASCARRIEDOUTINTWOSTEPSFIRSTTHEIMPORTANCEOFTHEINSTITUTIONALENVIRONMENTFORFDIWASCONFIRMEDBYASI
27、MPLECORRELATIONANALYSISTAKINGINTOACCOUNTVARIOUSASPECTSOFINSTITUTIONALQUALITYTHENASETOFNEWVARIABLESWASOBTAINED5FROMTHEMOSTIMPORTANTINSTITUTIONALASPECTSBYTHEPRINCIPALCOMPONENTMETHOD,ANDTHESEVARIABLESWEREUSEDINAPANELDATAANALYSISTODETERMINETHESIGNIFICANCEOFINSTITUTIONSFORFDIANDTOTAKEINTOACCOUNTALSOSOMEO
28、THERIMPORTANTVARIABLESLIKELABOURCOSTANDLOCATIONTHEIMPORTANCEOFVARIOUSINSTITUTIONALASPECTSWASEXAMINEDBYACORRELATIONANALYSISBETWEENFDIANDCOMPONENTSOFTHEHERITAGEFOUNDATIONINDEXDESPITEITSSIMPLICITY,CORRELATIONISNONETHELESSILLUSTRATIVE,SINCEITEXPOSESTHOSEAREASOFINSTITUTIONALENVIRONMENTTHATHAVETHEHIGHESTC
29、ORRELATIONSWITHFDIITISREASONABLETOBELIEVETHATTHESEAREALSOTHEINSTITUTIONALASPECTSTHATREPRESENTANINDICATOROFFDICLIMATEORFDIFRIENDLINESSFORFOREIGNINVESTORSTHEANALYSISCOVEREDASPANOF8YEARS19952002IN24TRANSITIONECONOMIESTHEMOSTIMPORTANTFACTORSTURNEDOUTTOBEREGULATION,PROPERTYRIGHTSPROTECTION,ANDTHEPRESENCE
30、OFABLACKMARKETTHEAREAOFCAPITALFLOWSANDFOREIGNINVESTMENTINTHISAREATHEHERITAGEFOUNDATIONSUBINDEXEVALUATESVARIOUSRESTRICTIONSREGARDINGCAPITALTRANSFERSWASFOURTH,FOLLOWEDBYWAGESANDPRICESTHESTABILITYOFTHERULESOFTHEGAMEANDTHEABILITYTOENFORCETHESERULESTOPROTECTPROPERTYRIGHTSAREEXPECTEDTOBETHEMOSTIMPORTANTFO
31、RFOREIGNINVESTORSUNLESSPROPERTYRIGHTSAREPROTECTEDINTHEECONOMYANDFEAROFNATIONALIZATIONISEXCLUDED,FOREIGNCAPITALWILLGOTOADIFFERENTECONOMYWHATISINTERESTINGISTHERELATIVELYLOWRANKINGOFTHEAREAOFCAPITALMOBILITYITWOULDBEREASONABLETOEXPECTTHATPOTENTIALINVESTORSCONSIDERTHEDEVELOPMENTOFCAPITALMARKETSCORRELATIO
32、NANALYSISINDICATESTHATFOREIGNINVESTORSCAREMOSTLYABOUTTHELEGALASPECTSOFTHEECONOMYBUTTHISDOESNOTMEANTHATOTHERFACTORSARENOTIMPORTANTTOINCLUDEOTHERFACTORSINTHEANALYSIS,TOGETHERWITHINSTITUTIONALQUALITY,WECREATEDANEWVARIABLEFDIFACT,USINGALLTHEFIVEAREASWITHHIGHESTCORRELATIONSWITHFDIPROPERTYRIGHTSPROTECTION
33、,REGULATIONQUALITY,FDIENVIRONMENT,THEEXTENTOFTHEBLACKMARKET,ANDWAGESANDPRICESDETERMINATIONTHENEWVARIABLEWASFORMEDBYPRINCIPALCOMPONENTANALYSISANDWASINTENDEDTOPRESENTTHEOVERALLINSTITUTIONALQUALITYRELEVANTFORTHEFDICLIMATEINACOUNTRYTHEREARESEVERALOTHERFACTORSTHATAFFECTFDIFLOWSBESIDEINSTITUTIONALQUALITYL
34、OCATION,LABOURCOSTS,ANDHUMANCAPITAL,ETCTOEXTRACTTHEIMPACTOFTHEOVERALLINSTITUTIONALQUALITYONFDI,APANELDATAANALYSISMUSTBERUNOURTESTWASPERFORMEDONTHEHERITAGEFOUNDATIONDATASETCOVERINGAGAINASPANOF8YEARS19952002FOR246TRANSITIONALCOUNTRIESTHEPANELDATAANALYSISWASBASEDONAGENERALTOSPECIFICAPPROACH,SUGGESTEDBY
35、BERGETAL1999DESPITEAVASTLITERATUREONFACTORSTHATMIGHTBEIMPORTANTFORFDIINFLOW,TRANSITIONISANUNPRECEDENTEDPROCESSANDTHEREAREHARDLYANYMODELSONFDIINTRANSITIONECONOMIESWECONSIDEREDANUMBEROFVARIABLES,SUGGESTEDBYEMPIRICALRESEARCHES2MARKETSIZEPROXIEDBYGDPPERCAPITA,POPULATION,LABOURCOST,TRADEBARRIERSANDOPENNE
36、SSPROXIEDBYTHEINSTITUTIONALVARIABLEFORFOREIGNTRADE,GROWTHRATE,TRADEDEFICITASPERCENTINGDP,EXCHANGERATE,TAXESPROXIEDBYINSTITUTIONALVARIABLEGOVERNMENTANDTAXES,INITIALCONDITIONSPROXYINITIALGDP,SHAREOFINDUSTRY,CHANGEINTHESHAREOFINDUSTRY,INSTITUTIONALVARIABLEOVERALLINSTITUTIONALQUALITY,DUMMIESFORECONOMIES
37、THATMIGHTSERVEASABASEFORFURTHERPROGRESSTOWARDSTHEEASTLIKEHUNGARY,SLOVENIA,ANDPOLAND,DUMMIESFORGROUPS,DUMMIESFORTHEPREVAILINGTYPEOFPRIVATIZATION,3ANDREGIONALDUMMIESMAXIMUMLIKELIHOODESTIMATIONWASUSEDSINCETHEOBJECTIONOFCOUNTRYSPECIFICEFFECTSANDTHEUSEOFFIXEDEFFECTSMIGHTBEPOSSIBLE,ANUMBEROFDUMMIESWERETES
38、TEDTOAVOIDTHISPROBLEMCONCLUSIONTHEANALYSISHASSHOWNTHATFDICANASSISTINTHEPROCESSOFECONOMICGROWTHOFTRANSITIONECONOMIESITHASALSOCONFIRMEDTHATTHEQUALITYOFTHEINSTITUTIONALENVIRONMENTOFTRANSITIONECONOMIESSIGNIFICANTLYINFLUENCESTHEINFLOWOFFOREIGNCAPITALTHEANALYSISREGARDINGTHEIMPACTOFINSTITUTIONALENVIRONMENT
39、ONFDIWASCARRIEDOUTINTWOPHASESFIRST,THERESULTSOFTHECORRELATIONANALYSISUSINGTHEHERITAGEFOUNDATIONDATAASANINDICATOROFINSTITUTIONALQUALITYSHOWEDTHATREGULATION,PROPERTYRIGHTSPROTECTION,ANDBLACKMARKETHADTHESTRONGESTIMPACTONFDIFDIENVIRONMENTWASFOURTH,FOLLOWEDBYTHEWAGESANDPRICESINDEXBYDIVIDINGTHEANALYSEDECO
40、NOMIESINTOTWOGROUPS,ITWASSHOWNTHATTHEECONOMIESWITHAHERITAGEFOUNDATIONINDEXOF35ORLESSHADRECEIVEDONAVERAGEFIVETIMESTHEAMOUNTOFFDIPERCAPITAINFLOWOFTHEGROUPWITHPOORERINSTITUTIONALFRAMEWORK,IE,WITHAHERITAGEFOUNDATIONINDEXGREATERTHAN35TOISOLATETHEIMPORTANCEOFINSTITUTIONSFROMTHEIMPACTOFOTHER,ESPECIALLYECON
41、OMICFACTORS,APANELDATAANALYSISWASRUNITCONFIRMEDTHATTHEQUALITYOFTHEOVERALLINSTITUTIONALFRAMEWORKWASAMONGTHEFACTORSTHATINTHEANALYZEDPERIODHADASIGNIFICANTIMPACTONTHELEVELOFFDIINTRANSITIONECONOMIESOTHERVARIABLESTHATPROVEDTOHAVEHADASTATISTICALLYSIGNIFICANTINFLUENCEWEREBUDGETDEFICIT,7INSIDERPRIVATIZATION,
42、ANDLABOURCOSTPERHOURALSOTHEEUACCESSIONDUMMYHADANIMPACTASFARASTHEPOLICYIMPLICATIONSARECONCERNED,THERESULTSOFTHEANALYSISPOINTTOTHEROLEOFTHESTATEASANINSTITUTIONBUILDERINTHISROLETHEGOVERNMENTSOFTRANSITIONALCOUNTRIESSHOULDFOCUSPRIMARILYONCREATINGAGOODLEGALSYSTEMPRIVATEPROPERTYRIGHTSPROTECTIONANDTHERULEOF
43、LAWHAVETURNEDOUTTOBECRUCIALFORATTRACTINGFOREIGNINVESTORSINTHEPASTDECADE,MOSTFDIHASFLOWNTOTHOSETRANSITIONECONOMIESTHATMANAGEDTOESTABLISHANEFFICIENTANDTRANSPARENTLEGALSYSTEMANDHADRELATIVELYSTABLEPOLITICALANDECONOMICCONDITIONSONLYTHEECONOMIESWITHRICHNATURALRESOURCESSEEMTOBEANEXEMPTIONTOTHISRULE未完译文8外商直
44、接投资与制度环境在转型经济体中的作用研究ANDREJSUJAN引言我们分析外商直接投资与制度环境的质量之间的过度经济关系。通过分析我们确定各种制度层面的外商直接投资资本的流入对环境是有重大影响的。为了将制度环境的重要性与其它的一些影响因素相分离，本文运用面板数据进行了分析，所用的是19952002年期间的24个转型经济体的数据。分析结果表明，在观察期间，制度环境的质量显著地影响着外商直接投资在经济转型期间的投资水平。同时，其它的几个因素也被证明有着显著影响。外商直接投资被人们普遍认为是对新兴市场经济发展有着重大贡献的经济因素。而且，外商直接投资对于跨国公司来讲也是至关重要的。因此，无论是发达国
45、家还是发展中国家，它们的经济体都是鼓励外商直接投资。外商直接投资的正外部性对东道国的经济来讲是非常重要。外商直接投资对经济的增长有着积极地影响，这一点在此已经得到证实。（例如，LUNN1980，SCHNEIDER和FREY1985，CARKOVIC和LEVINE2002）。一、外商直接投资与制度环境经济外商直接投资对经济增长的贡献是通过多种渠道的。首先，他们希望通过资本的积累，也就是将更多的投入纳入生产的过程中，与此同时会有大范围的中间产品产生。其次，外商直接投资是一个重要的技术变革资源和人力资本资源（BUCKLEYETAL2002）。不仅如此，外商直接投资还是导致技术扩散的原因（LUCAS1
46、993A，B；BORENSZTEINETAL1998）。外商直接投资对经济转型来说是特别重要的。原因在于，这些经济体有相对充足的人力资源但是他们缺乏技术和资金，这些技术和资金都是刺激经济增长的重要因素（ALEKSYNKA2003；BILINGTON1999，BEVAN和ESTRIN2000）。跨境资本流动是成功的重要过渡。尽管在过去的15年里，有许多转型经济体的负面经验，记录了外国快速营利者和资产剥离者，同时也显示了外商直接投资实际上是对经济增长起了重大贡献的。在收到大量的外国资本后（例如，斯洛伐克，罗曼尼亚和保加利亚）最近开始出现了很高的增长率。在相当程度上可以解释为这种增长是由出口导向型经
47、济模型导致的，因为外商直接投资对东道国来讲，不仅能带来9新的技术，知识和就业机会，而且这些国家也会为他们开辟了新的市场。外商直接投资是流入一个国家的体制框架的质量的最重要的决定因素之一。通过PEJOVICH（1990，P2534），有三个基本的机构，它们定义了资本主义制度的性质1、私有财产权，2、合同法，3、极其强大的政府。财产权的保护和对合同的尊重对这个经济市场具有积极地正面影响，这一点已经被很多学者所证实（例如，LAPORTA等人，1999年，2000年。POURNARAKIS和VARSAKELIS2004年）。此外，法律体系的重要性已经在一系列文章中被证实（LAPORTA等人1997年，
48、1998年；PISTOR和徐2002）。转型期经济体代表对外国资本流入的制度质量的改善和对经济的发展的影响。经济体制的变化象征着前社会主义国家的一个重要的制度变迁，这个变迁允许研究人员对经济生活的多个重要领域和机构进行计量经济测试。对于经济体制的转型，制度的变迁和外资的流入之间是存在关系的，这至今都没有得到全面的分析。BANIAK等人在2005年研究了外商直接投资的转型经济的一般决定因素。有研究表示各监督机构在一些转型经济特定部门的业绩的影响下得到改善。例如GLASESER等人在2001年将波兰和捷克资本市场的发展进行了对比。质量的监管被证明是波兰资本市场发展的重要因素。贝文等人在2004年广
49、泛的研究了外商直接投资对欧洲银行的复兴和开发的作用，专门针对所有权，银行部门进行改革，在外汇和贸易自由化的类型和法律的过渡性指标的基础上，体制环境发展是有重要作用的。他们发现了正式机构和外商直接投资之间存在着一个牢固的关系。此外，GROGAN和MOERS在2001年把焦点聚集在制度质量的重要性上。从对外商直接投资的欧洲复兴开发银行数据的例子上看，发现一个国家的作用是非常大的，而且也是非常重要的。弗兰克尔等人在2004年研究了双边外商直接投资的资金流向在新兴的市场上是个重力模型的重点。但是同时也发现了该国的风险欧洲货币风险的评级衡量中外商直接投资是相当重要SMARTZYNSKAJAVORCIK在2004年研究了知识产权保护对外商直接投资在经济转型中起到的重要作用。同时也发现外商投资者在产权保护上的意识相对较弱时，特别是技术密集型的行业，会使得外商投资者望而却步。外商投资者的兴趣在转型期经济体过渡进程中已经被激发。在1989年到2003年间，总的净资本流入有2200亿美元（欧洲复兴开发银行2004年B，第45页）。总净私人资本的流动在扩大，从1989年的62亿美元到2002年，已经超过了360亿美元（欧洲复兴开发银行2004年A，第11页）。平均而言，2002年和2003年的外商直接投资总额已经在GDP中占了5。这里有些明显的例外斯洛伐克，16（2002年）
