發(fā)展中國家對外直接投資的決定因素【外文翻譯】

1、本科畢業(yè)設(shè)計（論文）外文翻譯ThedeterminantsofdirectfeigninvestmentindevelopingcountriesTheparticipationofdevelopingcountriesinthetotalinflowsofDirectFeignInvestment(FDI)hasvariedconsiderablyoverthelast25yearsincreasingfrom15%in1980to4

2、6%in1982levelingoffatslightlyover20%duringthelastfouryears.ItmustbepointedouthoweverthatthemotivesbehindtheseinternationalcapitalflowsarestillsubstantiallydifferentthanthoserelatedtotheinflowsofFDItodevelopingcountriesin

3、spiteofthechangesthathavetakenplaceoverthelastdecades.Fexamplethesearchfagriculturalmineralresourcesismuchlessimptanttodaythanitwasatthebeginningofthe20thcentury.Ontheotherhthecurrentmovementoftheseflowsisextremelycomple

4、xissubjecttoawidevarietyoffactsrelatedtothecompetitiveenvironmentinwhichthefirmsoperatetotheirspecificacteristicstoeconomicfactsinthehomehostcountries.Theobjectiveofthisarticleistoestimatebasedonpaneldatathemaindetermina

5、ntsofFDIindevelopingcountries.AsshallbeseenfactssuchasthesizerateofgrowthoftheproducttheavailabilityofskilledlabthereceptivityoffeigncapitalthecountryriskratingthebehaviofthestockmarketplayimptantrolesinFDI.Furthermebyap

6、plyingthecausalitytestinapaneldatacontextitwaspossibletodemonstratethenonexistenceofthewidelyheldbeliefthatdirectfeigninvestmenthasapositiveeffectupontheproduct.Howevertheprocedureusedtotestcausalityshowedtothecontraryth

7、atthisphenomenonactsintheoppositesensei.e.thatgenerallyitisthecountry’sproductthataffectsdirectfeigninvestment.Ourstudyisstructuredasfollows:inSection2weprovideareviewofthetheeticalliteraturedealingwiththedeterminantsofd

8、irectfeigninvestment.Inofdirectinvestmentsinsteadofthroughexpts.InananalogousmannerMNEwouldnotbewillingtolicenseproductiontolocalfirmsifthelocalfirmswereuncertainaboutthevalueofthelicenseiftheknowhowtransfercosts(propert

9、yrights)weretoohigh.Kindleberger(1969)slightlymodifiesHymer’sanalysis.InsteadofMNFbehavideterminingthemarketstructureitisthemarketstructure–monopolisticcompetitionthatwilldeterminetheconductofthefirmbyinternalizingitspro

10、duction.Caves(1971)alsodevelopsasimilaranalysisinwhichstructuredictatesconduct.FDIwillbemadebasicallyinsectsthataredominatedbyoligopolies.Ifthereisproductdifferentiationhizontalinvestmentsmaytakeplacei.e.inthesamesect.If

11、thereisnoproductdifferentiationverticalinvestmentswillbemadeinsectsthatarebehindintheproductivechainoffirms.TheexistenceofFDIisfurtherrelatedtotradebarriersasawayofavoidinguncertaintiesinsuppliesasawayofimposingbarrierst

12、onewfirmsontheexternalmarket.ThusthehypothesisofdirectinvestmentbeingdeterminedbyspecificassetsthatcompensatetheinitialdisadvantagefacedbyfeignfirmsinrelationtolocalfirmswentontobecometheHKCtraditionnamedafterHymerKindle

13、bergerCaves.MarkusenVenables(1995)developedamodelalongthesamelinecomparingtheimptanceofmultinationalfirmstofeigntrade.Thepresenceofmultinationalfirms(withregardtotrade)increasesascountriesbecomemesimilarintermsofincomein

14、termsoftherelativeallotmentoffactstechnology.AsecondlineofstudiesofthedeterminantsofFDIisbasedontheideaoftransactioncostinternalization.BuckleyCasson(1976)(1981)Buckley(1985)werethefirsttodevelopthishypothesisstartingwit

15、htheideathattheintermediateproductmarketsareimperfecthavinghighertransactioncostswhenmanagedbydifferentfirms.WhenmarketsareintegratedbyMNEthesecostswouldbeminimized.MNEhaveproprietaryassetswithregardtomarketingdesignspat