1、南 京 工 程 学 院 毕业设计文献资料翻译 （原文及译文） 原文名称： Foreign Direct Investment in China and East Asia 课题名称 : 中国和东亚的外商直接投资 学生姓名： 学 号： 指导老师： 所在系部： 经济管理学院 专业名称： 国际经 济与贸易 2011 年 3 月 南 京 原文： Foreign Direct Investment in China and East Asia Recent Policy Concerns It is not hard to find various analysts, commentators and
2、policymakers in Asia who have voiced concerns about the emergence of China and that China is adversely affecting direct investment flows into their economies. In November 2002, Singaporean Deputy Prime Minister Lee Hsien Loong (who has since become the Prime Minister of Singapore) commented that “So
3、utheast Asian countries are under intense competitive pressure, as their former activities, especially labor-intensive manufacturing, migrate to China. One indicator of this massive shift is the fact that Southeast Asia used to attract twice as much foreign direct investment as Northeast Asia, but t
4、he ratio is reversed.” (ChinaOnline November 14, 2002). According to KOTRA, the state-run trade and investment promotion agency of the Republic of Korea, the rate of foreign direct investment in most Asian countries is falling as global investors are being drawn to invest in China (Republic of Korea
5、 Times August 27, 2002). World Economic Forum director for Asia, Frank J. Richter, said if the Asian countries do not take prudent and pragmatic steps to be as competitive as China, the foreign direct investment flows into these economies would be adversely affected (New Straits Times-Management Tim
6、es March 9, 2002). Furthermore, Taiwans Vice Premier Lin Hsin-I said that facing the rapid rise of the Mainland Chinese economy, Taiwan would have to take effective measures to increase its competitiveness. Taiwan has to implement the “go south” policy to encourage Taiwan to switch their investments
7、 from the Mainland to Southeast Asian countries (Taiwanese Central News Agency November 21, 2002). Is Chinas FDI policy a friend or an enemy to its Asian neighbors? What determines foreign direct investment flows into the Asian and other economies? Is there a “China Effect”? To get some insights as
8、to what methodology we should pursue, we now look at selectively some relevant academic literature. Brainard (1997) empirically examines the determinants of the ratio of U.S. export sales to total foreign sales (the sum of export sales by sales by foreign affiliates) by industry. She uses a framewor
9、k of focusing on factors that favor concentration of production (i.e. favoring exports) vs. proximity to overseas customers (i.e. favoring sales by foreign affiliates). The explanatory variables include freight costs to the export market, tariffs of the host country, per capita gross domestic produc
10、t, corporate tax rates, measures of trade and foreign direct investment openness, measures of plant scale economies and corporate scale economies. She also adds a dummy representing whether a country has a political coup in the last decade. In her random effects estimation, almost all the variables
11、have the right signs and are significant. The major exception is the corporate tax rates, which has the opposite sign as predicted. Gastanaga, Nugent and Pashamova (1998) focus on policy reforms in developing countries as determinants of foreign direct investment inflows. They employ both ordinary l
12、east squares as well as panel estimations. The expected rates of growth, the corporate tax rates, the degree of corruption and the degree of openness to foreign direct investment are all important determinants of foreign direct investment flows into these economies. Hines (1995) and Wei (1997) both
13、examine the impact of institutional factors on foreign direct investment. By employing a corruption index, Hines shows that after 1977, U.S. foreign direct investment grew faster in less corrupt countries. Wei (1997) uses OECD direct investment data and shows that both corruption and tax rates have negative effects on foreign direct investment flows. Weis estimations are cross-sectional.
