1、中文 1320 字， 2225 字 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 inv
2、estment FDI for 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 mo
3、st open economy 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
4、 in the world. 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 developme
5、nt strategy 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 infrastructu
6、re development 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 Japa
7、nese-style 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 governmen
8、t has intervened 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.Since foreign-owned and joint-venture firms have accounted for such large shares of total inve
9、stment in 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 t
10、he extent 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
11、of several 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 muc
12、h as 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.
13、Three 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
14、of the 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 Singa
15、pore. 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
16、 have 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
17、market 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
18、 largely 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
19、 near 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
20、 food products. Starting in the mid-1970s, the governments in Indonesia, Malaysia, Thailand and the Philippines instituted policies to encourage the upgrading of their natural resources and agricultural products prior to export. These policies included incentives for investment in natural resource u
21、pgrading, 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
22、 some 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 qu
23、arter 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
24、assets. 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 pop
25、ulation 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 atwide range in the foreign ownership share in Singapores manufacturing s
26、ector. 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 cent 97 pe
27、rcent 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 used by Dunning 1
28、985 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 many determinants
29、 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 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.
