1、2000 单词， 1.1 万英文字符 ， 3300 字 出处： Marcelo Jos Braga Nonnenberg and Mrio Jorge Cardoso de Mendona. The determinants of direct foreign investment in developing countries .Brazilian Association of Graduate Programs in Economics, 2004: P61-80. 外 文 翻 译 The determinants of direct foreign investment in devel
2、oping countries The participation of developing countries in the total inflows of Direct Foreign Investment (FDI) has varied considerably over the last 25 years, increasing from 15% in 1980 to 46% in 1982, leveling off at slightly over 20% during the last four years. It must be pointed out, however,
3、 that the motives behind these international capital flows are still substantially different than those related to the inflows of FDI to developing countries, in spite of the changes that have taken place over the last decades. For example, the search for agricultural or mineral resources is much le
4、ss important today than it was at the beginning of the 20th century. On the other hand, the current movement of these flows is extremely complex, and is subject to a wide variety of factors related to the competitive environment in which the firms operate, to their specific characteristics, and to e
5、conomic factors in the home and host countries. The objective of this article is to estimate, based on panel data, the main determinants of FDI in developing countries. As shall be seen, factors such as the size and rate of growth of the product, the availability of skilled labor, the receptivity of
6、 foreign capital, the country risk rating, and the behavior of the stock market play important roles in FDI. Furthermore, by applying the causality test in a panel data context, it was possible to demonstrate the non-existence of the widely held belief that direct foreign investment has a positive e
7、ffect upon the product. However, the procedure used to test causality showed, to the contrary, that this phenomenon acts in the opposite sense, i.e., that generally it is the countrys product that affects direct foreign investment. Our study is structured as follows: in Section 2 we provide a review
8、 of the theoretical literature dealing with the determinants of direct foreign investment. In Section 3, we examine recent studies that analyze the relation between FDI and several economic factors. In section 4, we outline our model and the hypotheses to be tested, and present the results obtained
9、(ver original). The results are then analyzed in Section 5. In Section 6 we test the causality relation between foreign investment and product. Lastly, in Section 7, we present the conclusions of our study. The Determinants of FDI: Theory Overview In this section, we review the theoretical literatur
10、e dealing with the determinants of FDI. An aspect that stands out is that most of these studies emphasize factors that are specific to multinational firms, specifically those related to competition among the firms themselves and with local firms, with less attention being given to location factors.
11、Although the first theoretical studies of the determinants of FDI go back to Adam Smith, Stuart Mill and Torrens, one of the first to address the issue was Ohlin (1933). According to this author, direct foreign investment was motivated mainly by the possibility of high profitability in growing marke
12、ts, along with the possibility of financing these investments at relatively low rates of interest in the host country. Other determinants were the necessity to overcome trade barriers and to secure sources of raw materials. Hymer (1960) ushers in a new tradition in the study of multinational enterpr
13、ises (MNE). If MNE are able to compete with local firms that have a much better knowledge of the local and market and environment, it is because MNE present some sort of compensatory advantage, such as: 1、 imperfect competition, for example, as a result of a product differentiation 2、 imperfect comp
14、etition in the factor market, for example, access to patented or proprietary knowledge, discrimination regarding access to capital, or skill advantages 3、 internal or external economies of scale, including those arising from vertical integration 4、 Governmental intervention, i.e., restriction on imp
15、orts. With these advantages, MNE would prefer to supply the foreign market by way of direct investments instead of through exports. In an analogous manner, MNE would not be willing to license production to local firms if the local firms were uncertain about the value of the license or if the know-ho
16、w transfer costs (property rights) were too high. Kindleberger (1969) slightly modifies Hymers analysis. Instead of MNF behavior determining the market structure, it is the market structure monopolistic competition - that will determine the conduct of the firm, by internalizing its production. Caves
17、 (1971), also develops a similar analysis, in which structure dictates conduct. FDI will be made basically in sectors that are dominated by oligopolies. If there is product differentiation, horizontal investments may take place, i.e., in the same sector. If there is no product differentiation, verti
18、cal investments will be made, in sectors that are behind in the productive chain of firms. The existence of FDI is further related to trade barriers, as a way of avoiding uncertainties in supplies, or as a way of imposing barriers to new firms on the external market. Thus, the hypothesis of direct i
19、nvestment being determined by specific assets that compensate the initial disadvantage faced by foreign firms in relation to local firms went on to become the HKC tradition, named after Hymer, Kindleberger and Caves. Markusen and Venables (1995) developed a model along the same line, comparing the i
20、mportance of multinational firms to foreign trade. The presence of multinational firms (with regard to trade) increases as countries become more similar in terms of income, and in terms of the relative allotment of factors and technology. A second line of studies of the determinants of FDI is based
21、on the idea of transaction cost internalization. Buckley and Casson (1976) and (1981), and Buckley (1985) were the first to develop this hypothesis, starting with the idea that the intermediate product markets are imperfect, having higher transaction costs, when managed by different firms. When markets are integrated by MNE, these costs would be minimized. MNE have proprietary assets with regard to marketing, designs, patents, trademarks, innovative capacity, etc., whose transfer may be costly for being
