1、2018 单词， 11400 英文字符， 3446 汉字 本科毕业论文外文翻译 外文题目： Macroeconomic determinants of outward foreign direct Investment 出 处： Kyrkilis D, Pantelidis P. Macroeconomic Determinants of Outward Foreign Direct InvestmentJ. International Journal of Social Economics, 2003, 30(7):827-836. 作 者： Dimitrios Kyrkil and Pan
2、telis Pantelidis Macroeconomic determinants of outward foreign direct investment Abstract The aim of this paper is to test the hypothesis that the outward foreign direct investment (FDI) position of countries may be considered as a function of country specific characteristics, such as income, exchan
3、ge rate, technology, human capital and openness of the economy. The model developed identifies the main determinants of outward FDI using time series data for five European Union members and four non-European Union countries. The model indicates that real gross national product is proved the most im
4、portant determinant of outward FDI. Developed European countries specialise in human capital intensive FDI, while non-European Union countries in technology intensive. Overall, the results verify that the outward FDI position of countries is influenced by national characteristics and that the same t
5、ype of endowments have different significance for different countries. Keywords: Foreign investment, Analysis, Economics Introduction Recent contributions to economic theory explaining the outward foreign direct investment (FDI) position of countries suggest that the mix of ownership (O), location (
6、L), internalisation (I) advantages of a countrys firms differentiates along the countrys course of economic development (Dunning, 1993, pp. 76-86； Dunning and Narula, 1996). If it is accepted that the propensity of a countrys firms to invest abroad is a function of their ability to acquire and utili
7、se internally income yielding assets, in the sense that the higher this ability is, the higher the degree of foreign involvement will be. If in turn this ability of firms is a function of assets, either natural, e.g. natural resources, unskilled labour or created, e.g. capital, technology, skilled l
8、abour, then the propensity of investing abroad can be hypothesised to be a function of such endowments, which are country specific, in the sense that different countries possess different natural endowments and create different technological and human capital assets through the adoption of different
9、 policies and the following of idiosyncratic evelopment courses. In the line of the above argument country specific assets are dynamic in character, evolving along the course of the countrys development, as the result of the interplay between policies, past levels of developments and actions of econ
10、omic agents. Firms may draw on the supply of these endowments in order to organise production efficiently, create their own advantages and be able to supply domestic and foreign markets. As the configuration of country-specific endowments change over time the firm specific ability to serve markets a
11、lso changes and so does the propensity to invest abroad. The aim of this paper is to test the hypothesis that the outward FDI position of countries may be considered as a function of country-specific characteristics, such as income, exchange rate, technology, human capital and openness of the econom
12、y. The model developed identifies the main determinants of outward FDI using time series data for nine countries. Five European Union (EU) members, namely France, Germany, Italy, The Netherlands and UK and four non-EU countries: Brazil, the Republic of Korea, Singapore and Argentina. The period of i
13、nvestigation is between 1977 and 1997. France, Germany, Italy, The Netherlands and the UK accounted for almost the 80.0 per cent of total EU outward FDI stock in 1997,the 83.3 per cent in 1990 and 93.0 per cent in 19801. Although Germany maintained a rather stable share around 20.0 per cent througho
14、ut the whole period, all other countries changed their shares with The Netherlands and the UK reducing it while France and Italy followed the opposite direction. Brazil, the Republic of Korea, Singapore and Argentina reduced their share of all developing countries outward FDI stock from 64.8 per cen
15、t in 1980 to 22.2 per cent in 1997 mainly due to the reduction of the Singapores participation to the total outward stock of FDI from developing countries2. Brazil also lost half of its share between 1980 and 1997, while Argentina and the Republic of Korea increased their own considerably in the sam
16、e period3. The model Dependent variable Annual FDI outflows. Independent variables Income. As the income of a country rises its economic structure changes and so does the mix of the countrys competitive advantages. A growing share of the gross national product (GNP) is accounted for by manufacturing
17、 and services, the capital intensity of production increases, demand patterns move towards the consumption of differentiated products and markets grow. The latter improves the realisation of economies of scale through specialisation, the introduction of new technology and greater volumes of output (
18、Chenery et al., 1986). Firms taking advantage of the country-specific agglomeration advantages develop their ownership advantages. For example, sophisticated demand patterns motivate firms, especially in consumer goods and services to differentiate products and improve their marketing expertise. Tha
19、t in turn may be a significant competitive advantage in establishing foreign production especially in markets with demand conditions requiring local product adaptation (Caves, 1971； Lall, 1980； Grubaugh, 1987). As firms accumulate ownership-specific advantages their propensity to undertake direct fo
20、reign production increases, especially if these advantages are intangible and thus better transferred abroad through the creation of an internal market rather than via an arms length type of transaction (internalisation advantages) (Dunning, 1993, pp. 76-86). The expectation is that higher income le
21、vels of a country are associated with greater outward FDI activity. Real GNP is proposed as the proxy for a countrys level of income and structural transformation. Interest rate. Foreign operations require significant commitment in capital, especially if they are undertaken in capital intensive sect
22、ors where production is characterised by extensive economies of scale, as the case is for most FDI. The capital abundance of the home country may form the necessary background for establishing large firms with adequate financial means and relatively easy access to capital markets. Capital abundance
23、is associated with relatively low interest rates, which in turn decrease the opportunity cost of capital. That may prove investments abroad profitable although there are risks and uncertainties associated with such investments. The hypothesis is that the lower the interest rate of the home country t
24、he higher the countrys propensity for outward FDI (Clegg, 1987； Prugel, 1981； Lall, 1980； Grubaugh, 1987). Exchange rate. Aliber (1970) argued that firms from countries with strong currencies are able to support financially their foreign investments in better terms than firms from countries with wea
25、k currencies. The appreciation of the home country currency lowers the capital requirements of foreign investments in domestic currency units enabling the investing abroad firm to raise capital easier than in the case of a depreciated currency. Besides, the home currency appreciation reduces the nom
26、inal competitiveness of exports, increasing that way the motive for choosing FDI as the mode of servicing foreign markets. A positive correlation between exchange rate and outward FDI is hypothesised and the effective exchange rate index of the home country is proposed as an approximation of the var
27、iable. Technology. The hypothesis that technological capability is positively related with FDI has received extensive theoretical and empirical support (Lall,1980； Prugel, 1981； Grubaugh, 1987； Clegg, 1987； Cantwell, 1981； Cantwell,1987； Pearce, 1989； Kogut and Chang, 1991； Dunning, 1993). The abili
28、ty to organise and undertake the production of technological inputs is a critical ownership competitive advantage yielding income for the possessing firm. Markets fail to optimise the returns on technological input transactions, especially if technology is information intensive (Buckley and Casson,
29、1976, 1985； Dunning, 1993). In that case the exploitation of technological intermediate goods across national boundaries is internalised by firms via FDI. The ability of firms to organise and produce technological inputs varies across countries according to characteristics such as the legal and patent systems, availability of inputs and skills necessary for the production of technology, market
