韩国企业对外直接投资理论与分析外文翻译.docVIP

外文翻译 Foreign Direct Investments by Korean An Analysis with FDI Theories Firms Material Source: / Author: C.MIN Han and Thomas L.BREWER. Ownership Advantages of Korean Investors In order to examine the possession of ownership advantages of Korean firms, three specific propositions as listed above are discussed. First, it is postulated that Korean firms have a competitive advantage in technology over foreign competitors. An indication that they do lies in the importation of machinery by foreign affiliates from their parents. In fact, many Korean investors have exported machinery and turnkey plant projects as well as raw materials to their overseas affiliates. For example, a Korean cement mill was expected to sell over US$6 million of plant projects, while it invested US$1 million for 60 percent ownership of a cement mill to be established in the Philippines. A similar example is that of a plastic firm which put up its used machines in exchange for 55 percent ownership of a joint venture in Singapore: Overall, Korean manufacturing investors have exported approximately US$t00 million of machinery, plant, parts, and raw and intermediate materials, while total investments have amounted to US$28 million. Although the amount of exports includes the exports of raw materials, the figures strongly suggest a substantial element of Korean technology in new investments. These data thus indirectly support the ownership advantage theory that LDC investors transfer technology. Another important factor to be noted in examining the ownership advantages of Korean firm is Korean government policies. Government policies have increased cost-competitiveness of Korean firms in foreign markets. The government role is especially noteworthy in resource-based FDI and FDI by construction firms. Korea is heavily dependent on overseas natural resources. Resource imports, classified under SITC codes 2 or 3, comprise approximately 45 percent of Koreas total imports.2 Fuel imports in particular s