日本在中国外商直接投资的区位因素研究外文翻译.docVIP

外文翻译 原文 Locational Determinants of Japanese Foreign Direct Investment in China Material Source: Asia Paci?c Journal of Management, 19, 63–86, 2002 c 2002 Kluwer Academic Publishers. Manufactured in The Netherlands. Author：ANDREW DELIOS CHANGHUI ZHOU 2. Background on FDI in China Foreign investment in China has a long history. In the early 1900s, British, French, German and Russian ?rms were the most active foreign investors in China. Collectively, ?rms from these countries accounted for nearly 90 percent of all foreign investment in China in 1902 (Wu, 1958). The importance of these nations as foreign investors in China declined in the next forty years as the nominal value of Japanese investment in China grew from a low position of US $53 million (3.5 percent of the total value of FDI in China in 1902) to US $6,829 million in 1944. The latter ?gure represented 75 percent of all foreign investment in China in 1944. It marked the peak value of investment in China during Japan’s occupation of China (Wu, 1958). Notable about foreign investment during this period is the relative absence of joint ventures, and its concentration in Shanghai and the northern provinces of China (Hayter and Han, 1997). Between 1949 and 1976, China followed its economic strategy of self-reliance. After the institution of the Act of Joint Venture Enterprises in 1979, which formally re-opened China’s doors to FDI, foreign investment began to resume. The Act mandated that foreign ?rms take a minimum equity share of 25 percent in foreign invested enterprises, but it did not prescribe a maximum. As well, in the original Act, foreign investment was limited to four Special Economic Zones (SEZs): Shantou, Shenzhen, Xiamen and Zhuhai. The ?fth SEZ, Hainan, was added in 1988 (see Table 1). In these SEZs, a variety of FDI incentives were promoted. For example, a two-year tax holiday was granted to foreign subsidiaries on the ?rst two-years of pro?table operations; the thir