外文翻译(金都花园房地产开发项目可行性应用研究).docVIP

毕业设计（论文） 外文翻译 题 目 金都花园房地产开发项目可行性研究 学 院 建筑与土木工程学院 专　 业 工程管理 班　　级 08工程管理本 学　 号 08115003202 学生姓名 陈佳锋 指导教师 马悠怡 温州大学教务处制 Determinants of US investment in real estate abroad Fariborz Moshirian *, Toan Pham School of Banking Finance, The Uni6ersity of New South Wales, Sydney, NSW 2052, Australia Received 22 January 1998; accepted 22 April 1999 Abstract：The purpose of this paper is to analyse and discuss those factors which are contributing to the expansion of US FDI in real estate. The empirical results of this model of FDI in real estate show that as US foreign financial liabilities increase, there is an accompanying increase in its FDI in real estate. This result is consistent with the study by Russekh, F., Ruffin, R.,1986. The role of foreign direct investment in US capital flows. Am. Econ. Rev. 76,1127–1130, who showed that US FDI abroad is a substitute for US financial assets. Furthermore, the empirical results indicate that as returns from the US stock market decline, there are more incentives for US investors to invest in foreign real estate. The empirical results also show that US financial wealth, US FDI in manufacturing and banking and US bilateral trade contribute positively to the expansion of US FDI in real estate. ? 2000Elsevier Science B.V. All rights reserved. Keywords: Real estate; Foreign direct investment; Stock market 1. Introduction Since the early 1980s, according to the World Investment Report (United Nations, 1997), world-wide flows of foreign direct investment (FDI) have grown at unprecedented rates, to reach a total outflow of about $420 billion in 1996. The annual average growth rate of FDI has been 33% between 1987 and 1996 which far exceeded that of merchandise exports (12%) and nominal GDP (12%). US FDI abroad is categorised into several industries. One of the categories of US FDI abroad is FDI in real estate, as opposed to FDI in manufacturing, banking, etc. While it is observ