1985——2013年美国对外投资以及外国对美投资.pdf

July 2015 1 OTH OUTWARD and inward U.S. foreign direct investment continued to grow in 2014. The U.S. direct investment position abroad valued at historical cost grew 4.8 percent to $4,920.7 billion; the average annual growth rate in 2004–2013 was 9.0 percent (ta- ble A and chart 1). The foreign direct investment posi- tion in the United States valued at historical cost grew 5.3 percent to $2,901.1 billion; the average annual growth rate in 2004–2013 was 6.8 percent. This article presents details on the U.S. direct invest- ment positions on a directional basis by country and industry. On a directional basis, direct investment claims and liabilities are classified according to whether the direct investor is a U.S. resident or a for- eign resident. Outward investment occurs between a U.S. parent company and its foreign affiliates, and in- ward direct investment occurs between a foreign com- pany and its U.S. affiliates. In each case, the position measures the parent’s net financial claims on its affili- ates.1 The positions presented in this article are valued on a historical-cost basis rather than on a market-value or current-cost basis, because detailed statistics by coun- try and industry are available only on a historical-cost basis. (See the box “Alternative Measures of the Direct Investment Positions.”) On a historical-cost basis, po- sitions generally reflect prices at the time of the invest- ment rather than current prices. This valuation is 1. Aggregate estimates are also available on an asset/liability basis. Assets include U.S. parent and U.S. affiliate claims, and liabilities include U.S. par- ent and U.S. affiliate liabilities. For the latest estimates, see “The U.S. Net International Investment Position at the End of the First Quarter of 2015, Year 2014, and Annual Revisions,” SURVEY OF CURRENT BUSINESS 95 (July 2015). For more details on the difference between the directional basis and the asset/liability basis, see the box “Comprehensive Restructuri