FDI-国际直接投资.ppt

Gross fixed capital formation - the total amount of capital invested in factories, stores, office buildings, and the like all else being equal, the greater the capital investment in an economy, the more favorable its future prospects are likely to be FDI can be seen as an important source of capital investment and a determinant of the future growth rate of an economy The Direction of FDI Since World War II, the U.S. has been the largest source country for FDI Other important source countries - the United Kingdom, the Netherlands, France, Germany, and Japan these countries also predominate in rankings of the world’s largest multinationals The Direction of FDI 50% 70% 80% Figure 7.5: Cumulative FDI Outflows ($ billions), 1998 - 2008 The Direction of FDI The Form of FDI Most cross-border investment involves mergers and acquisitions rather than greenfield investments Acquisitions are attractive because they are quicker to execute than greenfield investments it is easier and less risky for a firm to acquire desired assets than build them from the ground up firms believe they can increase the efficiency of an acquired unit by transferring capital, technology, or management skills Theories of FDI Question: Why do firms prefer FDI to either exporting (producing goods at home and then shipping them to the receiving country for sale) or licensing (granting a foreign entity the right to produce and sell the firm’s product in return for a royalty fee on every unit that the foreign entity sells)? Answer: To answer this question, we need to look at the limitations of exporting and licensing, and the advantages of FDI 1. Limitations of Exporting - an exporting strategy can be limited by transportation costs and trade barriers when transportation costs are high, exporting can be unprofitable foreign direct investment may be a response to actual or threatened trade barriers such as import tariffs or quotas Theories of FDI Theories of FDI 2. Limitations of