第十节国际资本流动(国际金融,上海金融学院).pptVIP

Chapter 10International Capital Movement 国际资本流动的含义和形式： 资本流出入与资本输出入: Type of International Capital Movement-1 Capital Movement 长期资本：到期期限在一年以上?。表现为： （1）证券资本：债券，股票和其他 （2）实物资本：厂房和 生产设备 长期资本的流动方式 国际直接投资（FDI）Foreign Direct Investment 国际证券投资 Foreign Security Investment 国际贷款 International Loan Foreign Direct Investment (FDI)--1 Definition: It is a kind of international capital flows in which a firm in one country creates or expands a subsidiary in another. The distinctive feature of FDI is that it involves not only a transfer of resources but also the acquisition of control. That is, the subsidiary does not simply have a financial obligation to the parent company; it is part of the same organizational structure. Foreign Direct Investment (FDI) 国际直接投资：一个国家的居民直接在另一个国家进行实物资本（厂矿企业）投资，并获得对投资对象的管理权。 Newly Establishment: e.g., agency, subsidiary, branch, buy-off, and multi-national company…. Share-holding: U.S.: those exceeding 10%; China: those exceeding 25% of the total share. (including B share) Reinvestment of profits retained: Though not expressed by the inflow and outflow sometimes. International Security Investment 国际证券投资(一种间接投资): 在国际证券 (债券或股票)市场上发行和买卖证券的投资行为。 国际证券投资与直接投资的区别： International Loan 1. Government Loan: 政府间的优惠贷款 (1) Agency for International Development (AID) 美国的国际开发署 (2) Overseas Economic Cooperation Fund (OECF) 日本企画厅下的海外经济协力基金 特点：期限长，带有捐赠性，也是贷款国带动出口的手段。 2. Loans from Institution: World Bank, and other regional institutions. 3. Other Loans: Export credit, Lease and bank loans Type of International Capital Movement-1 短期资本流动：期限为1年或1年以下； 形式为现金和各种票据； 4类短期资本流动 贸易资金 （国际结算） 银行资金（头寸调拨） 保值性资本（资本逃避）Capital Flight 投机性资本（Stabilizing Destabilizing Speculations) Incentives of International Capital Movement Maximum of profit and minimum of cost. (1) Cheap raw materials; (2) Low rent and wage; (3) Close to consumption; reduce transportation cost (4) Avoid tariff; (5) Technical i