國際貿(mào)易外文翻譯---中國和東亞的外商直接投資-國際貿(mào)易(已修改)
2025-02-04 08:25 本頁面
【正文】 南 京 工 程 學(xué) 院 畢業(yè)設(shè)計(jì)文獻(xiàn)資料翻譯 （原文及譯文） 原文名稱： Foreign Direct Investment in China and East Asia 課題名稱 : 中國和東亞的外商直接投資 學(xué)生姓名： 學(xué) 號： 指導(dǎo)老師： 所在系部： 經(jīng)濟(jì)管理學(xué)院 專業(yè)名稱： 國際經(jīng) 濟(jì)與貿(mào)易 2021 年 3 月 南 京 原文： Foreign Direct Investment in China and East Asia Recent Policy Concerns It is not hard to find various analysts, mentators and policymakers in Asia who have voiced concerns about the emergence of China and that China is adversely affecting direct investment flows into their economies. In November 2021, Singaporean Deputy Prime Minister Lee Hsien Loong (who has since bee the Prime Minister of Singapore) mented that “Southeast Asian countries are under intense petitive pressure, as their former activities, especially laborintensive manufacturing, migrate to China. One indicator of this massive shift is the fact that Southeast Asia used to attract twice as much foreign direct investment as Northeast Asia, but the ratio is reversed.” (ChinaOnline November 14, 2021). According to KOTRA, the staterun trade and investment promotion agency of the Republic of Korea, the rate of foreign direct investment in most Asian countries is falling as global investors are being drawn to invest in China (Republic of Korea Times August 27, 2021). World Economic Forum director for Asia, Frank J. Richter, said if the Asian countries do not take prudent and pragmatic steps to be as petitive as China, the foreign direct investment flows into these economies would be adversely affected (New Straits TimesManagement Times March 9, 2021). Furthermore, Taiwan’s Vice Premier Lin HsinI said that facing the rapid rise of the Mainland Chinese economy, Taiwan would have to take effective measures to increase its petitiveness. Taiwan has to implement the “go south” policy to encourage Taiwan to switch their investments from the Mainland to Southeast Asian countries (Taiwanese Central News Agency November 21, 2021). Is China39。s FDI policy a friend or an enemy to its Asian neighbors? What determines foreign direct investment flows into the Asian and other economies? Is there a “China Effect”? To get some insights as to what methodology we should pursue, we now look at selectively some relevant academic literature. Brainard (1997) empirically examines the determinants of the ratio of . export sales to total foreign sales (the sum of export sales by sales by foreign affiliates) by industry. She uses a framework of focusing on factors that favor concentration of production (. favoring exports) vs. proximity to overseas customers (. favoring sales by foreign affiliates). The explanatory variables include freight costs to the export market, tariffs of the host country, per capita gross domestic product, corporate tax rates, measures of trade and foreign direct investment openness, measures of plant scale economies and corporate scale economies. She also adds a dummy representing whether a country has a political coup in the last decade. In her random effects estimation, almost all the variables have the right signs and are significant. The major exception is the corporate tax rates, which has the opposite sign as predicted. Gastanaga, Nugent and Pashamova (1998) focus on policy reforms in developing countries as determinants of foreign direct investment inflows. They employ both ordinary least squares as well as panel estimations. The expected rates of growth, the corporate tax rates, the degree of corruption and the degree of openness to foreign direct investment are all important determinants of foreign direct investment flows into these economies. Hines (1995) and Wei (1997) both examine the impact of institutional factors on foreign direct investment. By employing a corruption index, Hines shows that after 1977, . foreign direct investment grew faster in less corrupt countries. Wei (1997) uses OECD direct investment data and shows that both corruption and tax rates have negative effects on foreign direct investment flows. Wei’s estimations are crosssectional. The Empirical Model In this section we provide an empirical model to estimate the impact of China on the inward direct investment of various Asian economies. The economies we examine include Hong Kong, Singapore, Taiwan, the Republic of Korea, Thailand, Malaysia, Philippines and Indonesia.3 The years examined in this analysis are from 1985 to 2021. The strategy here is to control for all the standard explanatory variables of foreign direct investment in the Asian economies. But we add an additional variable repres
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