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e Mello, 1997, 1999。s economy. It influences the ine, production, prices, employment, economic growth, development and general welfare of the recipient country. It is also probably one of the most significant factors leading to the globalization of the international economy. Thus, the enormous increase in FDI flows across countries is one of the clearest signs of the globalization of the world economy over the past 20 years (UNCTAD, 2020). Therefore, we can conclude that FDI is a key ingredient for successful economic growth in developing countries, because the very essence of economic development is the rapid and efficient transfer and adoption of “best practice” across borders. On the other hand, in general, foreign investors are influenced by three broad groups of factors: The profitability of the projects. The ease with which subsidiaries39。 therefore, these two mechanisms reinforce each other. The trade effects of FDI depend on whether it is undertaken to gain access to natural resources, to consumer markets or whether the FDI is aimed at exploiting locational parative advantage or other strategic assets such as research and development capabilities. Most developing countries lack technology capability and FDI to facilitate technology transfer and reduce the technology gap (TGAP) between developing countries and developed countries. In fact, it is suggested that spillovers or the external effects from FDI are the most significant channels for the dissemination of modern technology (Blomstrom, 1989). FDI has innumerable other effects on the host country39。s enabling environment. A large number of studies have been conducted to identify the determinants of FDI but no consensus has emerged, in the sense that there is no widely accepted set of explanatory variables that can be regarded as the “true” determinants of FDI. The results produced by studies of FDI are typically sensitive to these factors, indicating a lack of robustness. For example, factors such as labor costs, trade barriers, trade balance, exchange rate, Ramp。D) or through its impact on human capital. Even if the return on investment is declining, FDI may influence growth through externalities. Particularly, FDI displaces domestic savings (Papanek, 1973。D is robust even if firms undertaking no FDI and/or no Ramp。 方法:本文基于 24 個(gè)發(fā)展中國(guó)家 1983 至 2020 年期間面板數(shù)據(jù)研究了外國(guó)直接投資的決定因素對(duì) FDI 引入的影響程度。外國(guó)直接投資的影響取決于它是否是 開(kāi)展旨在 獲得自然資源 的投資活動(dòng) , 是否選擇消費(fèi)者 市場(chǎng)還是 意 在通過(guò)投資活動(dòng)擴(kuò)大區(qū)域性比較優(yōu)勢(shì) , 或者 旨在 獲得 其他戰(zhàn)略資產(chǎn) 如:研發(fā)能力的提高 。它也可能是導(dǎo)致了國(guó)際經(jīng)濟(jì)全球化的最重要因素之一。 為了確定外國(guó)直接投資的 決定因素已經(jīng)進(jìn)行了大量的研究, 但沒(méi)有 達(dá)成 共識(shí) ,在某種意義上說(shuō),沒(méi)有一套被廣泛接受解釋變量,可以被看作是“真正的”外國(guó)直接投資的決定因素。 重要的問(wèn)題是 “ 為什么公司 要 在海外 進(jìn)行 投資 ?”杜寧( 1993) ,他通過(guò)整合前人提出的理論發(fā)展了自己的觀點(diǎn) ,因?yàn)楝F(xiàn)有的解釋不能完全的證明 FDI 的存在。 本研究的主要目是確定 在全球框架下 外國(guó)直接投資 的資本流向發(fā)展中國(guó)家 的主要影響 因素 。因此,在這個(gè)新的框架內(nèi)建立的模型為研究外國(guó)直接投資與 GDP增長(zhǎng)率的相關(guān)性而刻畫(huà)了一個(gè)有趣的背景( Calvo and Robles, 2020)。 根據(jù)新古典增長(zhǎng)理論模型, 外國(guó)直接投資不影響長(zhǎng)期增長(zhǎng)率。 因此 ,內(nèi)生增長(zhǎng)理論表明 外國(guó)直接投 資在增長(zhǎng)過(guò)程中有一個(gè)被新認(rèn)知的潛在的作用( BendeNabende and Ford, 1998) 。在這個(gè)理論框架 下, 投資 , 包括 外國(guó)直接投資,通過(guò)研發(fā)與其他人力資本 影響 所在國(guó) 的發(fā)展速度。基于一個(gè)由 85 個(gè)發(fā)展中國(guó)家構(gòu)成的樣本顯示,外國(guó)資本替代了國(guó)內(nèi)儲(chǔ)蓄。投資稅率與工資會(huì)對(duì) FDI 產(chǎn)生負(fù)面的影響,然而基礎(chǔ)設(shè)施與市場(chǎng)規(guī)模對(duì) FDI 產(chǎn)生積極的影響。在這方面, Morck and Yeung( 1991)推測(cè)并證實(shí)了當(dāng)一個(gè)擴(kuò)張型企業(yè)擁有無(wú)形資產(chǎn),例如優(yōu)越的生產(chǎn)和管理技能,市場(chǎng)營(yíng)銷專業(yè)知識(shí)和消費(fèi)者需求, FDI 就會(huì)創(chuàng)造財(cái)富。出于該原因,當(dāng)本研究中定義 FDI 的主要影響因素時(shí),某些變量可以使用 30 年以上數(shù)據(jù)的 24 個(gè)發(fā)展中國(guó)家可以在發(fā)展中國(guó)家名單附錄中找到。 T 表示時(shí)期數(shù), N 表示每一時(shí)期的觀察值。國(guó)外企業(yè)同國(guó)內(nèi)企業(yè)一樣,追求的是一個(gè)好的商業(yè)環(huán)境,而不是選擇那種為了吸引外資 的進(jìn)入,政府提供透明度和問(wèn)責(zé)制等特殊優(yōu)惠的地方,企業(yè)為社會(huì)、環(huán)境和居民的經(jīng)濟(jì)生活能夠建設(shè)一個(gè)可靠、有效的框架創(chuàng)造了條件。例如:當(dāng)我們了解了 X國(guó) 的總資本形成指標(biāo),我們就可以得出這樣的結(jié)論,這個(gè)國(guó)家可以通過(guò)制定相關(guān)的政 策來(lái)鼓勵(lì)投資品的進(jìn)口以代替其消費(fèi)品的進(jìn)口;國(guó)家 Y 可以通過(guò)引入開(kāi)放度指標(biāo)來(lái)改善其國(guó)內(nèi)貿(mào)易政策;或者, Z 國(guó)可以通過(guò)審視其外債規(guī)模,從而改善有生產(chǎn)領(lǐng)域反映出來(lái)的一些資源利用相關(guān)政策,以彌補(bǔ)其外債帶來(lái)的負(fù)面