中国制造业对外直接投资的动因、区位选择及绩效
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摘要
发达国家相对于发展中国家对外直接投资比较早,到目前为止有众多的跨国公司,对世界各地进行跨国直接投资,积累了一定的经验并形成了一定的特点,这些都值得发展中国家在对外直接投资时研究和借鉴。
文章对发展中国家对外投资理论进行了归纳整理。作为新兴的经济体,发展中国家在对外直接投资上,特别是20世纪90年代以后,都有了快速的发展。不仅有量的提高,还有质的飞跃,并在某些特定领域拥有一定的影响力。大多数发展中国家的对外直接投资主要集中在第一产业,如采矿业、石油、天然气等。其对外直接投资的目的基本上都是为了获取自然资源、获取知名品牌与先进技术、维持和扩大出口市场的目的。但是这些国家和地区之间仍然有许多的不同的地方,值得我们去比较和研究,以更好的服务于中国的对外直接投资。发展中国家主要选取印度、俄罗斯、巴西等“金砖四国”成员国为样本,在对外直接投资的一般规律方面,着重就其对外直接投资的发展阶段和主要特点进行分析。在对外直接投资的经验比较方面,重点对发展中国家对外直接投资的动机和目标等进行分析。
改革开放以来,为了发展经济,中国最先实行的经济政策主要是“引进来”。但随着中国经济的发展,全球一体化、区域一体化的推进以及国家贸易争端困扰、国内市场的相对狭小等一系列的原因,中国政府对企业开展对外投资的态度,逐渐由“量力而行”到“鼓励”和“支持”,并适时提出“走出去”的战略决策。文章首先对“走出去”战略的形成背景、重要意义、主要政策等进行归纳。其次,对“走出去”战略的实践历程进行回顾,主要分析了对外直接投资的总体特征及国别(区域)结构、企业所有制结构、国内区域结构、行业(部门)结构的主要特点。再次,对租赁与商务服务业、金融业、批发零售业、采矿业、制造业等各产业的对外直接投资状况进行了归纳分析。最后,聚焦到中国制造业对外投资的主要特征和存在的问题上,归纳了制造业对外直接投资具有规模不断扩大、行业分布越来越广、境内投资主体分布最多、以香港、东南亚为主要投资地区、投资方式日益多元化等主要特点,以及存在的占对外直接投资总量不高、处于产业链低端、投资区位分布不合理等问题。
文章分析了我国制造业对外直接投资动因。我国制造业技术水平较低,价格贸易条件长期趋势下降,波动性较大,反映为我国在大量出口工业品的同时,从国外大量进口工业品,贸易结构严重不合理,政府出台政策推动企业到境外投资。由于引进外资并未有效提高国内企业的技术水平,推动企业开展技术寻求型对外投资。采用贝叶斯均衡证明了对以市场份额最大化的企业,在具有成本优势和产能扩张的条件下,将积极扩张市场,直至淘汰以利润最大化为目标的具有领先优势的厂商,最终完全掌握市场主动权。另外,国内企业劳动边际成本趋于饱和,也推动国内制造业企业开展对外直接投资,以提高资本的边际产出。
文章研究了技术寻求型对外直接投资、市场寻求型对外直接投资的区位选择。研究表明,对于技术寻求型对外直接投资,区位选择一般是高技术聚集地区,区位选择主要受东道国技术领先程度影响较大,受地理距离、东道国市场总量、工资水平的影响较小。对于市场寻求型对外直接投资,区位选择受心理距离的影响较大,而受地理距离的影响较小。对于拥有大量资源的企业,在经过较少的海外投资经历后,将直接进入更高阶段的对外直接投资,选择在西方发达国家收购大型跨国公司。最后,我国对外直接投资的区位选择受国家关系的影响,中美关系直接影响着中国对美投资。
文章最后认为,在2002年我国政府推动企业开展境外投资活动以后,我国制造业价格贸易条件下降趋势得到控制,并略有上升,说明对外投资在一定程度上改善了我国制造业的价格贸易条件的长期趋势,有利于经济的增长。但价格贸易条件的波动性加大,反应出对外直接投资对行业发展的正面作用还未完全发挥出来。同时,我国工业制成品净出口额快速增长,初级产品净进口额也快速增长,说明对外投资的开展促进了我国贸易结构的调整,我国促进对外投资的政策效果开始显现。对外直接投资总体上提高了技术寻求型投资企业的技术水平。对于技术水平较为落后的机床、汽车制造业,技术寻求型对外投资使这些行业跟得上国际技术变化的步伐,不至于与国际先进技术水平越落越远。对有一定国际竞争力的电视机行业,技术寻求型对外直接投资可以使企业保持其国际竞争力。在进行市场寻求型对外直接投资时,我国大型企业倾向于收购发达国家已有的大型跨国公司,效果不一,有的并购扩大了企业的市场规模,但有些并购项目未能实现目的。
Foreign Direct Investment is firstly originated from developed countries, rather than developing countries. Now there are many multinational corporations from these developed countries which invest around the world. They have gathered much experience about how to invest directly in foreign countries. Which should be studied and referenced by developing countries
This article summarized the theories of foreign direct investment in developing countries. As emerging economies, developing countries had developed rapidly both in quantity and quality in foreign direct investment, especially in1990s, and had an influence in some fields. Most of the foreign direct investment of developing countries focused on Primary Industry, such as Mining, Petroleum, Natural Gas etc. These investment aims at taking natural resources, well-known brand, advanced technologies or broadening market. Still there are many differences among these countries which we should learn and compare, so as to better support our own country. We choose India, Russia, Brazil, which is the member of BRIC, on behalf of the developing country. In the matter of universal pattern, we focusd on researching the period and characteristics of the investment in these developed countries. In the matter of experience comparing, we focused on researching the motivation and object of the developing countries.
Since reform and opening up, our country firstly implemented as "attracting foreign investment", but with the development of economy, globalization, regional integration and the narrowing of domestic market, our country had gradually changed from "make ends meet" to "encouraged and support", and sometimes propose the strategy of " foreign investment". This article firstly summarized the background and the meaning of "foreign investment" strategy, then reviewed how the strategy has been practiced, mainly on the general characteristics of foreign investment, ownership architectural, domestic regional architectural, industry architecture. Thirdly we inductively researched the investment of leasing industry, business serving, financial industry, retailing industry, mining and manufacturing industry. Finally focused on the characteristic and problems of foreign direct investments of manufacturing industry, we summarized that manufacturing industry is continuously extending, more broadening in industrial distribution, mostly invested in domestic entities, invest mostly in HK and Southeast Asia, and the investment method is rising to diversification. Also there are problems such as less investment ratio of foreign direct investment, located at the low-end of industry chain, unreasonable region distribution etc.
This article analyzed the motivation of foreign investment of manufacturing industry. With the poor technology, lowering trading prices and great volatility, we know we are exporting at a large number, but meanwhile we also imported at a large number from foreign countries, the trade structure is unreasonable, and the government encourages foreign investment. We use the Bayesian equilibrium to prove that, under the circumstance of owing cost advantage and capacity expansion, corporations aiming at maximizing market share will positively extend their market, until ding out the corporations aiming at maximizing profits, so as to finally own the market domination. In addition, the marginal cost of labor force in domestic countries is verging to extremes, which also promoting domestic manufacturing corporations to invest in foreign market, so as to enhance marginal output of capital.
This article researched on location choosing of Technology Searching Style Foreign Direct Investment and Market Searching Style Foreign Direct Investment, and we have proved that Technology Searching Style Foreign Direct Investment always choose to invest in technology concentration areas, their choice of investment location is mainly impacted by the advanced degree of the host country, and is less impacted by the geographical distance and the market volume of the host country. As to Market Searching Style Foreign Direct Investment, their choice of investment location is mainly impacted by psychological distance, and less by geographical distance. As to corporations rich of resources, they will directly choose a high level foreign direct investment after a short period of foreign investment, that is to merge corporations in Western developed countries. Finally, foreign direct investment in our country is influenced by the national relationship, Sino-U.S. relationship impacts the Sino-U.S. foreign investment.
Finally, we think the encouragement of foreign investment from our government had improved the trade structure and the long term trend of trade prices. Foreign Direct Investment has generally enhanced the technology level of Technology Searching Style Foreign Direct Investment corporations. When invest to search foreign market, domestic corporations tend to merge large multinational corporations of developed countries, but the result varies largely, some buyout has indeed extended the market, but some does not.
文章对发展中国家对外投资理论进行了归纳整理。作为新兴的经济体,发展中国家在对外直接投资上,特别是20世纪90年代以后,都有了快速的发展。不仅有量的提高,还有质的飞跃,并在某些特定领域拥有一定的影响力。大多数发展中国家的对外直接投资主要集中在第一产业,如采矿业、石油、天然气等。其对外直接投资的目的基本上都是为了获取自然资源、获取知名品牌与先进技术、维持和扩大出口市场的目的。但是这些国家和地区之间仍然有许多的不同的地方,值得我们去比较和研究,以更好的服务于中国的对外直接投资。发展中国家主要选取印度、俄罗斯、巴西等“金砖四国”成员国为样本,在对外直接投资的一般规律方面,着重就其对外直接投资的发展阶段和主要特点进行分析。在对外直接投资的经验比较方面,重点对发展中国家对外直接投资的动机和目标等进行分析。
改革开放以来,为了发展经济,中国最先实行的经济政策主要是“引进来”。但随着中国经济的发展,全球一体化、区域一体化的推进以及国家贸易争端困扰、国内市场的相对狭小等一系列的原因,中国政府对企业开展对外投资的态度,逐渐由“量力而行”到“鼓励”和“支持”,并适时提出“走出去”的战略决策。文章首先对“走出去”战略的形成背景、重要意义、主要政策等进行归纳。其次,对“走出去”战略的实践历程进行回顾,主要分析了对外直接投资的总体特征及国别(区域)结构、企业所有制结构、国内区域结构、行业(部门)结构的主要特点。再次,对租赁与商务服务业、金融业、批发零售业、采矿业、制造业等各产业的对外直接投资状况进行了归纳分析。最后,聚焦到中国制造业对外投资的主要特征和存在的问题上,归纳了制造业对外直接投资具有规模不断扩大、行业分布越来越广、境内投资主体分布最多、以香港、东南亚为主要投资地区、投资方式日益多元化等主要特点,以及存在的占对外直接投资总量不高、处于产业链低端、投资区位分布不合理等问题。
文章分析了我国制造业对外直接投资动因。我国制造业技术水平较低,价格贸易条件长期趋势下降,波动性较大,反映为我国在大量出口工业品的同时,从国外大量进口工业品,贸易结构严重不合理,政府出台政策推动企业到境外投资。由于引进外资并未有效提高国内企业的技术水平,推动企业开展技术寻求型对外投资。采用贝叶斯均衡证明了对以市场份额最大化的企业,在具有成本优势和产能扩张的条件下,将积极扩张市场,直至淘汰以利润最大化为目标的具有领先优势的厂商,最终完全掌握市场主动权。另外,国内企业劳动边际成本趋于饱和,也推动国内制造业企业开展对外直接投资,以提高资本的边际产出。
文章研究了技术寻求型对外直接投资、市场寻求型对外直接投资的区位选择。研究表明,对于技术寻求型对外直接投资,区位选择一般是高技术聚集地区,区位选择主要受东道国技术领先程度影响较大,受地理距离、东道国市场总量、工资水平的影响较小。对于市场寻求型对外直接投资,区位选择受心理距离的影响较大,而受地理距离的影响较小。对于拥有大量资源的企业,在经过较少的海外投资经历后,将直接进入更高阶段的对外直接投资,选择在西方发达国家收购大型跨国公司。最后,我国对外直接投资的区位选择受国家关系的影响,中美关系直接影响着中国对美投资。
文章最后认为,在2002年我国政府推动企业开展境外投资活动以后,我国制造业价格贸易条件下降趋势得到控制,并略有上升,说明对外投资在一定程度上改善了我国制造业的价格贸易条件的长期趋势,有利于经济的增长。但价格贸易条件的波动性加大,反应出对外直接投资对行业发展的正面作用还未完全发挥出来。同时,我国工业制成品净出口额快速增长,初级产品净进口额也快速增长,说明对外投资的开展促进了我国贸易结构的调整,我国促进对外投资的政策效果开始显现。对外直接投资总体上提高了技术寻求型投资企业的技术水平。对于技术水平较为落后的机床、汽车制造业,技术寻求型对外投资使这些行业跟得上国际技术变化的步伐,不至于与国际先进技术水平越落越远。对有一定国际竞争力的电视机行业,技术寻求型对外直接投资可以使企业保持其国际竞争力。在进行市场寻求型对外直接投资时,我国大型企业倾向于收购发达国家已有的大型跨国公司,效果不一,有的并购扩大了企业的市场规模,但有些并购项目未能实现目的。
Foreign Direct Investment is firstly originated from developed countries, rather than developing countries. Now there are many multinational corporations from these developed countries which invest around the world. They have gathered much experience about how to invest directly in foreign countries. Which should be studied and referenced by developing countries
This article summarized the theories of foreign direct investment in developing countries. As emerging economies, developing countries had developed rapidly both in quantity and quality in foreign direct investment, especially in1990s, and had an influence in some fields. Most of the foreign direct investment of developing countries focused on Primary Industry, such as Mining, Petroleum, Natural Gas etc. These investment aims at taking natural resources, well-known brand, advanced technologies or broadening market. Still there are many differences among these countries which we should learn and compare, so as to better support our own country. We choose India, Russia, Brazil, which is the member of BRIC, on behalf of the developing country. In the matter of universal pattern, we focusd on researching the period and characteristics of the investment in these developed countries. In the matter of experience comparing, we focused on researching the motivation and object of the developing countries.
Since reform and opening up, our country firstly implemented as "attracting foreign investment", but with the development of economy, globalization, regional integration and the narrowing of domestic market, our country had gradually changed from "make ends meet" to "encouraged and support", and sometimes propose the strategy of " foreign investment". This article firstly summarized the background and the meaning of "foreign investment" strategy, then reviewed how the strategy has been practiced, mainly on the general characteristics of foreign investment, ownership architectural, domestic regional architectural, industry architecture. Thirdly we inductively researched the investment of leasing industry, business serving, financial industry, retailing industry, mining and manufacturing industry. Finally focused on the characteristic and problems of foreign direct investments of manufacturing industry, we summarized that manufacturing industry is continuously extending, more broadening in industrial distribution, mostly invested in domestic entities, invest mostly in HK and Southeast Asia, and the investment method is rising to diversification. Also there are problems such as less investment ratio of foreign direct investment, located at the low-end of industry chain, unreasonable region distribution etc.
This article analyzed the motivation of foreign investment of manufacturing industry. With the poor technology, lowering trading prices and great volatility, we know we are exporting at a large number, but meanwhile we also imported at a large number from foreign countries, the trade structure is unreasonable, and the government encourages foreign investment. We use the Bayesian equilibrium to prove that, under the circumstance of owing cost advantage and capacity expansion, corporations aiming at maximizing market share will positively extend their market, until ding out the corporations aiming at maximizing profits, so as to finally own the market domination. In addition, the marginal cost of labor force in domestic countries is verging to extremes, which also promoting domestic manufacturing corporations to invest in foreign market, so as to enhance marginal output of capital.
This article researched on location choosing of Technology Searching Style Foreign Direct Investment and Market Searching Style Foreign Direct Investment, and we have proved that Technology Searching Style Foreign Direct Investment always choose to invest in technology concentration areas, their choice of investment location is mainly impacted by the advanced degree of the host country, and is less impacted by the geographical distance and the market volume of the host country. As to Market Searching Style Foreign Direct Investment, their choice of investment location is mainly impacted by psychological distance, and less by geographical distance. As to corporations rich of resources, they will directly choose a high level foreign direct investment after a short period of foreign investment, that is to merge corporations in Western developed countries. Finally, foreign direct investment in our country is influenced by the national relationship, Sino-U.S. relationship impacts the Sino-U.S. foreign investment.
Finally, we think the encouragement of foreign investment from our government had improved the trade structure and the long term trend of trade prices. Foreign Direct Investment has generally enhanced the technology level of Technology Searching Style Foreign Direct Investment corporations. When invest to search foreign market, domestic corporations tend to merge large multinational corporations of developed countries, but the result varies largely, some buyout has indeed extended the market, but some does not.
引文
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