基于国内需求的我国对外直接投资
摘要
上世纪60年代开始出现的国际直接投资理论,大多建立在对发达国家跨国公司的研究基础之上。这些理论以微观经济体的优势竞争为基点,结合宏观经济的整体要素禀赋优势,或者微观、宏观经济优势的综合,指导企业对外直接投资实现产业的扩张。70年代以后,虽然出现了以发展中国家跨国公司为研究对象的国际直接投资理论,但其理论基础仍然强调投资企业优势的存在。
从上世纪90年代中期开始,中国企业逐渐走出国门,通过对外直接投资实现跨国生产和经营。但是这些企业多数不具备,或者基本不具备国外跨国公司通常意义上的竞争优势或垄断地位。比如,生产技术和劳动生产率上的优势;再比如资本规模上的优势。有些国有企业,虽然具有国家资本的强大后盾,然而就企业本身的生产效率和经营管理来看,并不具备跨国竞争的条件。我国学者在对外直接投资的研究中,常常以西方直接投资理论为基础针对我国的对外直接投资情况进行实证分析,并据此为我国对外直接投资提供指导建议,这难免出现理论上的局限性和偏颇。
本文力图解释为什么不具备竞争优势、垄断地位和资源禀赋优势的中国企业会走出国门。借助数学推导,认为“优势”并非企业对外直接投资的充要条件。中国企业对外直接投资是基于多方面的需求,包括微观经济的需求和宏观经济的需求。通过对外直接投资获取企业或国家必需的资本、技术、自然资源和人力资源与管理经验等,以解决要素配置的矛盾,实现微观和宏观效益的最大化。因此,在国际直接投资理论体系中,构建“需求型投资理论”和“需求型投资模型”是必要的。中国对外直接投资应是需求导向型的投资。我们要根据我国的实际需要,结合成本与收益的比较分析来发展我国对外直接投资,而不是拘泥于主流国际直接投资理论的束缚。
The outward direct investment theories which began coming on the 1960’s, mostly were based on studying trans-corporation of developed countries. They took the competitive advantage of the micro-economies as the starting point; they emphasized the importance of the macroeconomic factor endowment or the integration between the microeconomic and the macroeconomic advantages; and they direct the enterprises to expand their industries by outward direct investment based on those. Even the theories of taking developing countries’trans-corporation as research object, which appeared in the seventies of the 20th century, still emphasized the significance of competitive advantage of the enterprises.
Since the mid-1990’s, Chinese enterprises gradually go abroad to product and operate through the outward direct investment. However, majority of these enterprises do not have the usually competitive advantages or monopoly status as these foreign trans-corporations. For example, they do not have the advantages of production technology and productivity; they do not have the advantages of the capital size, also. Some state-owned enterprises, although with strong backing for the national capital, they still do not have transnational competition conditions on the enterprise's production efficiency and management. Our scholars who research the outward direct investment, usually make positive analysis and provide some advice to our outward direct investment activities based on the west international direct investment theories, which will inevitably arise in the limitations and the biases.
This paper tries hard to explain why these enterprises go abroad that they do not have the competitive advantage, the monopoly status or the advantage of factor endowment. With the aid of mathematics inferential reasoning, the paper thinks that it is not the plenty or the necessary qualification to launch the outward direct investment whether the enterprises have the advantages. Chinese enterprises’outward direct investment is based on the various demands, including microscopic economical demands and macroscopic economical demands. Through outward direct investment, we gain the enterprises’or the national essential capital, technical, the natural resource, the human resources and the managerial experience, and so on; we resolve the essential factor disposition contradiction and achieve the microscopic and the macroscopic maximization of benefit.
Therefore, it is necessary to build the theory and the model of“requirement
从上世纪90年代中期开始,中国企业逐渐走出国门,通过对外直接投资实现跨国生产和经营。但是这些企业多数不具备,或者基本不具备国外跨国公司通常意义上的竞争优势或垄断地位。比如,生产技术和劳动生产率上的优势;再比如资本规模上的优势。有些国有企业,虽然具有国家资本的强大后盾,然而就企业本身的生产效率和经营管理来看,并不具备跨国竞争的条件。我国学者在对外直接投资的研究中,常常以西方直接投资理论为基础针对我国的对外直接投资情况进行实证分析,并据此为我国对外直接投资提供指导建议,这难免出现理论上的局限性和偏颇。
本文力图解释为什么不具备竞争优势、垄断地位和资源禀赋优势的中国企业会走出国门。借助数学推导,认为“优势”并非企业对外直接投资的充要条件。中国企业对外直接投资是基于多方面的需求,包括微观经济的需求和宏观经济的需求。通过对外直接投资获取企业或国家必需的资本、技术、自然资源和人力资源与管理经验等,以解决要素配置的矛盾,实现微观和宏观效益的最大化。因此,在国际直接投资理论体系中,构建“需求型投资理论”和“需求型投资模型”是必要的。中国对外直接投资应是需求导向型的投资。我们要根据我国的实际需要,结合成本与收益的比较分析来发展我国对外直接投资,而不是拘泥于主流国际直接投资理论的束缚。
The outward direct investment theories which began coming on the 1960’s, mostly were based on studying trans-corporation of developed countries. They took the competitive advantage of the micro-economies as the starting point; they emphasized the importance of the macroeconomic factor endowment or the integration between the microeconomic and the macroeconomic advantages; and they direct the enterprises to expand their industries by outward direct investment based on those. Even the theories of taking developing countries’trans-corporation as research object, which appeared in the seventies of the 20th century, still emphasized the significance of competitive advantage of the enterprises.
Since the mid-1990’s, Chinese enterprises gradually go abroad to product and operate through the outward direct investment. However, majority of these enterprises do not have the usually competitive advantages or monopoly status as these foreign trans-corporations. For example, they do not have the advantages of production technology and productivity; they do not have the advantages of the capital size, also. Some state-owned enterprises, although with strong backing for the national capital, they still do not have transnational competition conditions on the enterprise's production efficiency and management. Our scholars who research the outward direct investment, usually make positive analysis and provide some advice to our outward direct investment activities based on the west international direct investment theories, which will inevitably arise in the limitations and the biases.
This paper tries hard to explain why these enterprises go abroad that they do not have the competitive advantage, the monopoly status or the advantage of factor endowment. With the aid of mathematics inferential reasoning, the paper thinks that it is not the plenty or the necessary qualification to launch the outward direct investment whether the enterprises have the advantages. Chinese enterprises’outward direct investment is based on the various demands, including microscopic economical demands and macroscopic economical demands. Through outward direct investment, we gain the enterprises’or the national essential capital, technical, the natural resource, the human resources and the managerial experience, and so on; we resolve the essential factor disposition contradiction and achieve the microscopic and the macroscopic maximization of benefit.
Therefore, it is necessary to build the theory and the model of“requirement
引文
[1]吴文武.跨国公司新论[M].北京:北京大学出版社,2000:2.
[2]胡景岩,王晓红.新形势下的中国对外直接投资[J].宏观经济研究,2005,(7):3-8.
[3]Hwy-Chang Moon,Thomas W. Roehl. Unconventional foreign direct investment and the imbalance theory[J],International Business Review,2001,(10):197–215.
[4]邱立成,于李娜.中国对外直接投资:理论分析与实证检验[J].南开学报(哲学社会科学版),2005,(2):72-77.
[5]谢绵陛.我国对外直接投资的区位战略分析[J].国际商务——对外经济贸易大学学报,2005,(1):62-65.
[6]赵春明,何艳.从国际经验看中国对外直接投资的产业和区位选择[J].世界经济,2002,(5):38-41.
[7]杨大楷,应溶.我国企业 FDI 的区位选择分析[J].世界经济研究,2003,(1):25-28.
[8]吴彬,黄韬.二阶段理论外商直接投资新的分析模型[J].经济研究,1997,(7):25-31.
[9]冼国民,杨锐.技术累计、竞争策略与发展中国家对外直接投资[J].经济研究,1998,(11):56-62.
[10]马亚明,张岩贵.策略竞争与发展中国家的对外直接投资[J].南开经济研究,2000,(4):29-32.
[11] 秦 斌 . 中 国 企 业 对 外 直 接 投 资 必 要 性 的 理 论 研 究 [J]. 世 界 经 济 与 政 治 ,1995,(5):10-15.
[12]李文锋.中国跨国公司现状、问题及对策[J].改革,2001,(5):40-45.
[13]王其辉.中国企业对外直接投资:优势、特点与问题[J].国际经济合作,2004,(3):4-7.
[14]陈凡,王方.中国企业对外直接投资:发展状况与问题解析[J].国际经济合作,2004,(2):26-28.
[15]宋亚非.我国跨国公司发展方略[J].财经科学,2005,(2):181-187.
[16]吴越涛.“走出去”战略的理性思考与建议[J].宏观经济管理,2003,(5):36-38.
[17]熊志根.我国对外直接投资的特点及制度创新[J].经济经纬,2004,(1):115-118.
[18]王增涛.我国对外直接投资的监督与管理[J].改革,2005,(3):78-82.
[19]杨建清.我国对外直接投资的理论基础分析[J].当代财经,2004,(5):105-108.
[20]S.H.Hymer. The International Operations of National Firms: A Study of Direct Foreign Investment[M].Cambridge, Massachusetts: MIT Press, 1976.
[21]R .Vernon. International Investment and International Trade in the Product Cycle[J].Quarterly of Economics, May 1966:190—207.
[22]R.Vernon. The Location of Economic Activities: Economic Analysis and the Multinational Enterprises[M], London: George Allen & Unpin, 1974.
[23]P.J.Buckley and M.C.Casson:The Future of Multinational Enterprise[M], London: Macmillan Press, 1976; P.J.Buckley and M.C.Casson: A Theory of International Operation[M], North—Holland,Amsterdam,1978.
[24]R.H.Coase. The Nature of the Firm[G], in Oliver.E. Williamson and Sidney. G. Winter (ed): The Nature of the Firm: origins, Evolution, and Development, Oxford University Press, 1993:18-33.
[25]J.H. Dunning. Trade, Location of Economics Activities, and the MNE: A Search for an Eclectic Approach[C], in B. Ohlin ed.: The International Allocation of Economic Activity, London: Macmillan, 1977b.
[26]Wells, Louis T.The Internationalization of Firm from Developing Countries[G], in Agmon, T. & Kindleberger, C. P.(ed): Multinationals from Small Countries, Cambridge, Massachusetts: MIT Press, 1977.
[27]Wells, Louis T. Third World Multionational: The Rise of Foreign Investment form Developing Countries[M], Cambridge, Massachusetts: MIT Press, 1983.
[28]Lall, Sanjaya. The New Multinationals: The Spread of Third Word Enterprise[M], John Wiley & Sons, 1983.
[29]K. Kojima. A macro—economic Approach to Foreign Direct Investment[J], Hitotsubashi Journal of Economic, 14(June), 1973:1—21;Direct Foreign Investment: A Japanese Model of Multinational Business Operation[M], London: Croon Helm,1978.
[30]J.H. Dunning. International Product and Multinational Enterprise[M], London: George Allen & Unwin,1981.
[31]Tolentino, Paz Estrellae. Technological Innovation and Third Word Multinationgls[M],London:Routledge,1993:86-120.
[32]舒鹏.浅析当代发展中国家的对外直接投资[J].国际贸易问题,2004,(8):53-56.
[33]王志乐.跨国公司在华发展的三大隐患[J].改革内参,2005,(6):27-30.
[34]Xiaohui Liu,Trevor Buck,Chang Shu. Chinese economic development, the next stage: outward FDI?[J].International Business Review,2005, (14):97–115.
[35]刘红忠.中国对外直接投资的实证研究及国际比较[M].上海:复旦大学出版社,2001:11-21.
[36]张天桂.我国对外直接投资的现实性分析——基于贸易和投资理论融合的思考[J].国际贸易问题,2004,(11):55-58.
[37]李安方.跨国公司 R&D 全球化——理论、效应与中国的对策研究[M].北京:人民出版社,2004:361-362.
[38]段云程.中国企业跨国经营与战略[M].北京:中国发展出版社,1995:228-229.
[39]赵闯.关于“走出去”战略若干问题的思考[J].国际商务,2005,(1):5-9.
[40]赵玉敏.我国纺织工业的未来[J].国际贸易,2005,(6):13-16.
[41]仇明.“走出去战略研究:国际商务理论方法的阐述[J].世界经济,2002,(4):73-76.
[42] 课 题 组 . 走 出 去 — — 我 国 境 外 加 工 贸 易 政 策 分 析 与 思 考 [J]. 国 际 贸易,2000,(5):4-8.
[43]钟昌标.我国实施“走出去”战略的产业选择和区位选择[J].管理世界,2001,(3):195-196.
[44]谈萧.中国“走出去”发展战略[M].北京:中国社会科学出版社,2003:255.
[45]徐松.美日跨国公司对外直接投资比较[J].财贸研究,2003,(5):29-33.
[2]胡景岩,王晓红.新形势下的中国对外直接投资[J].宏观经济研究,2005,(7):3-8.
[3]Hwy-Chang Moon,Thomas W. Roehl. Unconventional foreign direct investment and the imbalance theory[J],International Business Review,2001,(10):197–215.
[4]邱立成,于李娜.中国对外直接投资:理论分析与实证检验[J].南开学报(哲学社会科学版),2005,(2):72-77.
[5]谢绵陛.我国对外直接投资的区位战略分析[J].国际商务——对外经济贸易大学学报,2005,(1):62-65.
[6]赵春明,何艳.从国际经验看中国对外直接投资的产业和区位选择[J].世界经济,2002,(5):38-41.
[7]杨大楷,应溶.我国企业 FDI 的区位选择分析[J].世界经济研究,2003,(1):25-28.
[8]吴彬,黄韬.二阶段理论外商直接投资新的分析模型[J].经济研究,1997,(7):25-31.
[9]冼国民,杨锐.技术累计、竞争策略与发展中国家对外直接投资[J].经济研究,1998,(11):56-62.
[10]马亚明,张岩贵.策略竞争与发展中国家的对外直接投资[J].南开经济研究,2000,(4):29-32.
[11] 秦 斌 . 中 国 企 业 对 外 直 接 投 资 必 要 性 的 理 论 研 究 [J]. 世 界 经 济 与 政 治 ,1995,(5):10-15.
[12]李文锋.中国跨国公司现状、问题及对策[J].改革,2001,(5):40-45.
[13]王其辉.中国企业对外直接投资:优势、特点与问题[J].国际经济合作,2004,(3):4-7.
[14]陈凡,王方.中国企业对外直接投资:发展状况与问题解析[J].国际经济合作,2004,(2):26-28.
[15]宋亚非.我国跨国公司发展方略[J].财经科学,2005,(2):181-187.
[16]吴越涛.“走出去”战略的理性思考与建议[J].宏观经济管理,2003,(5):36-38.
[17]熊志根.我国对外直接投资的特点及制度创新[J].经济经纬,2004,(1):115-118.
[18]王增涛.我国对外直接投资的监督与管理[J].改革,2005,(3):78-82.
[19]杨建清.我国对外直接投资的理论基础分析[J].当代财经,2004,(5):105-108.
[20]S.H.Hymer. The International Operations of National Firms: A Study of Direct Foreign Investment[M].Cambridge, Massachusetts: MIT Press, 1976.
[21]R .Vernon. International Investment and International Trade in the Product Cycle[J].Quarterly of Economics, May 1966:190—207.
[22]R.Vernon. The Location of Economic Activities: Economic Analysis and the Multinational Enterprises[M], London: George Allen & Unpin, 1974.
[23]P.J.Buckley and M.C.Casson:The Future of Multinational Enterprise[M], London: Macmillan Press, 1976; P.J.Buckley and M.C.Casson: A Theory of International Operation[M], North—Holland,Amsterdam,1978.
[24]R.H.Coase. The Nature of the Firm[G], in Oliver.E. Williamson and Sidney. G. Winter (ed): The Nature of the Firm: origins, Evolution, and Development, Oxford University Press, 1993:18-33.
[25]J.H. Dunning. Trade, Location of Economics Activities, and the MNE: A Search for an Eclectic Approach[C], in B. Ohlin ed.: The International Allocation of Economic Activity, London: Macmillan, 1977b.
[26]Wells, Louis T.The Internationalization of Firm from Developing Countries[G], in Agmon, T. & Kindleberger, C. P.(ed): Multinationals from Small Countries, Cambridge, Massachusetts: MIT Press, 1977.
[27]Wells, Louis T. Third World Multionational: The Rise of Foreign Investment form Developing Countries[M], Cambridge, Massachusetts: MIT Press, 1983.
[28]Lall, Sanjaya. The New Multinationals: The Spread of Third Word Enterprise[M], John Wiley & Sons, 1983.
[29]K. Kojima. A macro—economic Approach to Foreign Direct Investment[J], Hitotsubashi Journal of Economic, 14(June), 1973:1—21;Direct Foreign Investment: A Japanese Model of Multinational Business Operation[M], London: Croon Helm,1978.
[30]J.H. Dunning. International Product and Multinational Enterprise[M], London: George Allen & Unwin,1981.
[31]Tolentino, Paz Estrellae. Technological Innovation and Third Word Multinationgls[M],London:Routledge,1993:86-120.
[32]舒鹏.浅析当代发展中国家的对外直接投资[J].国际贸易问题,2004,(8):53-56.
[33]王志乐.跨国公司在华发展的三大隐患[J].改革内参,2005,(6):27-30.
[34]Xiaohui Liu,Trevor Buck,Chang Shu. Chinese economic development, the next stage: outward FDI?[J].International Business Review,2005, (14):97–115.
[35]刘红忠.中国对外直接投资的实证研究及国际比较[M].上海:复旦大学出版社,2001:11-21.
[36]张天桂.我国对外直接投资的现实性分析——基于贸易和投资理论融合的思考[J].国际贸易问题,2004,(11):55-58.
[37]李安方.跨国公司 R&D 全球化——理论、效应与中国的对策研究[M].北京:人民出版社,2004:361-362.
[38]段云程.中国企业跨国经营与战略[M].北京:中国发展出版社,1995:228-229.
[39]赵闯.关于“走出去”战略若干问题的思考[J].国际商务,2005,(1):5-9.
[40]赵玉敏.我国纺织工业的未来[J].国际贸易,2005,(6):13-16.
[41]仇明.“走出去战略研究:国际商务理论方法的阐述[J].世界经济,2002,(4):73-76.
[42] 课 题 组 . 走 出 去 — — 我 国 境 外 加 工 贸 易 政 策 分 析 与 思 考 [J]. 国 际 贸易,2000,(5):4-8.
[43]钟昌标.我国实施“走出去”战略的产业选择和区位选择[J].管理世界,2001,(3):195-196.
[44]谈萧.中国“走出去”发展战略[M].北京:中国社会科学出版社,2003:255.
[45]徐松.美日跨国公司对外直接投资比较[J].财贸研究,2003,(5):29-33.