Foreign Direct Investment in Developing Countries
Foreign Direct Investment in Developing Countries
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发展中国家的外国直接投资
DOI：
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发表时间：
1996
影响因子：
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通讯作者：
Xiaofang Shen
中科院分区：
文献类型：
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作者：
J. Bergsman;Xiaofang Shen
外国直接投资在经济发展中发挥着越来越大的作用。流入发展中国家的外国直接投资翻了两番，从1980-85年的年均126亿美元增加到1992-93年的518亿美元，1994年增加到700亿美元。1992年至1994年，发展中国家吸收的外国直接投资占世界外国直接投资总额的百分之三十二，比80年代前半期的百分之二十有所增加。1986年至1992年期间，外国直接投资在发展中国家资本形成总额中所占的份额增加了一倍多，1993年超过了百分之六。在外国直接投资激增的同时，流向发展中国家的其他形式的资本却在减少（见表）。自1960年代以来，援助在资本流入中所占的份额持续下降，当时援助是发展中国家最重要的外部资金来源;现在，援助仅占发展中国家资本流入的四分之一。商业贷款是1970年代资本流动的一个主要来源，但自1980年代债务危机以来几乎消失了。1980年代发展中国家的股票市场引起投资者的注意时，证券投资蓬勃发展，这种投资很重要，但也是不稳定和有风险的，1994年12月从墨西哥流出的资金就是证明。与其他形式的资本流入不同，外国直接投资几乎总是带来发展中国家迫切需要的额外资源-技术、管理知识和进入出口市场的机会。然而，在决定哪些国家是最理想的投资地点时，投资者是苛刻的，外国直接投资的大部分流向了少数几个国家，主要是东亚和拉丁美洲。1994年，11个国家约占发展中国家外国直接投资总额的76%。尽管如此，有些国家（包括许多岛屿国家）获得的外国直接投资数额与其经济规模相比很大。但流入许多其他国家，特别是撒哈拉以南非洲国家的外国直接投资却停滞不前。为什么是东亚和拉丁美洲？越来越多的发展中国家减少了外国直接投资的壁垒，改善了商业环境。与此同时，多国公司正在考虑在更广泛的地点设立设施，以应对日益激烈的竞争。这些相辅相成的趋势与通信、运输和生产方面的技术变革相结合，使“全球市场”成为投资决策的现实。生产劣质高成本产品在当地市场上销售的日子已经过去;大多数外国投资者只对能够生产符合国际质量和价格标准的产品的地点感兴趣。这种全球化意味着面向出口的生产和面向当地市场的生产之间的原有区别正在减弱，甚至消失。想要发展的国家必须为出口商和当地市场的生产提供良好的商业条件。重点可能有所不同，主要取决于当地市场的规模，但提供组合越来越重要。东亚和拉丁美洲国家获得的外国直接投资最多，因为它们调整了战略，以跟上全球化的步伐。其中一些国家最初的发展是依靠向工业化国家出口劳动密集型制成品。最近，许多人认识到，技术进步和竞争加剧增加了许多行业生产的资本和技能密集度。这意味着各国不能再仅仅依靠低劳动力成本，还需要高质量的生产性劳动力来维持其比较优势。那些成功吸引外国直接投资的国家把重点放在改善普通教育、工业技能培训以及劳动和管理纪律上。促进公司努力提升技术也是保持其竞争优势的关键。其他成功国家的发展最初是以进口替代工业化为基础的。…
Foreign direct investment (FDI) is playing a growing role in economic development. FDI flows to the developing world quadrupled from an annual average of $12.6 billion in 1980-85 to $51.8 billion in 1992-93, and rose to $70 billion in 1994. Developing countries received 32 percent of total world FDI during 1992-94, up from 20 percent in the first half of the 1980s. The share of FDI in the gross capital formation of developing countries more than doubled between 1986 and 1992, surpassing 6 percent in 1993. While FDI is surging, other forms of capital flows to developing countries are diminishing (see table). Aid has continuously declined as a share of capital inflows since the 1960s, when it was the most important source of external finance for developing countries; it now accounts for only one fourth of their capital inflows. Commercial loans, a major source of capital flows in the 1970s, have virtually disappeared since the debt crisis of the 1980s. Portfolio investment, which boomed when stock markets in developing countries caught the attention of investors in the 1980s, is important but is also volatile and risky - as demonstrated by outflows from Mexico in December 1994. Unlike other forms of capital inflows, FDI almost always brings additional resources- technology, management know-how, and access to export markets - that are desperately needed in developing countries. Investors are exacting, however, when it comes to deciding which countries are the most desirable sites for investment, and the lion's share of FDI has been going to a handful of countries, mostly in East Asia and Latin America. In 1994, 11 countries accounted for about 76 percent of total FDI flows to the developing world. Nevertheless, some countries (including many island countries) have received amounts of FDI that are large in proportion to the size of their economies. But FDI flows to many other countries, particularly in sub-Saharan Africa, have stagnated. Why East Asia and Latin America? More and more developing countries reduced barriers to FDI and improved business climates. At the same time, multinational corporations are responding to increased competition by considering a broader range of locations for their facilities. These mutually reinforcing trends have combined with technological changes in communication, transportation, and production to make "the global marketplace" a reality for investment decisions. The days of producing shoddy high-cost products for sale in local markets are passing; most foreign investors are interested only in sites where they can produce to international standards of quality and price. This globalization means that the old distinction between export-oriented production and production destined for the local market is weakening and even disappearing. Countries that want to develop must offer good business conditions both for exporters and for production for local markets. The emphasis may differ, depending mainly on the size of the local market, but providing the combination is increasingly important. Countries in East Asia and Latin America have received the most FDI because they have adjusted their strategies to keep up with globalization. Some of these countries initially based their development on exporting labor-intensive manufactured goods to the industrial countries. Recently, many have recognized that technological advances and intensified competition have increased the capital and skill intensity of production in many industries. This means that countries can no longer count on low labor costs alone but also need high quality, productive labor to sustain their comparative advantages. Those that have succeeded in attracting FDI have focused on improving general education, industrial skill training, and labor and managerial discipline. Facilitating companies' efforts to upgrade technology has also been crucial in maintaining their competitive edge. The development of other successful countries was initially based on import-substituting industrialization. …