FDI外商直接投资文献综述及外文文献资料

本文档包括改专题的：外文文献、文献综述一、外文文献A Snapshot of Foreign Direct Investment (FDI) with Recent Trends WorldwideJha, Hem Chandra; Ghosh, JagannathAbstractFDI indicates net inward flows of investment to achieve a long lasting management interest operating in a nation other than the nation of the investment. FDI may be of 2 types as inward FDI and outward FDI. Foreign direct investor might take place through creating a wholly owned subsidiary or company, engaging in an equity joint venture with another organization, or through merger/acquisition of an enterprise. Organizations are considering FDI as a way to be globalised. It ensures that companies are closer to their demanded consumer market. It assists in economic development of that nation where the investment is applied and has rescued several countries facing economic down turn. Inward FDI has good effect for job creation-employment for host countries with resource transfer. If a province has huge natural resources, it makes investors invest in that country. Its population plays a vital role for pulling FDI. Major determinants of FDI are size of the host country, future growth prospects of the economy, infrastructural facility, cheap labour force etc. Again if there is high per capita income of that nation or if the people have sound spending capabilities then it will pull high FDI. In 2010 and 2009, FDI was $1,122 billion and $1,114 billion respectively. World's largest receiver of FDI is US whose total figure of FDI has been $194 billion in 2010.25% of FDI in U.S came in 2010 from France, Japan, UK, Canada, Switzerland, Netherlands etc. China is next largest recipient of FDI. It has reached $185 billion in 2010. India is destination for FDI after China. Telecomm, electronics, construction, automobile, and computer attract most inflows. Significant sources of FDI are Mauritius, Singapore, US and UK. FDI in Europe increased in this decade. Extent of European FDI projects in 2010 topped with 14% increase reaching 3,757 FDI project announcements. UK and France remain leaders in Europe in FDI context. Promotional effort to bring FDI is the trend of every nation. Many countries liberalise their standards/economic policies to pull FDI.Credits go to the expansion in IT, communication technologies and logistics. These allow production to be close to markets utilising advantage of the particular features of several locations. Many nations offer financial benefits like cash grants, tax concessions, and emphasise on modifying the skill parameter, infrastructure and form a platform to meet the demands and expectations.Keywords: FDI, investment, inflow, US, trend, growthIntroductionForeign Direct Investment or FDI indicates the net inward flows of investment to achieve a long lasting management interest operating in a nation other than the nation of the investor. It may be in the form of equity capital, long-term capital, and short-term capital etc. It consists participation in management, sharing of man power, joint-venture, transfer of technology and skills/expertise. FDI may be of two types as inward foreign direct investment and outward foreign direct investment. These two FDIs result in a net FDI inflow which may be positive or negative. These also determine "stock of foreign direct investment", that is the cumulative number of FDIs for a given period. Foreign direct investment does not include investment through purchase of shares. FDI is considered as an example of international factor movements.Materials and MethodsFor the purpose of in depth study the contents have been taken from relevant books, articles, journals and websites. The method used is analytical and descriptive. Both primary as well as secondary sources of information have been taken.Results and DiscussionsTypes of FDI1. Horizontal FDI : It takes place when an organisation copies its home countrybased activities in a host country at the same value stage through Foreign direct investmenty.2. Vertical FDI: It happens when an organisation goes upstream or downstream in different value chains through FDI. It also takes place when companies execute valueadding activities gradually in a vertical fashion in a host country.Methods of FDI : The foreign direct investor might take place through the following methods:By creating a wholly owned subsidiary or companyEngaging in an equity joint venture with another investor organisation.Through merger or acquisition of an enterprise.Trends of FDI : Generally FDI is propagated at developing countries as companies from advanced economies invested in other markets. US captures most of the FDI inflows. While developed countries still are considered for the largest proportion of FDI inflows. According to data, the stock and flow of FDI has raised and it is going towards developing countries, especially in the emerging economies world wide.Also many companies and organizations are now considering FDI as a way to be globalised. FDIs permits corporations to avoid government pressure on local production and cope with measures by handling trade barriers. The move also ensures that companies are closer to their demanded consumer market, especially if companies establish locallybased sales offices.Benefits of FDI : The major advantage of foreign direct investment is that it assists in the economic development of that nation where the investment is applied. This logic is more applicable for developing countries. FDI has been one major external sources of finance for maximum nations that were developing economically. It is also true that foreign direct investment has rescued several countries when they encountered economic down turn. For example, during the 1997, Asia suffered from financial crisis. The foreign direct investment made in these countries during this duration was steady yet. But other forms of cash inflows suffered a lot. Same thing happened in Latin America in the 1980s and in Mexico in 1994-95.Inward FDI has the good effect for job creation and employment for host countries. It also results in higher wages. Other benefits of FDI are resource transfer, in terms of capital and technical knowledge. In this century, FDI is used as a strategy of new market entry for investors as well as an investment strategy. FDI growth has increased at a higher rate than the level of world trade. Globalization has made thehorizons extended and corporations now treat the whole world economy as their potential market. Also FDI renders reduced cost for investors, through the coordination advantages and it is more true for integrated supply chains. The preference for a direct investment approach is a good means of strategic control, where the head authority keeps right for technological know-how and intellectual property to be kept in-house.Determinants of FDI : If a province has huge natural resources, then it always makes investors eager to invest their money in that country. For example, Saudi Arabia has attracted foreign companies to invest in that nation to grasp the precious oil resources at their disposal. For export based FDIs, the dimensions of the host country are vital because there are scopes for bigger economies of scale. In this context, the population of corresponding nation plays a vital role for pulling foreign direct investors to that nation. In this situation, the investors are attracted by the prospects of a huge customer base. One major determinant of FDI is the size of the economy of the host country as well as the future growth prospects of the economy of that nation where the investment is to be made. It is generally presumed that if the host country own a massive market, it can develop fast from an economic context. The investors would make most of the investments in prospective country.Another factor is infrastructural facility. Examples are the status of telecommunications, road ways and railways. This factor plays a vital role for attracting the foreign direct investors into a particular country. If the infrastructural facilities are well in a country then there is a notable amount of foreign direct investment. If a nation invites overseas investors and has access to the international markets then it receives higher amounts of foreign direct investment. Some countries have reset their economic policies to cope with the needs of the overseas investors. In this case, the investor companies maintain transparency according to the legal platforms in that place. Outsider companies should understand the implications of their investment in a particular country and adopt perfect decisions. Cheap labour force is also a vital factor for pulling foreign direct investment. The boom of BPO culture and the revolution of I.T companies in India show that availability of cheaplabor force plays vital part for attracting global direct investment.Again if there is high per capita income of citizens of that nation or if the people of that country have sound spending capabilities then it will result the excellent performances for foreign direct investors. Current status of the citizens in a province is also a determinant in pulling direct investment from global base. Countries like China etc have taken an steps in increasing the quality of their citizens. China has laid down compulsion for every Chinese citizen to have minimum nine years of education. This step has enhanced the standards of the citizens in that nation.According to the United Nations Conference on Trade and Development, there has not been significant growth of Global FDI in 2010. In 2010 and 2009, it was $1,122 billion and $1,114 billion respectively. The amount was below the average between 2005 & 2007. The following table shows US International Direct Investment Flows:FDI in the United States : World's largest receiver of FDI is United States. The total figure of FDI in this nation has been $194 billion in 2010. More than one fourth of FDI in U.S came in 2010 from eight countries named as France, Japan, Luxembourg, United Kingdom, Canada, Switzerland, Germany, and Netherlands. In United States, the stock of FDI in 2008 has been the equivalent of near 16 percent of U.S. gross domestic product (GDP). In the same way, we can feel the benefits of FDI in America also. After 2005, more than 4000 new projects and 630,000 new jobs have been incorporated by overseas companies. This has resulted investment of about $314 billion. Overseas companies generally have a tradition of paying higher wages than local enterprises. Overseas companies give an average annual compensation of $68,000 per employee. Exports have increased through the use of multinational distribution networks in United states. Foreign direct investment has resulted 12% of all manufacturing jobs in the US. Affiliating bodies of foreign enterprises spent over $34 billion on research and development in 2006. They also support many national projects. Inward FDI has resulted in this nation higher productivity through increased capital. This has brought high living standards.FDI in China : FDI in China has raised notably in the last decade. It has reached$ 185 bill ion in 2010. After U.S, China is the next largest recipient of FDI world wide. FDI had slowed down and became one-third in 2009 because of Global Financial Crisis butd in 2010, it again got its form.FDI in India : At the beginning, the FDI has been less than $1 billion in India in year 1990. In the contrary, at present India is the most important destination for FDI after China. Telecommunication, electronics, construction activities, automobile, and computer software/ hardware are the sectors which attract most inflows. The significant sources of FDI are Mauritius, Singapore, the US and the UK. FDI in 2010 was significantly decreased from both 2008 and 2009. Foreign direct investment in 2010 reduced to approx $34 billion having decrease rate about 60%. Again in 2011, FDI inflow became high of $7.78 billion up from $4.4 billion having increase of 77% than previous year.WalMart, world's largest retailer has caused India to decide to allow 51% FDI in multi-brand retail as an important step. But this decision is under suspension at present due to opposition from several political levels.FDI in Europe : Foreign direct investment in Europe have been subjected an increase in foreign direct investment inflows between 2003 and 2008. In this duration, FDI increased from $30 billion to $155 billion. Russia attracted most of thiese additional investment as its inflows rose from less than $8 billion in 2003 to $70 billion in 2008. The recession collapsed FDI inflows to the Europe region. In the Europe, FDI inflows have been 50% lower in 2009 in comparison to 2008. The real estate sector, which has pulled a quarter of all FDI inflows in Europe since 2008, accounted for much of the aggregate investment fall in the region during recession. The number of European FDI projects in 2010 topped, with a 14% increase, reaching 3,757 FDI project announcements. UK and France remain leaders in Europe in FDI context. But they are losing market share in comparison to countries such as Germany, Poland, Hungary etc. FDI in Europe have been centered on services, software industry and automotive sector. These sectors have been the top most sectors having maximum numbers of FDI projects and job creation. 33% of foreign investors plan to establish their business operations in Europe in 2011 and 2012.FDI and the developing world : FDI renders import of foreign investment. Additionally it offers transfer of skills, technology, adoption of better strategy and job opportunities. All the host countries are benefited from foreign investment. There are significant effects of foreign direct investment on local firms in development. Foreign investment increases local productivity growth rigorously. FDI is one of the major contributors of economic development fordeveloping countries.FDI Investment : Promotional effort to bring more and more FDI is the trend of every nation. Pulling foreign direct investment has become vital for surviving in race among developed and developing countries. This race is carried on too when these countries adopt economic integration in different levels. Many countries liberalise their standards to pull FDI in a competitive manner. Home countries appreciate FDI for raising standards and welfare in their nations.So many factors are there which reinforce foreign direct investment which is access to natural resources, markets, and low-cost labor, technology transfer, good market etc. Advancement of technology permits for the variety of production into more discrete stages and break national barriers due to emergence of globalisation. The significant credits go to the expansion in information technology, advancement in communication technologies and development in logistics. These allow production to be close to markets as well as utilising advantage of the particular features of several production locations. Different nations have laid down their respective policies for inviting more foreign investment. Many nations offer financial benefits like cash grants, tax concessions, and specific subsidies. Many countries at the same time emphasise on modifying the skill parameter, infrastructure and form a platform to meet the demands and expectations of overseas investors. Also some nations target to improve the business climate of those lands by altering the administrative hindrances. Some governments organise state agencies in order to assist investors. Simultaneously a lot of countries have come into international governing arrangements to raise the attraction of investors for more investment.ConclusionThere should exist a sound investment climate in a country because this willbring further economic growth. Reforms that will improve labor market flexibility, strengthen property rights, simplify business regulations, and increase firms' access to finance are vital. These can increase living standards of that country and reduce poverty in that country. Economic reform is required for creating an investment-oriented climate. Reform would be fruitful because investment climate depends on that. Thus long term benefits can be brought. In this context, cost is main criterian. In this aspect, political environment is a vital determiner. Through out the world, every nation is striving to mould the climate which is suitable for more investment. So the ultimate concept is that "Proper Investment Climate is the need of the Hour".二、文献综述外商直接投资与经济增长关系综述摘要近年来，外商直接投资和经济增长之间的关系已成为学者关注的研究焦点，国内外众多学者对两者之间的关系分别从理论和实证方面进行了论证和分析。