26--7.2国际经济学双语讲稿

Pl Asimple supplyand demandmodel wasused to analyze thecross-border flowof批注［李1］之前我们运用一个简单的供求模型对劳动力labor.This sectionconsiders therole ofinternational capitalflows investmentas a的跨境流动进行了分析本节考察国际资本流动（投资）对substitute fortrade incapital-intensive products.Special attentionis givento the资本密集产品贸易的替代作用我们特别关注了在国际间进multinational enterprisethat carrieson theinternational reallocationof capital.行资本再分配的跨国公司P2A closelook atsome representativeenterprises Theabbreviation isMNEs✓suggests thatthese businesseshave a number ofidentifiable features.Operating in批注［李2］:仔细观察一些具有代表性的跨国公司（缩写为many hostcountries,MNEs oftenconduct researchand developmentRD activitiesinMNEs）就会发现，这些企业具有许多可识别的特征跨国公addition tomanufacturing,mining,extraction,and businessservice operations.The司在许多东道国开展业务，除了从事制造、采矿、采掘和商MNE cutsacross nationalborders andis oftendirected froma companyplanning center业服务业务外，还经常从事研究和开发活动跨国公司跨越that isdistant fromthe hostcountry.Both stockownership andcompany management国界，通常由远离东道国的公司规划中心进行指导股票所are usuallymultinational incharacter.A typicalMNE has a highratio of foreign salesto有权和公司管理通常都是跨国性质的C一个典型的跨国公司total sales,often25percent ormore.的海外销售额占总销售额的比例很高，通常为25%或更多P3Table

7.3provides aglimpse ofsome of the worldslargest corporations.Include批注［李3］:表

7.3简要介绍了一些世界上最大的公司（通Wal-Mart stores,ExxonMobil,Royal DutchShell,BP,Toyota Motor,and soon.常为跨国公司）包括沃尔玛、埃克森美孚、荷兰皇家壳牌、P4Multinationals maydiversify theiroperations alongvertical,horizontal,and英国石油、丰田汽车等conglomerate lineswithin the host andsource countries.Vertical integrationoften occurs when the parent MNEdecides toestablish foreign批注［李4］:跨国公司可以在东道国和母国间采用不同方subsidiaries to produce intermediategoods orinputs thatgo intothe productionof a式开展业务，其类型有垂直型、水平型和综合型finished good.Multinationals oftenwish tointegrate theiroperations verticallyto批注［李5］:纵向一体化指母公司设立外国子公司生产中benefit fromeconomies ofscale andinternational specialization.间产品（或投入）来生产制成品跨国公司通常希望垂直整Horizontal integrationoccurswhena parent company producinga commodityin the合其业务，以便从规模经济和国际专业化中获益Csource countrysets upa subsidiarytoproducean identicalproduct inthehostcountry.These subsidiariesare independentunits inproductive capacityand areestablished to批注［李6］:当在来源国生产某种商品的母公司在东道国produce andmarket the parent companysproduct inoverseas markets.设立子公司生产相同的产品时，就发生了横向一体化,这些MNEs may also diversifyinto nonrelatedmarkets inwhat isknown asconglomerate子公司是独立的生产单位，是为了在海外生产和销售与母公integration.In the1980s,U.S.oil companiesstepped uptheir nonenergyacquisitions in司相同的产品response toanticipated declinesof thefuture investmentopportunities foroil andgas.批注［李7］:跨国公司也可以进入与之无关的市场，即所谓P5Foreign direct investment usuallyexists inthe followingsituations:First ofall,the“综合一体化上世纪80年代，美国石油公司加大了对非能parentcompanyobtains sufficientcommon stockin aforeign companyto assume源领域的收购力度，以应对未来油气投资机会预计会减少的voting control;Second,the parentcompany acquiresor constructsnew plantsand局面equipment overseas;third,theparentcompany shiftsfunds abroad to financean—批注［李8］:在以下几种情况下，就产生了所谓对外直expansion ofits foreign subsidiary;or thefourth,earnings oftheparentcompanys接投资:一，母公司获得足够的外国公司普通股，以获取表foreignsubsidiaryare reinvestedin plantexpansion.决控制权;二，母公司在境外收购或新建厂房和设备；三，P6The casefor openingmarkets toFDI is as compellingas itis fortrade.More open母公司将资金转移到海外，为其外国子公司的扩张提供资金;economies enjoyhigher ratesof privateinvestment thatisamajor determinantof四，母公司的外国子公司的收益被再投资不economic growthand jobcreation.I•••FDI isactively courtedby countries,because itgenerates spilloverssuch asimproved批注［李9］:向外国直接投资开放市场的理由同贸易一样management andbetter technology.As istrue withfirms thattrade,firms andsectors有说服力更加开放的经济体享有更高的私人投资回报率，where FDIis intensetend tohave higheraverage laborproductivity andpay higher这是经济增长和创造就业的主要因素wages.Outward investmentallows firmsto remaincompetitive andsupports批注［李10］:外国直接投资受到各国的积极追捧，还因为employment athome.Investment abroadstimulates exportsof machineryand other它产生了管理改进和技术改进等溢出效应像那些从事对外capital goods.贸易的公司一样，外国直接投资密集的公司和双P7New MNEsdo notpop uphaphazardly inforeign nations:they developasaresultof consciousplanning bycorporate managers.Both economictheory andempirical批注［李11］对外投资使企业保持竞争力，并促进国内就studies supportthe ideathat FDIis conductedin anticipationof futureprofits.It is业海外投资也刺激了机械和其他资本品的出口generally assumedthat investmentflows fromregions oflow anticipated profit tothose批注[李12]:新的跨国公司不在国外的出现并非偶然它们of highanticipatedprofitafter allowingfor risk.Although expectedprofits may是批企注[业李管2理3]:者关有于意外识国地直计接划投的资结和果跨国经公济司理的论这和一实节就证此研结究ultimately explainthe processof FDI,corporate managementmay emphasizea variety都束支持感外谢国收直看接投资是基于预期利润的行为一般认为，of otherfactors whenasked abouttheir investmentmotives.考虑风险因素后，投资从预期利润低的地区流向预期利润P8The questfor profitsencourages MNEsto searchfor newmarkets andsources of高的地区虽然预期利润可能最终解释外国直接投资的过demand.程，但当被问及其投资动机时，公司管理者可能会强调各Some MNEsset upoverseas subsidiariesto tapforeign marketsthat cannotbe种具体因素maintained adequatelyby exportproducts.This incentivemay beparticularly strong批注[李13]:跨国公司追求利润的方式之一是寻找新的市场with therealization thatlocal tasteand designdifferences exist.A closefamiliarity with和需求来源local conditionsis ofutmost importancetoasuccessful marketingprogram.The locationofforeignmanufacturing facilitiesmay beinfluenced bythe factthat批注[李14]:当出口无法充分满足国外市场时，一些跨国公some parentcompanies findtheir productivecapacity alreadysufficient tomeet司便在海外设立子公司如果当地有不同的偏好，这种激domestic demands.If theywish toenjoy growthrates thatexceed theexpansion of励可能会更加强烈对于一个成功的营销计划来说，熟悉domestic demand,they musteither exportor establishforeign productionoperations.当地情况是至关重要的Market competitionmay alsoinfluence afirms decisionto setup foreignfacilities.批注[李15]:如果在母国的公司有足够的生产能力来满足国Corporate strategiesmay bedefensive innature ifthey aredirected atpreserving内外需求，这也会影响国外工厂的选址如果它们希望生market sharesfrom actualor potentialcompetition.产更多，超过了国内需求，它们要么出口要么建立外国公P9Multinationals oftenseek toincrease profitlevels throughreductions in司production costs.Such costreducing FDIsmay takeanumberof forms.The pursuitof essentialraw批注[李16]:市场竞争也可能影响公司设立外国工厂的决materials mayunderlie acompanys intentto gomultinational.This isparticularly true定跨国企业可能会基于防御性的战略进行对外投资,目的oftheextractive industriesand certainagricultural commodities.是保护市场份额不受实际或潜在竞争的影响Production costsinclude factorsother thanmaterial inputs,notably labor.Labor costs批注[李17]:跨国公司提高利润水平的另一种方式是降低生tend todiffer amongnational economies.Multinationals may be ableto holdcosts产成本down bylocating partor allof theirproductive facilitiesabroad.Many U.S.electronicsfirms havehad theirproducts producedor atleast assembledabroadtotake advantage批注[李18]:这种降低成本型的FDI有多种形式对基本原of cheapforeign labor.材料的追求可能成为企业跨国投资的基础采掘业和某些Multinational locationcan alsobe affectedby transportation costs,especially in农业商品尤其如此industries wheretransportationcosts are ahigh fraction of product value.批注[李19]:除原材料以外，生产成本还包括其它投入要素，When transportationcostsarea minorfractionofproductvalue,MNEs tendto locate尤其是劳动力各国经济的劳动力成本往往不同跨国公where theavailability andcost oflabor andother inputsprovide themthe lowest司可以通过将部分或全部生产设施设在国外来降低成本manufacturing cost.Multinationals producingelectronic components,garments,and许多美国电子公司在国外生产或至少组装产品，以利用廉shoes offerexamples ofthis process.价的外国劳动力Government policiesmayalsolead toFDI.Some nationsseeking tolure foreignmanufacturersto setup employmentgenerating facilities in theircountries maygrant批注[李20]:跨国公司的选址也会受到运输成本的影响,尤subsidies suchas preferentialtax treatmentor freefactory buildingsto MNEs.More其是对于运输成本在产品价值中占比很大的行业commonly,directinvestmentmaybea wayof circumventingimport tariffbarriers.The批注[李21]:当运输成本在产品价值中只占很小的一部分high tariffsthat Chinalevies onauto importsmeans foreignauto producerswishing to时，跨国公司往往会选址在劳动力和其他投入成本更低的sell inthe Chinesemarket mustlocate productionfacilitiesinthat country.地方比如生产电子元件、服装和鞋子的跨国公司That concludesthis sectionon FDIand multinationalcorporations.批注[李22]:政府政策也可能导致外国直接投资一些国家（以上就是关于资本跨国流动和跨国公司的内容，感谢观看）为吸引外国制造商在本国建立工厂以促进就业，可能会向跨国公司提供某些补贴，比如税收优惠或免费厂房更常见的是，直接投资可能是规避进口关税壁垒的一种方式中国对进口汽车征收的高关税意味着，希望在中国市场销售的外国汽车生产商必须在中国设立华。