O objeto do presente trabalho é a análise das mudanças no regime jurídico do investimento estrangeiro ocorridas na última década. Após o estudo histórico sobre o desenvolvimento desse regime, as quatro tendências que conduziram a elaboração das regras daquele período são examinadas. A primeira delas foi a criação de regimes regionais, como as regras sobre o investimento internacional do NAFT A, ASEAN, APEC e Mercosul. A segunda, as tentativas de estabelecimento de um regime multilateral, como comprovam não só as negociações do MAI e das TRIM\'s, nos quadros da OCDE e OMC, como a consolidação pelo Banco Mundial das Diretivas sobre o investimento direto estrangeiro. Em terceiro lugar, o surgimento de normas internacionais setoriais, a exemplo do Tratado da Carta da Energia. E, por último, o crescimento extraordinário do número de acordos bilaterais sobre a matéria. O estudo leva em consideração a jurisprudência internacional, principalmente as sentenças proferidas pelo CIRDI. O exame dessas quatro tendências é seguido pelo estudo de dois regimes regionais que dizem respeito aos interesses brasileiros: o do Mercosul e o da ALCA. Se comparado com os regimes anteriores, aquele dos anos 90 se distingue por privilegiar a flexibilização das regras sobre o fluxo de capitais e o incremento de seu ganho. Preocupações com regras concernentes à proteção do investimento estrangeiro parecem estar ultrapassadas em razão de dois motivos. Inicialmente, pela implementação de seguros e garantias contra riscos políticos que, além de contornar o risco decorrente das interferências governamentais nos investimentos, também minimizou as discussões sobre as indenizações. Em segundo lugar, pelo endosso dado pela maioria dos países em desenvolvimento às políticas neoliberais -o que inibiu a ação governamental no regime doméstico do investimento internacional- e pela concorrência entre esses países em atrair esse investimento. O direito internacional dos investimentos passou a contar com poucas lacunas, a basear-se menos no costume e a formalizar-se em instrumentos. Questões vitais em décadas anteriores, como aquelas relativas à cláusula Calvo e aos critérios indenizatórios, foram resolvidas por tratados ou pela jurisprudência. Esta tomou-se abundante, consolidando um entendimento conservador. Objetivamente, pouco restou do discurso inflamado dos anos 60 e 70 sobre a NOEI. Desmontou-se o binômio investimento e desenvolvimento, desarticulando-se um sistema anterior chamado de Direito Internacional do Desenvolvimento. Essa desarticulação deu-se por caminhos diversos. O direito internacional dos investimentos, antes objeto de Resolução da ONU, teve seus debates transpostos para outras organização, como o Banco Mundial A preocupação com o desenvolvimento foi realocada de capítulo do Direito Econômico Internacional para o campo dos Direitos Humanos. Das quatro tendências acima, uma delas parece que não terá continuidade: o tratamento setorial da matéria. Todavia, nos próximos anos, as outras três continuarão a ser seguidas: não há indicação de refluxo nos acordos bilaterais; a busca por um regime multilateral irá continuar, como aponta o compromisso assumido na reunião da OMC, em Doha de assinatura das TR!M\'S em 2005; e, finalmente, as negociações da ALCA, que incluem disposições sobre investimentos, indicam continuidade na tendência regional. / The purpose of this work is to analyze the changes introduced in the international legal regime applicable to foreign investment in the last decade. After an historical study on the development of this regime, the four trends that shaped the elaboration of these rules during this period are examined. Firstly, the tendency to the creation of international regional regimes -like NAFTA, Mercosur, ASEAN and APEC\'s special rules on investment- is analyzed. Secondly, the several attempts to establish a multilateral regime on foreign investment -as evidenced by the negotiation of the MAL in the OECD, and of the TRIM\'s, in the WTO, as well as the edition of the Guidelines on Foreign Direct Investment by the Word Bank- are reviewed. In the third place, the international rules applicable to investments in special sectors, as is the case of the Energy Chart Treaty, are focused. Finally, the increase in number of the bilateral treaties is examined. This study takes into account the international jurisprudence, mainly the awards rendered by the lCSID. This exam is followed by the study of two regional regimes that affect Brazilian interests: the Mercosur and the FTAA. If compared with the previous regimes, the one that prevailed in the nineties appears to be more concerned with both the flexibility of the rules on the flow of capitals and the increase of earnings. Concerns about rules on the investment protection have vanished for two main reasons. Initially, the availability of insurance and guaranties against political risks besides minimizing the risks presented by any governmental interference on the investor\'s control over its investment, also contributes to make issues on the value of indemnities irrelevant. In the second place, the majority of the developing countries not just endorsed neo-liberal policies, which made governmental restrictive postures on foreign investment difficult, but have started to compete against each other to attract foreign capitals. The International Law on Investments turned into a system with few gaps, based rather on written treaties than on customary law. Crucial issues of the past few decades, like these related to the Calvo doctrine or to indemnities criteria, were solved by treaties and arbitral decisions. Not only did the jurisprudence become abundant, but also consolidated conservative views on the matter. Objectively, very little remained of the fiery speech on the NEIO. The dual investment and development was undone and the previous system of the International Law of Development collapsed. This collapse was caused by different reasons. The most determining, however, is the fact that the International Law on Investment, based before on customary roles and precariously settled by UN\'s resolutions, were relocated to different fora, like the World Bank. The concern with development switched from an important chapter of the International Economic Law to Human Rights\' domain. Amidst the four trends pointed out in this work, apparently just one will be discontinued in the near future: the sectorial treatment of foreign investment. Nonetheless, the others will continue to be present: there is no evidence of reflux in the signing of bilateral treaties; the search for a multilateral regime will continue, as shown in the commitment made in the WTO Conference of Doha, in 2001, fixing for 2005 the signing of the agreement on TRIM\'s; and finally, the negotiation of FTAA, including dispositions on investments, indicates that the regional tendency will remain.

Made available in DSpace on 2016-04-26T20:25:32Z (GMT). No. of bitstreams: 1 mariana.pdf: 945006 bytes, checksum: 1e3cad58a98ca68483dd093e611b3a9c (MD5) Previous issue date: 2007-05-07 / Programa de Bolsas de Alto Nível da União Europeia para a América Latina / This study analyses the situation of TNCs and States when they are negotiating the entrance of a FDI. These negotiations are relevant because usually domestic policies connected to the FDI are discussed and TNCs often interfere in the way these policies are going to be developed, through lobbying. This study suggests the creation of a law regulating how TNCs should practice lobbying in host countries domestic affairs. The final purpose of such regulation is to promote economic development and prevent corruption through a supervised lobbying of TNCs. During this study it is analysed the context in which TNCs are actually presented: its form of control and legal structure; its origin and how developing countries are originating new TNCs. Further, this is study seeks to explain how TNCs negotiate with developing countries and how TNCs originated from developing countries try to reach a significant position in international trade. In addition, it is analysed the justification for the occurrence of lobbying by TNCs in host countries domestic affairs, the connection between a regulation of such practice and the prevention of corrupt practices and the necessity in promoting economic development through the entrance of new FDI. Finally, it is presented the US lobbying regulation as a model and the Brazilian situation in relation to FDI and to the lobbying practices. The ultimate point is to bring incentive for Brazil to develop a legal framework regulating lobbying practices of TNCs in Brazil s domestic affairs and, as a consequence, regulate the liability of TNCs for corrupt lobbying or interference without promotion of economic development. A law controlling the lobbying practices of TNCs in Brazil s domestic affairs is considered a way to balance the position of the country in relation to TNCs when negotiating a new FDI / Esse trabalho analisa a situação das TNCs e dos Estados quando eles estão negociando a entrada de um IED. Essas negociações são relevantes porque geralmente discutem-se políticas domésticas ligadas ao IED, e porque as TNCs frequentemente interferem na forma como essas políticas serão desenvolvidas, praticando lobby. Esse estudo sugere a criação de uma lei que regule como TNCs deveriam praticar o lobby nos países receptores de investimento. O propósito final dessa lei é a promoção do desenvolvimento econômico e a prevenção da corrupção por meio da supervisão da prática do lobby das TNCs. Durante esse trabalho, foi analisado o contexto no qual as TNCs ora se apresentam: suas formas de controle e estruturas legais, sua origem e como países em desenvolvimento estão dando origem a novas TNCs. Em seguida, esse estudo procurou explicar como TNCs negociam em países em desenvolvimento e como TNCs originadas em países em desenvolvimento buscam alcançar uma posição significativa no comércio internacional. Ademais, foi analisado a justificativa para que TNCs interfiram nas políticas domésticas dos países recpetores de investimentos, a relação entre a regulação dessa prática e a prevenção da corrupção, bem como a necessidade de que um novo IED promova o desenvolvimento. Finalmente, foi apresentada a lei que regula o lobby nos EUA, como um modelo, e a situação do Brasil em relação ao IED e a prática do lobby. O maior próposito do trabalho é incentivar o Brasil a desenvolver uma lei que regule a prática do lobby pelas TNCs nas políticas domésticas brasileiras, e, consequentemente, regule a responsabilidade da TNC em razão de práticas corruptas ou da interferência sem promoção do desenvolvimento econômico. Uma lei que controle a prática do lobby das TNCs nos assuntos domesticos brasileiros é considerado um meio de equilibar a posição do país em relação à TNC, no momento da negociação de um novo IED

Made available in DSpace on 2016-04-26T20:48:53Z (GMT). No. of bitstreams: 1 Maria Roselene B Costa.pdf: 875682 bytes, checksum: 445ad1a2140a84f7ed0b7634bbcf6a86 (MD5) Previous issue date: 2008-10-27 / The intention of the work is to characterize the evolution and the impact of the Direct Foreign Investment (IDE) in the Brazilian economic development. The period delimited for the analysis is the years between the decades of 1950 and 1990. Considering the boom in the flow of IDE directed to the Brazilian economy in recent years, it was searched to collate the different presented periods, in order to investigate the contribution of these resources in the different cycles of economic development of Brazil / O propósito do trabalho é caracterizar a evolução e o impacto do Investimento Direto Estrangeiro (IDE) no desenvolvimento econômico brasileiro. O período delimitado para a análise são os anos compreendidos entre a década de 1950 e de 1990. Considerando-se o boom no fluxo de IDE direcionado à economia brasileira no período recente, buscou-se confrontar os diferentes períodos apresentados, a fim de investigar a contribuição desses recursos nos diferentes ciclos de desenvolvimento econômico do Brasil

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2015-05-15T17:32:49Z No. of bitstreams: 1 Carla Menezes.pdf: 1929958 bytes, checksum: 3d3899ff8ea4eb98f9fe72636a11064c (MD5) / Made available in DSpace on 2015-05-15T17:32:49Z (GMT). No. of bitstreams: 1 Carla Menezes.pdf: 1929958 bytes, checksum: 3d3899ff8ea4eb98f9fe72636a11064c (MD5) Previous issue date: 2014 / Nenhuma / Devido ao crescente movimento de investimento externo direto das empresas brasileiras nas últimas décadas, optou-se por desenvolver um estudo sobre esse fenômeno. Para Morschett, Schramm-Klein e Swoboda (2010), apesar de muitas décadas de pesquisa de fato não se sabe ao certo quais são as variáveis que determinam a decisão de modo de entrada no exterior. Fato que afeta também as empresas brasileiras, pois pouco se sabe sobre o impacto das variáveis que determinam a decisão do modo de entrada. Esta dissertação é um estudo de caso qualitativo descritivo no qual foi pesquisada a Companhia Providência S.A., uma empresa brasileira fabricante de falso tecido que, através de sua estratégia de internacionalização, exporta para diversos países do mundo. A Companhia Providência em 2011 realizou seu primeiro investimento externo direto tipo greenfield nos Estados Unidos. O estudo do processo de expansão internacional da Companhia Providência S.A., verificou os fatores determinantes na decisão de investimento externo direto nos Estados Unidos e analisou este fenômeno sob a ótica de várias das teorias de internacionalização presentes na literatura. Como método de investigação, realizou-se um estudo de caso tipo descritivo de uma empresa de origem brasileira, que decide realizar investimento externo direto nos Estados Unidos. A coleta de dados foi através de múltiplas fontes de evidência como: entrevistas, pesquisa documental, pesquisa bibliográfica e observação direta. Em seguida, foi realizada a revisão teórica do tema e desenvolveu-se a análise dos dados e a construção do relatório final. A partir de três correntes teóricas de internacionalização: Escola de Upssala, Paradigma Eclético e Empreendedorismo Internacional foi identificada a convergência entre as teorias e o caso. Ainda foi identificado diversos fatores internos e externos à Companhia Providência que determinaram o investimento externo direto, sendo estes: (1) mercado de grandes proporções que inclusive acessa o bloco NAFTA; (2) oportunidade de mercado emergente em mercado maduro, no segmento de fraldas adulto nos Estados Unidos; (3) disponibilidade dos fatores de produção no país hospedeiro, por se tratar de um polo de fabricação de nãotecido; (4) baixa distância cultural entre os dirigentes da empresa no que se refere a cultura, idioma, gestão e método de produção; (5) mercado de falso tecido no Brasil e América Latina com super capacidade; (6) experiência internacional dos gestores para realizar a operação; (7) know-how na produção de nãotecido; (8) vantagem de recursos, pois obtinha máquina de alta tecnologia; (9) know-how na homologação da planta; (10) motivação estratégica de estar próximo ao cliente para desenvolvimento de inovação em produto. Finalmente, foram sugeridos fatores que podem ser analisados pela empresa em futuras expansões da Companhia Providência. / Due to the growing movement of foreign direct investment by Brazilian companies in the recent decades, it was decided to develop a study on this phenomenon. For Morschett, Schramm-Klein and Swoboda (2010), despite many decades of research in fact no one knows for sure what are the variables that determine the decision of the entering mode abroad.This fact also affects Brazilian companies, because little is known about the impact of the variables that determine the decision of entering mode. This dissertation is a descriptive qualitative case study in which the Company Providencia S.A. was studied. This company is a Brazilian producer of non-woven fabric which through its strategy of internationalization is exporting to several countries. The Company Providencia held in 2011 its first greenfield foreign direct investment in the United States. The study of the process of international expansion the Company Providencia S.A. verified the determining factors in the decision of foreign direct investment in the United States and analyzed this phenomenon from the perspective of various theories of internationalization in the literature. As method of investigation, it was performed a case study descriptive type of a company of Brazilian origin that decided to hold foreign direct investment in the United States. Data collection was done through multiple sources of evidence such as interviews, desk research, literature research and direct observation. Afterwards, the theoretical review of the theme was performed and was developed the data analysis and the construction of the final report. Based on three theoretical perspectives of internationalization, the Uppsala School, Eclectic Paradigm and International Entrepreneurship, it has been identified the convergence between theories and case. Many internal and external factors that determined the Company Providencia foreign direct investment were identified: (1) market of major proportions that even accesses the NAFTA bloc; (2) emerging market opportunity in mature market, in the adult diapers segment in the United States; (3) availability of factors of production in the host country, because it is a pole of manufacturing non-woven fabric; (4) low cultural distance between company directors with regard to culture, language, management and production method; (5) market for non-woven fabric in Brazil and Latin America with super capacity; (6) managers’ international experience for performing the operation; (7) know-how in non-woven fabric production; (8) resource advantage, obtained from high-tech machine; (9) know-how in the ratifying of the plant; (10) strategic motivatin of being close to the customer for developing product innovation. Finally, factors that can be analyzed by the company in future expansions of the Company Providencia were suggested.

Made available in DSpace on 2016-04-26T20:19:59Z (GMT). No. of bitstreams: 1 Antonio Marcos Hernandes Neto.pdf: 39915686 bytes, checksum: 372a0c4737c6ad6dd535ae0cd18a2044 (MD5) Previous issue date: 2011-05-04 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / The globalization changed substantially the relationships among States, breaking boundaries that were rigids until then. In this new moment in time, an opportunity also came up, by need, of expansion of the private investments towards new territories beyond the ones of their own. So, in time, the economy watched an intense transformation, by which capital gained mobility so far unknown, in a way that investments made in a given State had sources from various other States and, most importantly, coming from the reserves of the private initiative. To the private initiative guarantees started to be needed in order to that its investment did not suffer intervention from the State receiving the investment, and so that its asset wouldn't be damaged. Of these guarantees, the highlights are the investment agreements, the domestic legislation of the host State that aimed to protect the foreign investment and, at last, the international treaties. Each one of these instruments, at its own way, tried to offer security to the foreign investor, so that it would then venture in that territory. One of the main forms of guaranteeing the foreign investment is to transfer the competence to judge eventual disputes concerning such investments from the courts of the host State to international arbitration. Because it is an independent tribunal and, theoretically, better provided with resources to deal with the issue involved in such a controversy, arbitration has become attractive to investors afraid of the expropriatory acts that could be taken by the host States of their capital. The emergence of ICSID (or CIRDI) through the Washington Convention of 1965 as an institution specialized in this kind of dispute of foreign investment between private investor and host State granted even more soundness to this system. However, the ICSID jurisdiction is not simple, because it demands the analysis of various factors to its definition, both as the parties involved (ratione personae) and the subject in dispute (ratione materiae). The Washington Convention still sets forth a specific procedure to be followed by the arbitration under its auspices, as well as to the enforcement of the award stemming from it. Therefore, this is a subject filled with nuances that must be carefully analyzed and detailed / A globalização modificou substancialmente as relações entre os Estados, derrubando fronteiras até então rígidas. Nesse novo momento histórico, surgiu também a oportunidade, pela necessidade, de expansão dos investimentos dos particulares a novos territórios além de seu próprio Estado. Assim, com o tempo, a economia assistiu uma transformação intensa, por meio da qual o capital adquiriu uma mobilidade até então desconhecida, de modo que os investimentos realizados em um determinado Estado passaram a ter como origem diversos outros Estados, e, mais importante, sendo proveniente das reservas da iniciativa privada. A esta passou a serem necessárias garantias de que seu investimento não sofreria intervenção do Estado que o recebia, para que seu patrimônio não fosse prejudicado. Dentre estas garantias destacam-se os contratos de investimento, as legislações nacionais do Estado receptor que visavam proteger o investimento estrangeiro e, por fim, os tratados internacionais. Cada um destes instrumentos, a seu próprio modo, buscava oferecer segurança ao investidor estrangeiro, para que ele então se aventurasse naquele território. Uma das principais formas de se garantir o investimento estrangeiro é a transferência da competência para julgar eventuais disputas concernentes a tais investimentos do judiciário do Estado receptor à arbitragem internacional. Por se tratar de um tribunal independente e, teoricamente, melhor municiado para lidar com a problemática envolvida em uma controvérsia desta natureza, a arbitragem se tornou atrativa aos investidoras, receosos dos atos expropriatórios que poderiam vir a ser tomados pelos Estados receptores de seu capital. O surgimento do ICSID (ou CIRDI) através da Convenção de Washington de 1965, como instituição especializada neste tipo de controvérsia de investimento estrangeiro entre investidor privado e Estado receptor, deu ainda maior solidez a este sistema. A jurisdição do ICSID não é, entretanto, questão simples, pois exige a análise de diversos fatores para sua definição, tanto no âmbito dos sujeitos envolvidos (ratione personae) quanto no âmbito da matéria em disputa (rafione materiae). A Convenção de Washington estipula ainda um procedimento especifico a ser seguido pela arbitragem sob seus auspícios, bem como para a execução do laudo arbitral dela derivado. Trata-se, portanto, de assunto recheado de nuances que devem ser cautelosamente analisadas e detalhadas

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政府為吸引外國直接投資(foreign direct investment)至本國，通常對於所有外國直接投資均給予租稅上的優惠以作為誘因。事實上，有些外資並未為本國帶來正的外溢效果。如 Haddad 與 Harrison(1993)的實證研究發現，當外資被吸引至國內的被保護產業時，則其生產力的外溢效果很小。而 Chao 與 Yu(1997)更探討關於對外資課稅的福利效果。不過，迄今文獻尚未探討在國際規模經濟下對外資課稅或補貼的福利含意。因此，本文擬探討如果政府的外資租稅優惠政策是選擇性針對具有「國際規模經濟」(international scale economies)特性的產業，其對本國、外國及全球福利的影響。 「國際規模經濟」一詞是由 Ethier(1982)所提出，為外部規模經濟(external economies of scales)型態一種，其係指由於中間投入的國際化專業分工而產生的規模經濟。而 Ethier 之所以提出此種與傳統規模經濟不同的「國際規模經濟」理論，是鑒於近代國際貿易已由中間財貨貿易凌駕最終財貨貿易之事實與趨勢。在專業化的中間財自由貿易下，每一個國家將產生一個正的技術外部效果給其貿易夥伴，而此正的技術外部效果即屬國際規模經濟。 由本文的研究結果得知，當資本要素的國際性移動，促使全球的國際規模經濟產業擴展，則全球福利將提高。因此，當本國採取對外資的補貼政策而影響資本要素的國際性移動時，此舉需使全球的國際規模經濟部門規模增加，才能提高全球福利。若全球福利提高，但不一定保證個別的本國與外國的福利亦均改善。在國際規模經濟下，假如本國的補貼支出很小，則即使本國在負的貿易條件效果下，仍可能使本國的福利提高，因為本國有國際規模經濟之利益。假如本國的補貼支出很大，但如果本國的國際規模報酬極大，足以彌補補貼支出，則本國福利仍可能提高。相對地，若外國獲得的投資所得與補貼收入能彌補因資本流失導致的國際規模報酬損失，則外國福利亦能提高。

過去的實證研究指出，在討論當期的會計盈餘穩健性時，研究者必須要控制期初會計盈餘穩健性的水準。具體而言，期初會計盈餘穩健性與本期會計盈餘穩健性的負向關係，會稀釋我們對當期會計盈餘穩健性的解釋效果。基於這個理由，本研究以期初市價對淨值比做為期初會計盈餘穩健性的代理變數，去檢視我國1999年至2004年會計盈餘的穩健性以及探討盈餘穩健性與外資法人持股比例之關聯性。穩健原則之定義，係以 Basu(1997)模型做為衡量穩健性的指標。研究結果發現，我國企業近年來之會計盈餘存在穩健原則之特性，而期初市價對淨值比與盈餘穩健程度之間呈現顯著之負向相關。至於針對外資持股與盈餘穩健性之關聯性的分析，在控制期初市價對淨值比的影響之後，本研究未能找到外資持股比例之高低對盈餘穩健程度有顯著影響之證據。然而，在期初市價對淨值比最高的組別中，盈餘穩健程度與次期外資持股比例之間存在正向之關係。這個現象意味著對於期初盈餘穩健性很高的公司而言，其在當期之盈餘若相對較穩健，則次期之外資持股比例將會較高。但是，在本研究改以工具變數衡量外資持股比例之後，不論是當期或次期的外資持股比例，其與盈餘穩健程度之間則均未存在顯著之關聯性。彙總而言，利用1999年至2004年的資料，本研究發現，期初會計盈餘穩健性與本期會計盈餘穩健性有顯著的負向關係；無論有無控制期初會計盈餘穩健性，我國的會計盈餘均具有穩健性的特性；未能得到非常充份的證據去宣稱外資對於我國會計盈餘穩健性有系統性的影響。 / Prior empirical studies indicate that researchers have to control for the level of beginning-of-period earnings conservatism when discussing earnings conservatism in the current period. The negative association between beginning-of-period earnings conservatism and earnings conservatism in the current period will dilute the effect of our explanation of earnings conservatism in the current period. Using beginning-of-period price-to-book ratios to proxy for beginning-of-period earnings conservatism, this study examines earnings conservatism in Taiwan during the period from 1999 to 2004, and discusses the relationship between earnings conservatism and shareholding ratios of foreign institutional investors. The definition of earnings conservatism is based on Basu(1997). The empirical results show that earnings in Taiwan demonstrate the characteristic of earnings conservatism in recent years, and that beginning-of-period price-to-book ratios are negatively associated with the level of earnings conservatism. As for the analysis of the link between shareholding ratios of foreign institutional investors and earnings conservatism, this study fails to find the evidence that shareholding ratios of foreign institutional investors have significant impacts on earnings conservatism after controlling for the level of beginning-of-period price-to-book ratios. However, in the portfolio of the highest beginning-of-period price-to-book ratios, there is a positive relationship between earnings conservatism and shareholding ratios of foreign institutional investors in the next period. This result means that firms with the highest level of beginning-of-period earnings conservatism will have higher shareholding ratios of foreign institutional investors in the next period if their earnings in the current period are relatively more conservative. However, when this study uses the instrumental variable to measure shareholding ratios of foreign institutional investors, shareholding ratios of foreign institutional investors, whether in the current or next period, do not have a significant relationship with the level of earnings conservatism. In summary, using data from 1999 to 2004, this study finds that there is significantly negative association between beginning-of-period earnings conservatism and earnings conservatism in the current period, and that earnings in Taiwan demonstrate the characteristic of earnings conservatism whether controlling for the level of beginning-of-period earnings conservatism or not, but this study fails to obtain sufficient evidence to assert that foreign investment has systematic effects on earnings conservatism in Taiwan.

跨國企業的發展已建構出一個極為龐大的全球商業體系，其涵蓋了全球生產總值的25％，國際貿易行為的65％，國際技術貿易的60％至70％，產品研發的80％至90％，換言之跨國企業實際上掌握了全球的國際貿易與技術研發。而過往跨國企業多群集於技術領先之處進行海外研發活動，近年來卻轉往以亞洲為主的開發中國家。其中OECD甚至表示跨國企業對於中國研發的投入已經使中國在2006年超越日本，成為研發投入全球第二的國家。 因此本論文便以此為出發點，希冀瞭解跨國企業國際投資行為，並將以跨國企業（摩托羅拉、諾基亞）在中國的投資行為為觀察對象，以瞭解跨國企業如何應對東道國之產業政策，以及如何利用東道國的政策法令、市場地位來極大化其跨國經營的效益，並在最後以臺灣廠商（明基）在中國的研發佈局為對照，指出臺灣廠商未來可以努力的方向。研究後所得整理如下： 1.跨國企業進入資本輸入國的型態已經呈現多元化的趨勢，多數的國際投資開始藉由離岸公司或是多國籍的方式進入資本輸入國。 2.資本輸入國時常會利用法令政策為手段來培植齊國內產業，而跨國企業也會藉由合資、併購等手段來避開資本輸入國法令政策的羈絆。 3.對於中國3G標準（TD-SCDMA）跨國企業之參與不遺餘力。 4.研發行為全球化型態已經成為目前跨國企業研發的方式，藉由建立全球研發管理平台跨國企業更能掌握全球資源。 5.臺灣廠商應盡力往技術研發方向佈局，並應盡力建立跨國研發管理平台，避免一味的追逐製造行為以為滿足，以免在中國本土廠商技術提升之後，淪為替人家代工或是必須遷往成本更低廉的地方。 / The development of Transitional Corporations has already created an enormously complicated business structure in the world. It includes 25％of the gross world product, 65％of the international trade, 60％~70％of the international technology licensing, 80％~90％of the R&D. In other words, Transitional Corporations has manipulated the trade and R＆D activities of the world. Moreover, Transitional Corporations are now spreading their R&D activities to developing countries（mainly in Asia）. OECD even mentioned that China will surpass Japan by the end of 2006 in R&D spending to become the world's second R&D investor after United States. This thesis examines the international investment strategies of Transitional Corporations. We discuss the international investment law and the foreign investment legal system in China（host country in this thesis）first. Then we focus on the investment strategies of Motorola and Nokia in China to realize how they arrange their R&D centers in China and how they deal with the policies of the host country to maximize their investment interests. In conclusion, we study the investment strategies of BenQ in China to give Taiwan corporations some advice about their international investment strategies. Our conclusions are as followed： 1.Transitional Corporations enter into the host country with diversified nationalities and through the establishment of offshore company. 2.The host country will have certain policies to foster their own industries, Transitional Corporations should use Joint Venture company or M＆A action to evade this kind of restrictions. 3.Transitional Corporations spare no effort to affect and join the development of 3G standardization（TD-SCDMA）in China. 4.Globalization R&D has played a major role in the R&D model of Transitional Corporations. Through the built of international R&D management platform, Transitional Corporations are more capable of controlling their global resources. 5.Taiwan Corporations should focus their investment on valuable activities, such as R&D, instead of just pursing manufacture interests.

As foreign direct investment (FDI) grows rapidly in this highly integrated world, numerous new challenges confront the existing global trading system. Both developed countries and their developing counterparts have been trying to reach harmonious bilateral or multilateral agreements. However, disputes between multinational enterprises (MNEs) and host countries continue to increase as FOI rises. Trade Related Investment Measures (TRIMs) were proposed by the United States in the 1994 Uruguay Round as a way to create a better investment environment in both developed and developing countries. Since many theoretical and empirical analyses of TRIMs agreement are ambiguous or incomplete, this three-essay dissertation will examine theoretical and empirical trade-related investment policies with a focus on the strategic regulation of TRIMs policies in developing countries. The first essay provides background information about TRIMs agreement that are currently employed around the world. It also includes definitions, controversial debates and applications, a description of the theoretical framework for analysis of the TRIMs agreement and the historical development of the TRIMs agreement from the Uruguay Round to the Doha meeting in 2001. The objective of this essay is to emphasize the importance of the TRIMs agreement in the structure of the global economy and their significant economic impacts on host countries. The second essay considers the impacts of the TRIMs policies on developing countries by employing a theoretical model. A dynamic general equilibrium model is used to examine two types of TRIMs policy instruments, local content requirements (LCRs) and government investment incentives (GIIs), such as subsidies given to MNEs operating in host countries. The model shows that increasing LCRs will benefit the economy of developing countries through increases in R&D and technology transfer in the short run. However, in the long run, increased LCRs will hinder their economic development because production of less competitive goods of higher cost will reduce domestic demand. GIIs use in developing countries will result in increase in available resource inputs for relative wages for R&D or technology adapting sector, while decreasing these inputs and relative wages for manufacturing sectors. Finally, the third essay studies TRIMs policies in a CGE (Computable General Equilibrium) model of a small open economy, and quantifies the economic impacts of the strengthening of TRIMs policies under a post Uruguay Round scenario in Tunisia. The employed model is based on the model of Konan and Maskus (2000), which concentrates on trade liberalization in Tunisia. In our model, the policy instruments are government subsidies and taxes. Strengthening of these TRIMs policies was examined for 35 sectors. In order to analyze TRIMs policies, another important feature, FDI, was integrated into this CGE model. It was found that TRIMs policies tend to have a significant impact on service and other capital-intensive sectors, but have only a minor impact on mining, utilities, agriculture and other highly protected and labor intensive sectors. Government taxes on MNEs would cause a loss in the GDP of a host country and lower its relative wages, while investment incentives would increase both the GDP of the host country and its relative wages.