合資經營企業是外商直接投資中相當重要的一種形式，再加上有別於外商獨資企業、中國大陸的內資企業或國營企業，係為由中方投資者與外方投資者雙方在約定的期限內共同投資、共同經營、共享利潤與共擔風險之一種企業形式，究竟對企業內部能帶來哪些正面積極的作用？更深一層來說，是否能對中國大陸的總體經濟作出貢獻？這些均是相當引人注意的課題。有關合資經營企業的相關研究文獻，大多偏重於個體面，而有關總體面的分析則付之闕如。因此，本研究之主要目的即在探討合資經營企業對於中國大陸的經濟發展產生何種程度的影響，並檢視目前中國大陸的投資環境，以展望合資經營企業乃至於外商直接投資的未來發展。 有關合資經營企業的總體經濟成效，本研究將分成對經濟發展的直接影響與間接影響，以及技術移轉效果等三方面來加以探討。 一、對經濟發展的直接影響 (一)資本形成效果 合資經營企業外商實際投資額佔全社會固定資產投資總額的比例，呈現逐年攀升的現象，在1994年達到最高峰。從1995年到1997年，雖然出現了小幅度的衰退，但對於資本形成仍有相當程度的影響力。有鑒於不宜以整個地區來衡量外資之資本形成效果，因此以合資經營企業所在地的資本形成額來推測其貢獻。將分析的範圍縮小，僅以廣東一省為例，可以發現合資經營企業對當地資本形成的貢獻更為顯著。 (二)產出效果 觀察合資經營工業企業對中國大陸工業總產值的貢獻，以估測產出效果。1997年合資經營工業企業數有12833家，工業產值5751億元人民幣，佔全中國大陸工業企業數與工業總產值之比重，分別為0.16%與5.06%，故以如此微小的企業比重，卻能達對全中國大陸的工業總產值作出相當程度的貢獻，實屬難能可貴。 (三)就業效果 從1988年到1992年，全中國大陸合資經營企業職工人數之成長幅度均超過同時期全國職工人數的成長幅度，而且，所佔比重也呈現出逐年增加的趨勢。值得注意的是，合資經營企業職工人數與工資總額佔全國總額的比重，幾乎每年都是後者較前者高，這反映出合資經營企業職工的平均工資普遍高於全國職工的平均水準之事實，雖然有助於提高合資經營企業職工的所得水準，但是卻有加深中國大陸所得分配更加不均之虞。 二、對經濟發展的間接影響 (一)對外貿出口之影響 合資經營企業的出口金額逐年提昇，1997年已佔全國出口總額的18.98%，接近五分之一的比重。再者，合資經營企業的出口創匯率一直表現亮麗，顯示其偏向出口導向甚於進口替代。然而，合資經營企業出口多集中於東南沿海的廣東、深圳、上海等地，而且出口貿易方式以進料加工佔絕大多數，可以看出，合資經營企業大多為出口導向型的初級加工出口產業，利用當地豐富的勞動力資源來獲取報酬，雖然有效促進了中國大陸的出口成長，並促進了地區的繁榮，但是對於中國大陸出口產品結構的提昇，恐怕貢獻並不大。 (二)國際收支效果 合資經營企業的外匯淨流入佔中國大陸外匯存底的比重，在1993年達16.77%為歷史高峰，1993年以後，雖然比重呈現下滑，但大致上保持在10%左右的水準。雖然上述的分析並沒有考慮外商匯出國外的利潤、資本與管理費用時所使用的外匯，若將此部份的因素考慮進去，則上面合資經營企業對於外匯存底的貢獻應該會再小一些。儘管如此，合資經營企業對於國際收支大致上仍存有正面的貢獻。 (三)對政府稅收之影響 將中國大陸涉外稅收的成長與合資經營企業的發展相配合，可以發現兩者密切的關係。以1995年為例，該年合資經營企業上繳的涉外稅收為375億餘元人民幣，佔當年全國涉外稅收的比重達57.28%，充分顯示合資經營企業相較於其他經濟類型的企業，對於中國大陸涉外稅收的貢獻卓著。 三、技術移轉效果 諸如上海大眾汽車有限公司、中國迅達電梯有限公司等進口替代型的合資經營企業，對於彌補中國大陸生產技術的貧乏產生一定的技術移轉效果。然而，這些具有先進技術的合資經營企業，畢竟只是少數，而且大多集中在北京、上海等經濟技術基礎較佳的大城市，相較於其他大部分技術水準偏低的合資經營企業而言，所佔的比例偏低。同時也反映出合資經營企業的技術移轉是極不均衡的。 最後，檢視中國大陸目前的投資環境以展望吸引外商直接投資的優勢與劣勢。分別從經濟、地理、勞動、投資獎勵制度以及外匯與租稅等五項條件來比較中國大陸與東協五國，即新加坡、印尼、馬來西亞、菲律賓與泰國的投資環境。評比的結果，中國大陸居於第二位，次於新加坡，而優於馬來西亞、菲律賓、泰國與印尼。 經由分析與評比後，可以歸納出中國大陸的投資環境之特色與優缺點。首先，將中國大陸與新加坡投資環境之優缺點做一比較，可以發現：新加坡由於勞動力不足且勞工薪資昂貴，於是運用其公共設施、外資與獎勵制度、租稅制度等優勢，積極吸收外商投資在高科技、高自動化的資本密集型產業；中國大陸則與新加坡正好相反，其優勢存在於充沛而廉價之勞動力，若吸收外資從事勞動密集型產業，一方面能有效降低城鄉廣大的失業人口，另一方面更能發揮工業生產成長迅速之特色。其次，比較中國大陸與馬來西亞，所得到的分析結果與新加坡相似，勞動條件的優勢仍然是中國大陸在吸引外商直接投資上有利的籌碼之一。至於與菲律賓、泰國與印尼做比較，勞動條件對這些國家而言，已不具有相對優勢，但經濟活動水準、工廠用地以及公共設施等條件，中國大陸則明顯優於菲律賓等國，尤其是經濟活動水準方面，更遠遠拉開彼此的差距。 第一章 緒論 第一節 研究動機與目的 第二節 研究範圍與限制 第三節 文獻探討 第四節 研究架構 第二章 開發中國家引進外資的理論基礎 第一節 開發中國家經濟發展的困境與因應之道 第二節 國際資本移動的經濟動 第三節 引入外資對開發中國家的影響 第四節 運用外資成功的條件 第三章 中國大陸的合資經營企業 第一節 合資經營企業的概念 第二節 合資經營企業的相關法規與政策 第三節 合資經營企業的投資領域 第四節 合資經營企業的發展歷程與現狀 第四章 合資經營企業的總體經濟成效 第一節 對經濟發展的直接影響 第二節 對經濟發展的間接影響 第三節 技術移轉效果 第五章 中國大陸的投資環境 第一節 經濟條件 第二節 地理條件 第三節 勞動條件 第四節 投資獎勵制度 第五節 外匯與租稅條件 第六節 小結 第六章 結論 參考文獻

企業為擴大市場版圖分散營運風險，進行對外投資已經成為必要的趨勢；面對日新月益的市場需求，向海外擴張的同時，紛紛開始發展新產品與新市場以提高利潤。臺灣屬於島嶼地形環境，資源及內需市場有限，因此為了因應競爭激烈的市場環境，產品多元化已成為企業追求成長重要的經營策略。本研究採用經濟部統計處2007年製造業對外投資的實況調查問卷資料，有效樣本計1770家，並依據對外投資與產品多元化的相關文獻，歸納為組織因素、投資因素、資源因素、策略因素、資金因素，並以probit model進行實證分析，探討影響海外投資廠商對國內產品多元化的決定因素。經本研究實證發現，就組織因素而言，「廠商規模」與「廠商行業」是影響海外投資廠商對國內產品多元化的重要因素；而投資因素中，「投資地區」、「投資擴充」及「投資動機」是重要的影響因素；資源因素之「技術來源」是重要因素；策略因素之「經營策略」為重要因素；就資金因素而言，「資本支出」及「獲利狀況」是影響海外投資廠商對國內產品多元化的重要因素。

The thesis concentrates on measuring the benefits and losses of implementing regional trade agreements. In particular, the thesis analyses trade flow changes, foreign direct investment inflow changes, industrial total factor productivity changes and specific commodity trade flow changes in Australia and China. Four empirical studies are undertaken. Firstly, the thesis introduces the gravity model to estimate the effect of regional trade agreements on trade flow changes, focusing on thirty-nine countries and areas from seven regional trade agreements during 1980-2004. The results show that there are trade creation and trade diversion effects for various memberships. The results further show that China experiences an export creation effect for its APEC membership while Australia has an import diversion effect for its CER membership. When trade between Australia and China is considered, Australia's CER membership impedes its trade with China. However, both Australia and China benefit from attending APEC jointly to enlarge their bilateral trade. Secondly, a modified gravity model is undertaken to test the impact of regional trade agreements on foreign direct investment inflows to Australia and China. It uses the same regional trade agreements to that of the trade flow study for the period of 1980 to 2004 for Australia and 1985 to 2004 for China. The results show that CER members tend to strengthen their bilateral foreign direct investment cooperation after the implementation of CER trade and investment liberalization. Thirdly, the impact of regional trade agreements is examined on industrial total factor productivity growth. The findings show that industries with comparative trading advantages in both Australia and China tend to improve their total factor productivity upon liberalizing trade both bilaterally and multilaterally. However, industries with comparative disadvantages need more protection against severe foreign competition. It uses data from 1974-75 to 2004-05 for the Australian market sector analysis, from 1968-69 to 1990-2000 for the Australian manufacturing industry analysis, and from 1987 to 2003 for the Chinese industry analysis. Finally, the thesis investigates the impact of regional trade agreements on bilateral commodity trade between Australia and China from 1979 to 2004. A similar gravity model to that of the trade flow study is used, introducing an additional GDP per capita variable to capture the effect of increasing consumers' income on their consumption of particular goods and products type based on product and production characteristics. Both the one-digit and some detailed four-digit commodity classifications described in the Standard International Trade Classification are considered. The results show that participation in regional trade agreements is an important factor that affects Australia's major commodity trade with China. The major contribution of this thesis is the investigation of issues on trade flows and foreign direct investment specifically in Australia and China, together with the studies of the effect of regional trade agreements on industrial total factor productivity improvement and specific commodity trade changes. Due to the increasing pursuit of bilateral and regional economic cooperation in Australia and China, the results of this thesis are of particular importance to both countries in their foreign trade and economic strategies.

This thesis aims to provide evidence on whether FDI occurring in the Turkish economy has any effect on domestic firms, especially whether and to what extent it leads to KTTs towards domestic firms by paying attention to the role of MNCs. In order to do so, we firstly conduct a series of econometric analyses to analyze the impact of FDI-related technology spillovers on domestic firms&rsquo / productivity level in the Turkish manufacturing industry. Estimation results produced positive evidence on horizontal and backward technology spillovers, while negative evidence on forward spillovers. Secondly, we conduct a comprehensive empirical research based on case study at firm-level in the Turkish automotive industry. By this study, generally we aim to investigate the existence, nature and intensity of transfers, and what &ndash / if any &ndash / kind of KTTs occur at both inter- and intra-firm level in the industry. For this aim, we used two different research methods to collect detailed data and information from both suppliers and AMMs at the firm-level. Our main findings in terms of KTTs at inter-firm level can be summarized in this way: foreign suppliers are seen to dominate local suppliers in terms of many indicators and absorptive capacity level / it seems that KTTs occur from AMMs to their domestic suppliers mainly on providing documentations, assistances for logistic management, quality control, know-how, R&amp / D, co-design and co-development activities, designing and cost reduction / compared to foreign suppliers, local suppliers tend to be involved in those production-product-training related KTTs which are less knowledge-intensive and of a lesser quality. Also, performing R&amp / D activities is found as the most important firm level factor which influences positively KTTs, strategic collaboration activities with the AMMs, and many technology activities of the suppliers. The technology policies on attracting more FDI flows should be reviewed under the findings and insights of this study since it is a necessary condition &ndash / although not sufficient - to have an efficient absorptive capacity level and/or skilled human capital stock in order to get benefit from these flows.

The privileges of integration with the global economy have led developing countries to embark on a path of liberalisation and globalisation. This resulted in rapid growth of inward and outward foreign direct investment from developing countries. In the last two decades there is an increasing trend of outward FDI from developing countries to both developed and developing countries. This dissertation focuses on exploring the literature on outward FDI from developing countries, and internationalisation process of developing country multinationals which are considered to be carriers to investment across international borders. The study has examined the two main strands of literature on outward FDI from developing countries – determinants of outward FDI and internationalisation process. Findings of the systematic review show that there is a dearth of studies in this area of research. Except a number of studies on China and countries of East and South East Asia, there is very limited evidence on outward FDI from developing countries. There is a set of studies on Africa that examine South-South investment flows. Studies on other major developing countries are either non-existent or lack in comprehensiveness. Some studies resulted in contradictory findings about the determinants of outward FDI. This raises the question of sensitivity of variables across geographical locations and time periods, which has not been researched before. Studies on outward FDI also do not make a clear distinction between South-South and South-North FDI flows. Other aspects like sovereign wealth funds and commodity price boom have been ignored in the literature. It is important to investigate outward FDI flows from the major developing economies because of its sheer scope to contribute to academic literature, its policy implications, and also because of its potential to bring development to some of the most impoverished parts of the world.

This doctoral thesis concerns the interplay between multinational enterprises (MNE) and spatial economies, with an orientation towards the location and spillover effects of inward foreign direct investments (FDI). The thesis consists of four essays that are self-contained studies. The first essay relates to the shift away from FDI in manufacturing to services and examines whether service FDI locates differently from manufacturing FDI. The second essay concerns the relationship between FDI and public incentives and whether investment promotion schemes are useful to attract FDI. The third essay examines the link between human capital and FDI and how different types of skilled workers influence FDI location. Taken together, these three essays examine conditions and factors that determine the location decision of foreign MNEs in the contemporary era of globalisation. The forth essay examines whether labour mobility is a potential source for spillovers from FDI in a spatial context. Although the latter essay does not provide any final answer to whether spillovers actually arise through this channel, it shows that the potentials for an effect to arise are larger in some regions than others because there are very few or no such knowledge spillover agents in many parts of the country. The thesis concludes by discussing the link between FDI and the policy work on regional development, and some avenues for future studies. / <p>QC 20130816</p>

In this paper, I study the effect of foreign direct investment (FDI) on a group of host country economic growth for the period 1994-2011. Using aggregate level FDI data for a group of five emerging countries, the paper reveals that FDI has a positive effect on economic growth. Then I use sectoral data and test whether all the sectors have positive effects on growth. The results vary across the sectors. The results seem to be positive for mining and quarrying as well as manufacturing sector, while trade and financial intermediation sectors to have a negative effect on economic growth.

This paper examines the impact of financial sector foreign direct investment (FSFDI) on economic growth by estimating a panel data model for 11 Central and Eastern European countries (CEECs) between 1996 and 2003 in a cross-country growth accounting framework. The analysis concentrates on the efficiency channel linking FSFDI to economic growth. The results clearly indicate that there can be a relationship between FSFDI and economic growth. Approaching a medium degree of financial M&A is rewarded by higher economic growth after two periods. Beyond it, FSFDI seems to spur economic growth depending on a higher human capital stock. FSFDI-induced knowledge-spillovers to domestic banks can be an explanation for this phenomenon. Above a certain threshold, the crowding-out of local physical capital caused by the entry of a foreign bank seems to hamper economic growth. The value of the paper lies in (1) providing novel data on FSFDI in CEECs, (2) analyzing the impact of FDI on a sectoral level and (3) in modeling the hitherto only qualitatively discussed relationship between foreign banks and economic development into a structural, econometric model that combines two streams of economic research: the FDI-growth-literature and the finance-growth-literature. (author's abstract) / Series: EI Working Papers / Europainstitut

Since ¡§Doi Moi¡¨ (renovation) begun in 1986, Vietnam has engaged in economic reform on an on-going basis in order to create a fruitful investment environment and attract foreign investors to engage in its market. As the total investment amount is over 19 billion US dollars, the role of Taiwanese investors played is more important than before. Notwithstanding that the investment environment in Vietnam has improved more significantly than ever, the enterprises¡¦ operation still has to bear considerable risk. Due to Vietnam¡¦s special single-party state constitution, for foreign investors, it is expected that the political risk is existed with the high feasibility of government change policies and ignore investors¡¦ benefits. According to this, the purpose of this research is to realize how the host¡¦s political risk influences Taiwanese MNEs¡¦ entry mode choice. As previous studies generally focused on the discussion of the relationship between political risk and entry mode choice, however, the moderating effects of firms¡¦ own resource and advantages are less mentioned. Therefore, this thesis tries to provide a theoretical framework based on resource-based view, eclectic theory and other related theories that includes profitability, financial structure, and R&D capability as the contingency factors to examine how these factors moderate the relationship between political risk and entry mode choice. The findings of this study reveal that when the political risk in Vietnam getting higher, Taiwanese MNEs are more likely to engage in Vietnam through JVs. Besides, the positive moderating effect of profitability is also existed. It shows when a firm with higher profitability, it will more tend to choose JVs as the political risk in Vietnam rising.

The main purpose of the study is to examine the cointegration relationships among economic growth, foreign direct investment and financial sector development in 4 East Asian countries, namely Korea, Malaysia, the Philippines and Thailand between the years 1971-2008 by autoregressive distributed lag (ARDL) approach. In the existing literature, there is no study examining the causal relationships among economic growth, foreign direct investment and financial sector development by applying ARDL methodology for these East Asian countries. The contribution of this study to the literature, the cointegration relationships are constructed to observe the direct linkage among these variables by ARDL approach. If cointegration relationships exist among these variables, then the effect of each regressor on the dependent variable is also investigated. The results of the study indicate that foreign direct investment and financial sector development could be long run forcing variables of economic growth. Additionally, economic growth and financial sector development could be long run forcing variables of foreign direct investment. However, there is not sufficient evidence that economic growth and foreign direct investment together are long run key determinants of financial sector development in a country as obtained in this study.